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How to speed up a tax refund

by on
in Small Business Tax

If you are filing your own 2010 return and you’re expecting a tax refund, there’s no reason to dawdle.

Strategy: Prepare to e-file your return. If you file electronically and request a direct deposit in 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 “turnaround 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 a paper check
  • 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 your return is complex, you can have a tax pro e-file for you.

If you decide to e-file yourself, gather all your information ASAP and take a practice run.

Tip: Visit www.irs.gov for more information on e-filing options.

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