Tax season is now undeway and it is very important that young adults understand how to file their taxes. There are several ways in which you can file your taxes, but some ways can get you that highly anticipated refund faster.

In the past you could not file your taxes without having your W2’s in hand, but now it is possible to file with your last check stub of the year. There are also many companies such as H & R Block and Jackson Hewitt that can help with tax preparations.

When you go in to have your taxes prepared, you must bring in your W2’s, and if you are claiming any dependents, you must bring in their Social Security numbers. A small fee will be charged for filing depending on your earned income credit, how many dependents you have, and other issues that the tax preparer will discuss with you.

If you feel more comfortable preparing your own taxes, you could choose to go to the local library and fill out a paper form and mail it in. You could have your refund in as little as six weeks or less.

According to www.irs.gov, more and more Americans are choosing e-file, which lets them electronically file an accurate tax return or get an extension of time to file without sending any papers to the Internal Revenue Service. You could receive your refund in as little as two weeks. Your refund can also be deposited into your checking account if you want them to do so. New program enhancements allow you to begin a refund trace online if you have not received your check within 28 days from the original IRS mailing date.

Some taxpayers also choose to file their taxes themselves by using an online tax preparation site such as www.taxbrain.com. The online services have tutorials for new taxpayers, and they also check for extra deductions that might have been overlooked by the taxpayer.

It is also possible to get your refund the next day if you allow a tax preparation company to file your taxes for you, but the company will deduct some bank fees from your refund.

The last day to file taxes this year will be April 17, because of the Easter holiday.