After filing your tax return, you may be anxious to get the extra cash you want to spend on a treat for you and your family or repay debt or however you plan to spend your Internal Revenue Service (IRS) refund.
IRS tax filing can be done using a tax preparer or electronically with the use of tax preparation software. If you file electronically you can expect a refund in less than three weeks. The IRS recommends direct deposits in which you can expect your IRS refund within 6-8 days. The IRS standard for manually filed refunds is 6-8 weeks from the date the IRS receives your return.
When your return is received by the IRS your information is checked before it can be processed. Barring any complications, you will receive your refund in less than a month.
Your IRS refund may take a bit longer than expected if:
There are mechanical errors:
If the IRS detects any errors on your return it may be flagged for manual processing. Your entire return will have to be filed manually and the process will have to be restarted.
Large or unusual deduction claims:
If tell IRS suspects foul play or any unusual large deduction claims, your return will be closely examined before you receive your IRS refund and the process will take longer than usual.
You may not get an IRS return this year if:
You owe back taxes:
If you owe taxes the debt is subtracted from your return and the remainder is sent to you. If the debt exceeds the refund you will not receive a refund.
Your return is garnished by federal or state agencies:
Failure to pay federal or state agencies balances owed will result in your return being garnished. These balances include student loans, child support, etc.
You can track the status of your refund using the IRS “Where’s My Refund” tool, calling the IRS Tele-Tax System or any other available tracking methods after providing the relevant information.
In the event that the tracking methods reflect that you should have received an income, get in contact with the relevant IRS tax refund authority.
Sitting by the door waiting for that mailed check or constantly checking your account for a deposit will not speed up the process. If you have managed to file your return correctly, the IRS guarantees a tax refund as soon as possible, depending on the date you actually file your return. Also, if you have taken the help of any CPA firm for your tax preparation services, they’ll probably hep you with tax refund.