What is the quickest way to get your tax refund?
With tax season approaching, the Internal Revenue Service is expanding a program that enables taxpayers to file returns online at no charge, promising refunds much faster than for those who mail in paper forms.Posted — Updated
With tax season approaching, the Internal Revenue Service is expanding a program that enables taxpayers to file returns online at no charge, promising refunds much faster than for those who mail in paper forms.
“Like the commercial says, 'I need my money now,'” Raleigh resident Theresa Hennegan said.
“I normally take my time. (But this year), I got to pay bills,” Hennegan said,
Triangle tax offices say they are seeing a sense of urgency among people depending upon their potential tax refund.
“A lot of people may have lost their job last year, so they're interested in filing right away,” said Jim Morgan, with H&R Block.
“Usually our peak starts about the fifth Monday of the year, which is typically the first Monday in February. I see it happening maybe a week earlier this year,” said C.L. Carmichael, with Liberty Tax Service.
The average refund nationally last year was $2,429.
Tanner says filing online also cuts down on paperwork and mistakes.
“Make sure you do things in an honest way and do it accurately,” Tanner said.
“I believe in faith and God, and I believe my bills will get paid,” she said.
The stimulus checks that people received last year actually were an advance payment on the Recovery Rebate Credit. Initial eligibility was determined based on 2007 tax returns.
The Earned Income Tax Credit was designed to help low-income workers by offsetting part of their Social Security and Medicare taxes. Since it boosts take-home pay, it is meant to provide an incentive to work. The maximum income limit is $41,646. That declines based on filing status and the number of children in the household. The maximum credit for 2008 is $4,824, up from $4,716 in 2007.
Friday is the first day to file your taxes electronically. Congress pushed up the filing time by a week this year.
Copyright 2022 by WRAL.com and the Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.