Tax returns might seem like a complicated matter to the uninitiated. But, if you’re confused about your tax returns, don’t worry. We’ve got all the information you need right here. Under normal circumstances, the IRS issues 90%of all tax returns in under 21 days. However, when exactly do you receive your tax return depends on a few factors, the process may take longer than 21 days in certain cases. Let’s discuss some of these variables further, so you can get a better understanding of when to expect your tax returns.
While the IRS has a 90% success rate on delivering tax returns within the first three weeks, this isn’t guaranteed. There are, however, certain choices you can make to ensure the process runs smoother. First and foremost, choosing the method to receive your tax returns.
A Direct deposit into your bank account is usually the best way to ensure that you’ll receive your tax returns as quickly as possible; receiving cheques in the mail is a close second. Other options include receiving a debit card with the value of the refund, U.S Savings Bonds, or splitting your refund into three financial accounts (IRA, Roth IRA, SEP-IRA).
The exact nature of your tax return could also influence how long it takes for you to receive it. For example, Earned Income Tax Credit (EITC) and Additional Child Tax Credit are beholden to certain rules that require the IRS to withhold them until the 27th of February.
Lastly, delays can occur if a mistake is made in the processing of your tax return. Sometimes, correcting such errors can take up to four months. What’s more, the IRS may withhold your tax return if it suspects any theft or fraud. Investigations into such matters can take time, and you won’t receive your tax return until the issue is resolved.
Previously, tracking your tax return required some guesswork. Recently, the IRS released a smartphone app called IRS2Go. The app allows you to monitor the status of your tax return by offering customized daily updates.
Tax returns can be a useful source of money for a lot of people. Of course, what you do with your tax returns is entirely up to you, but it may be best to consider saving or investing this money for the future. Hopefully, this article provided some useful insights into tax returns. Follow us for more information and useful financial advice.
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