Tax and Money Tip of the Week:
How To Speed Up A Tax Refund
March 30, 2011 | No. 36
If you file a 2010 return and you’re expecting a tax refund, there’s no reason to dawdle.
Strategy: E-file your return. If you file electronically and request a direct deposit into your bank account, you’ll receive your refund in less than two weeks. In contrast, filing by paper can take almost two months.
The IRS estimates the following “turn-around times” for tax refunds:
- Six weeks for a paper return and paper check
- Five weeks for a paper return and direct deposit
- Three weeks for e-filing and direct deposit
- 10 days for e-filing and direct deposit
Clearly, if speed is your top priority, e-filing is the best approach. But it’s not for everyone. For instance, you might miss some tax-saving opportunities or you just may not be comfortable doing it. If you want your return e-filed, you can have us e-file for you for a minor charge.
If you should have any questions, please don’t hesitate to give us a call.
Questions or Comments?
Mark Vitek, CPA/PFS, CFP®
…until next week.