IRS TAX TIP
Are you one of the almost
100 million taxpayers who will receive a refund this year? The IRS
says that requesting direct deposit and filing your tax return
electronically (e-filing) will put that money in your pocket
faster and easier.
Every year, more taxpayers
find out how safe and easy it is to have their tax refund
deposited directly into their checking or savings account. This
option is available for both e-filers and paper return filers.
When you file
electronically, your refund will be issued within three weeks,
about half the time it would take if you filed a paper return. If
you also choose direct deposit, you might receive your refund in
as few as 10 days.
Last year, more than 40
million taxpayers electronically filed their tax return. People
who e-file find it the fastest and easiest way to do their taxes.
The electronic filing
program checks for errors or missing information, increasing the
accuracy of your return and reducing the need for correspondence
with the IRS to clarify errors or omissions. Once your return is
accepted for processing, you will receive a confirmation from the
And you can usually file a
state tax return at the same time you electronically file your
federal tax return.
Finally, with electronic
filing, you can file your return early but wait to pay any balance
due by the tax deadline of April 15, 2002.
You might want to reduce the
size your refund and put more money in your paycheck throughout
the year. You and your employer can refigure your federal income
tax withholding, allowing the correct amount to be deducted.
For information on e-filing,
check the IRS Web site at www.irs.gov
. You will also find a
withholding calculator and worksheet, along with Form W-4, on the
Web site. Or you may get Form W-4 from your employer or by calling
the IRS toll free at 1-800-TAX-FORM (1-800-829-3676).
** Reference: IRS
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