5-Things Wednesday: Taxes

I wish I read my post from last year about filing taxes with Free File Fillable Forms before filing them this year. Really, what was I thinking! The refund probably would have been much, much quicker. Last year, it only took 7 days to receive the money!

This year it looks like it will take more than a month.

I filled this year's taxes around Feb 20th, same time, within couple of days, as last year. I say "around" because I don't have a signed and dated copy of 1040 with me, but my soft-copy of the file was last saved on the 16th, and I know I waited a few more days to review one aditional bank document. So, the delay shouldn't be because I filled 'late'. But I did file by mail.

It's not like I need that refund to come super quick. I just don't like long delays. So, here are some things I think could speed a tax refund.

1. I said I don't think the timing was an issue for my refund delay, but I do believe that filing early increases the chances for a quicker return. With taxes, I don't think I ever waited until April 15th. Why would I - it's my money I want back! So I usually file as soon as I get all the documents from different institutions, around early February.

2. Even though I prepared all forms this year and placed them in an envelope, I waited with sealing and mailing until I could confirm all numbers with bank tax documents. I used old bank statements to fill the forms, but one official, paper bank document was still missing to confirm those numbers. After a few days of that envelope sitting on the kitchen counter, I went back through some folders and found that paper, which arrived much earlier. I could have filled days earlier if I had only one place to file all documents regarding taxes (receipts, forms, statements...) that come throughout the year. I actually had all but that one paper together.

3. Some years ago someone tipped me on this great idea to first start preparing taxes with Turbotax software, but not submit anything with them, and thus not have to pay for it. The software asks many questions that I could have missed, so it saves me time of going through all 1040 instructions. And it also increases my chances for maximum refund! With some patience, I can then make sure I enter all the amounts that the software asked me about somewhere on some forms. I am usually able to come within few $$ on the refund amount as what Turbotax calculated.

4. I don't remember when was the last time I did not use automatic deposit, if I ever did. Maybe while in college I did. But it definitely saves the time of going to the bank to deposit the check. Just make sure you follow #5.

5. Probably every year I prepare the taxes, I realize on second, third, even forth review that I missed something. Miscalculated some math, forgot to sign, or didn't enter correctly bank of SS numbers. So, I quintuple sextuple check all the numbers, files, and signatures.

The IRS Refund Status page just bumped my expected refund date by another week, to April 10th, "due to processing delays". Whateva!