![]() ![]() If you opt for a check over a direct deposit, you’ll also need to wait for your refund to arrive in the mail. Just how much slower is the paper filing? Instead of the 21 days it takes when you e-file, sending it by mail comes with a wait time of six to eight weeks from the time the IRS receives your return. Consequently, sending in a paper tax return can slow down the process exponentially. You Filed a Paper Tax ReturnĮ-filing has the fastest processing time. Here are eight of the most common culprits: 8 Reasons Why Your Tax Refund Could Be Delayedįrom the way you file your tax return to the information you include, there are multiple potential reasons for a tax refund delay. Here are some things you can do to help ensure that your return won’t be delayed. By avoiding a tax return delay, you give yourself more flexibility in how you spend (or save) that extra cash. You can expedite both the state and federal tax process by e-filing early on in the year. Your state tax refund varies depending on where you live. ![]() According to the IRS, it takes about 21 days for the average federal tax refund to be issued, assuming you e-file and opt for direct deposit. With the average American tax refund totaling over $3,000, it’s no surprise that you’d want to know how quickly yours should arrive. How Long Does It Take To Process a Tax Refund? ![]() Read on to find out the most common reasons for a tax refund delay. In most cases, though, it’s caused by something else. That could leave you wondering, “Where is my tax refund?” Infrequent reasons for a slow return include temporary issues like a government shutdown, a change in the tax code or the COVID-19 pandemic. You can get your refund faster if you e-file your return and use direct deposit.īut perhaps your refund has been delayed. According to the IRS, more than 90% of tax refunds are issued in less than three weeks. Usually, the quicker you file a return, the sooner you get a tax refund. When they file income tax returns, they are entitled to a tax refund. Sometimes, people pay more in taxes than they owe over the course of the year. Tax Day 2022: When Are the First and Last Days To File? For employees, the employer withholds tax money from each paycheck.Īdvice: 3 Tricky Tax Filing Issues - And How To Handle Them Self-employed workers make estimated tax payments. The processing of the return by the taxing agency is also completed more quickly and accurately.The federal income tax is a “pay as you go” levy, which means you’re required to pay taxes as you earn money throughout the year. Since the income tax return data is transmitted directly to the tax agency, a taxpayer saves time and money by not having to print out their income tax return, assemble it and then mail it to the tax agency. If the return is filed on paper, the taxpayer will receive their refund in 6 to 8 weeks.Ĭhoosing to have the refund direct deposited will allow the taxpayer to receive their refund quicker than if they choose to have a check sent to them. When a return is filed electronically, the taxpayer will receive their refund within 21 days provided the return does not need additional review. There is no need to assemble the return, fill out an envelope, attach postage, and mail the return. Returns can be filed electronically at any time by the taxpayer or the tax preparer. The e-File system meets strict security guidelines and uses modern encryption technology to protect the information on tax returns. The tax software that is used to complete a return and file it electronically helps taxpayers and tax preparers avoid mistakes by accurately doing the math and ensuring that all information is included for the return to be accepted by the IRS or State Revenue Department.įiling the return electronically eliminates errors that may occur at the taxing agency when a paper return must be manually entered into their system after they receive it in the mail. ![]() The benefits of e-Filing an income tax return are: ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |