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First Day of the 2009 Tax Season
Posted Tuesday, January 6, 2009 ; 11:15 PM | View Comments | Post Comment
Updated Tuesday, January 6, 2009; 11:51 PM


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New breaks for 2008 and how to get your refund check faster.

Story by Susan Sullivan
Email | Bio | Other Stories by Susan Sullivan

CLARKSBURG -- There are a few different ways to file your taxes, and the time it takes for your refund check to get back to you differs for each one. And, while you're waiting for your W2, there are some new tax breaks you might want to consider.

Double check which credits, deductions, and exclusions you're eligible for. There are a few new breaks for the 2008 tax year.

People who had less income in 2008 could find they qualify for credits for which they did not previously qualify.

First time homebuyers could be eligible for a $7500 credit that works like a 15 year interest-free loan.

And, there's also a new Recovery Rebate Credit.

"It is to make sure that those who didn't file or weren't eligible for this stimulus check last year, they'd actually get it this year," said Deborah Frum from H&R Block.

That will be based on 2008's tax numbers instead of 2007's.

Now that you've found a few new diamonds in the rough, it's time to file. But, what is the quickest way to get your refund check?

"If you direct deposit your tax refund, you should get that within 8 to 15 days. Then you can Efile your tax return online, or you can come into the office and do it. That takes about a week longer. Or you can mail it in. And if you mail it in snail mail, then it would take at least up to 6 to 8 weeks," said Frum.

An even faster way is called a Refund Advance Loan, which could get you your money in as little as two days. But, this is only recommended for people with a clear credit record, or you may never see that money.

"If you are delinquent on some items, such as child support or back taxes or any kind of a federal debt or student loan, then if you file for an RAL and get it, the IRS will immediately snatch your refund to pay your debt," said Frum.

Related Links:
   - Internal Revenue Service Website

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