If you are like most people, tax refunds are already on your mind. After the financial hit we will take during the Holiday, extra money is always on point! While we have no idea if the IRS will be on time or delayed this year, it’s never too early to get yourself organized to get your money back quicker. Here are some tips to help you get your tax refund back as fast as possible.
Organization is your Friend!
Get your information organized! Did you get married? Change your name? Maybe you moved to another state or had a job change? These are all critical components where having the information updated and available will help you with a smooth and straightforward tax return.
Own a Business?
If you own a business, large or small, make sure you record all your business-related expenses. The more time you spend tracking down what you paid and where it was spent puts more time between you and that sweet tax refund. If you run your business from home, make sure you keep a record of all your utility expenses – they are generally deductible up to 50%, depending on current IRS tax laws.
Own a Home?
If you own a home, you are required to pay deductible property taxes. Whether you pay the taxes directly or a mortgage company pays on your behalf, be familiar with where to find your yearly tax bill so that you can deduct it from your taxes. If you have a mortgage on your home, know where to see how much interest you paid in the taxable year. This is also deductible, and having that information handy when you file your taxes makes the completion process much more effortless.
Direct Deposit is a MUST
Opt to get your tax refund by direct deposit. This one effort dramatically speeds up getting your tax refund. Otherwise, you will be waiting for a paper check to arrive in the mail, with the hope it doesn’t get into the wrong hands before it gets into yours. Direct deposit not only helps you get your refund faster, but you don’t have to pay anyone to cash your refund check. Check cashing fees can be pricey, and they are easy to avoid.
Most people who have a checking account will opt to have their tax refund deposited into that account.
But, for those who do not have a relationship with a traditional bank, solutions such as the ONE VIP Visa Debit card provide the same direct deposit benefit as a conventional checking account. ONE VIP is a digital banking solution that offers much of the same convenience as a regular bank checking account without hassle, overdraft fees, and other hidden fees.
Tax refund time is almost here, and the extra money comes in handy after the Holidays. Get yourself organized and if you don’t have a direct deposit already, check out ONE VIP. It is Black-owned. Support Black-owned businesses in the black community.