SPEED UP YOUR REFUND
If you are expecting a federal tax refund this year, you could potentially get your money back as quick as three weeks. However, the ongoing pandemic can slow down and possibly delay refunds. The IRS is dealing with millions of unprocessed returns from previous years as well. Fortunately, there are some things that can be done to speed up the process and increase the possibility of receiving tax refunds quickly.
- First and foremost, file your tax return as soon as possible. The quicker you file your tax return, the sooner you will receive your refund. On the flip side, if you owe money in taxes, the sooner you file your return, the more time you have to save and plan for that expense.
- E-file your tax return. Returning paper will slow things down significantly.
- Choose direct deposit to receive your refund.
If you follow these 3 steps above, you can expect to receive your money within 21 days, assuming the return is complete and free of errors.
REFUND DELAYS CAN STILL HAPPEN
The IRS has an online tool that lets you track the status of your tax refund. It’s called the “Where’s My Refund” portal, and it will tell you if the IRS is processing your return, getting ready to send your refund, or has already sent you your money. The tool is updated daily.
The portal is located on the IRS website. You’ll need your Social Security number (or individual taxpayer identification number), the filing status used on your 2021 tax return, and the exact amount of your expected refund to access it.
SHOULD YOU FILE FOR AN EXTENSION?
Please note: Simply filing for an extension will not save you any money.
Submitting an extension does not extend the IRS payment deadline. If you owe taxes, you will still need to pay that by the tax deadline, regardless of your extension status. Extensions only give you more time to complete your tax return.
The IRS has set April 18, 2022, as the final day to file your personal federal tax return on time. If you are in debt to the IRS, any unpaid taxes remaining after the filing deadline will incur fines and interest. The penalty for late filing is 5% of the monthly tax delinquency on your tax return and will increase to up to 25% after 60 days.
Listen to our tax manager Chris talk more about how to track your refund! https://www.facebook.com/PaarMelis/videos/473707534466528/
