Monday, 25 March 2024
by BD Banks
The funny thing about taxes is that, technically, the best result is no one owes anyone anything — when, in reality, many of us are happy to get that check every spring. And you may even already have it designated to a specific bill, upgrade, or investment.
Whatever the case, you probably want that refund ASAP. If you’re a resident of New York State, there are two main things you can do to make sure that happens.
One of the most common reasons your refund will be delayed is because of an error in your tax return. Even a small error in a name, address, or bit of arithmetic can cause weeks of delay in your return being processed.
Before you submit your return, make sure you’ve double, triple, even quadruple-checked that everything is spelled correctly, completely filled out, and signed on the dotted-line. If you’re filling out your taxes manually, go over your calculations a few times, as well.
If you’re worried about making mathematical mistakes (or missing any tax breaks) tax software could be the solution. Tax software does the math for you, and asks questions to make sure you’re not forgetting anything important.
Once you’re sure your return is right, it’s time to submit it. At this point, you’ll be asked whether you want your refund via a check in the mail or through direct deposit into your bank account.
Choose direct deposit. Your money will get to you much faster, for a couple of reasons:
All you need to set up direct deposit is the routing number for your bank and your account number. Make sure you check these are correct (multiple times!) before you submit your return.
For most things in life, waiting is the worst part. If you haven’t heard anything about your return, you can always contact the New York Department of Taxation and Finance for a status update on your return. You’ll need to know your Social Security number and the amount of your New York State refund.
You can check your status online via the New York State government website using this link. For amended returns, call at: 518-457-5149.
If you’re expecting a refund but still aren’t sure what to do with it, consider these personal finance moves:
If you’re tired of giving the government a free loan — and are not concerned about getting a refund each year — consider re-evaluating your tax withholdings. Ideally, you want to pay what you owe and nothing more.
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