2012 Tax Tips: 4 Tips to for a Fast Refund

by Redeeming Riches on February 13, 2012

It’s that time of year again.  The tax season is well on its way it’s not slowing down for anyone.  While most Americans wait till the last minute to file their taxes, we hope that you don’t follow suit.  If you’re getting a refund or you have a child in college, you’ll want to file as soon as possible for FAFSA purposes.  But in general, it’s just smart to file sooner than later so that you can cross it off your ‘to-do’ list.

1. Gather Your Records…All of Them!

Do yourself a favor this year and keep organized.  Keep a folder for all your 2012 tax records (W-2, 1099’s, business receipts, etc) and get ready to file.  Your employer has until January 31 to send out records, so make sure you get all of them before you file this year.

2. File Online For Free

There are a lot of ways to file, but none are as easy as filing online.  Tools like Turbo Tax and Tax Act are great resources for almost any tax situation.  With a little research, you can even find Turbo Tax discounts, and save up to 35% on the premium packages they provide.  You can also use the Turbo Tax free 2012 filing options if your tax return isn’t too complicated.

3. Direct Deposit Your Refund

If you’re filing online, you’ll probably get the option to direct deposit your refund.  This speeds up the processing time and a lot of online filers will see their refund in 8-14 days because of direct deposit.  The faster your get your refund, the faster you can start to invest your money.  Explore simple investing tools like Betterment if you’re looking for a way to invest your tax return.

4. Double Check Your Tax Return

If you’re doing your taxes yourself, you should make sure you didn’t forget any of the tax credits or deductions you were entitled to receive.  Using tools like Turbo Tax will help you to maximize your return and give you the biggest payout possible.

Quick Tips For Next Year

Look ahead at the 2012 tax brackets to see if you need to make any changes to your withholdings.  It’s always better to act now than to try to make corrections when it’s too late, so be prepared!

Have you started your 2011 tax return yet?  Have you ever filed online?  Would you suggest it to others?

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