The last thing you want to do when you're expecting a refund is to wait any longer than necessary for it.
To get your income tax refund the fastest way possible, e-file your return and choose a direct deposit to your bank account.
You can have the IRS deposit your refund into up to three different bank accounts.
A split refund is a great idea if you want to put some of your money into savings. It's always easier to put money directly into savings than it is to find a surplus in your checking account and transfer it later. That's the IRS intent, at least, in letting taxpayers have their refunds deposited into different accounts.
You can also use split refunds if you file jointly with your spouse and you each have separate bank accounts.
Tip: Double-check your bank routing and account numbers. The IRS will confirm the account number is valid before they deposit your refund. If the number you enter is not valid, you may receive a paper check in the mail, instead of an electronic deposit. The paper check will take longer for you to receive than a direct deposit.
Worse yet, if the account number you enter is valid but belongs to someone else, that person could receive your tax refund.
Instead of having your refund deposited directly to your bank account, you can choose one of these options:
If you pay estimated taxes, or if you think you may owe income taxes when you file next year's return, consider having part or all of your income tax refund applied to next year's return.
Reminder: TaxAct offers the option to pay TaxAct product fees by having them deducted from your refund.
March 1 — Farmers & fishermen
File your 2016 income tax return (Form 1040) and pay any tax due Details
March 10 — Employees who work for tips
If you received $20 or more in tips during February, report them to your employer Details
March 11 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the first 15 days of February. Details
March 14 — Regular method taxes
Deposit the tax for the last 13 days of February.0
March 15 — S Corporations
File a 2016 calendar year income tax return (Form 1120S) and pay any tax due Details
March 15 — S Corporation election
File Form 2553, Election by a Small Business Corporation, to elect to be treated as an S corporation beginning with calendar year 2017. If Form 2553 is filed late, S corporation treatment will begin with calendar year 2018.
March 15 — Partnerships
File a 2016 calendar year return (Form 1065) Details
March 15 — Electing larger partnerships
Provide each partner with a copy of Schedule K1 (Form 1065B), Partner's Share of Income (Loss) From an Electing Large Partnership, or a substitute Schedule K1. This due date applies even if the partnership requests an extension of time to file the Form 1065B by filing Form 7004
March 15 — Partnerships
Electing large partnerships: File a 2016 calendar year return (Form 1065-B) Details
March 15 — Social security, Medicare, and withheld income tax
If the monthly deposit rule Page 6 Publication 509 (2015) applies, deposit the tax for payments in February.
March 15 — Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments in February.
March 25 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the last 14 days of February.
March 29 — Regular method taxes
Deposit the tax for the first 15 days of March.
March 31 — Electronic filing of Forms W2
File copies of all the Forms W2 you issued for 2016. This due date applies only if you electronically file.
March 31 — Electronic filing of Forms W2G
File copies of all the Forms W2G you issued for 2016. This due date applies only if you electronically file.
March 31 — Electronic filing of Forms 8027
File Forms 8027 for 2016. This due date applies only if you electronically file.
March 31 — Wagering tax
File Form 730 and pay the tax on wagers accepted during February.