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Rapid Refunds

Written by Kathleen Gagne
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Rapid Refunds With Efile

There are no rapid refunds when you mail your return. In fact, one of the most frustrating things about paper filing your taxes is the interminable wait for your refund. The more you need it, the longer it seems to take. If you can't file before the end of January, it can take six or seven weeks or more to get it. Even with the direct deposit option, it still takes far longer than you want to wait.

Of course, there is the option of taking your return to a tax preparer and obtaining a loan against your refund. The problem with a loan is the fact that you'll have to pay either a set fee or a percentage of your return for the privilege of getting your refund money sooner. If you've ever tried this process, you already know that the fee or percentage is far more than you would pay for just about any other loan.

Real Rapid Refunds

The IRS has now promised fast refunds. They can actually deliver on that promise if you efile. What's more, instead of dropping your return in a mailbox and wondering if it ever even got to the IRS, you will get a confirmation of your efile within 48 hours. With efiling, the IRS guarantees safe, secure, and private electronic processing. Almost everyone can efile, including those who prepare their own returns, those who use a tax professional, and those who are at least sixteen years of age.

As an efiler myself, I was pleased to receive a brochure from the IRS this year encouraging me to efile again. According to the IRS brochure, efiling is "the safest, most secure and private way to send your tax return to the IRS." When you efile and use the direct deposit option, you will get your refund in less than half the time it would take with the mail process. Efile tax preparation programs use an electronic signature. You must enter a five-digit PIN, and then you must enter the Adjusted Gross Income from your previous year's tax return. That's all there is to it! Enjoy your refund!


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