Tax Refunds

taxrefunds

Status and Tracking of Your IRS Tax Refund in 2016

Getting your tax refund may be even better than Christmas. However, not knowing when the check will come can be nerve wrecking.


Luckily, since the 1990’s, tax refunds are coming quicker and these days we can even know when to expect them, thanks to advances in technology.


Over the years, taxes have changed so much. We have tax preparation software’s to help us get the maximum amount of deductions and tax credits. Most Americans receive their refunds within 21 days after filing too.


Are you wondering about the tax refund schedule this year? If so, we are discussing two options that will allow you to track your tax refund and five things that you can do to ensure your refund arrives as quickly as possible too.


Tax Refund Status & Tracking


When taxpayers are not expecting a refund or have to pay taxes they will wait until the last minute possible to file, but those who are expecting a refund want to know when they can file their tax return. The IRS knows that there is a lot of anticipation during the first couple of months in the year so they have created some tools to put our minds at ease.


IRS2Go – This is a smartphone app for Apple and Android users. It allows taxpayers to check the status of their refund when they are on the go.


Where’s My Refund – This is another free tool created by the IRS. It is a website that asks you for your social security number, refund amount, and filing status to provide you with the date of your refund. You can check this tool within 48 hours of filing your tax return when you e-file. However, keep in mind the date provided is just an estimation and it is not set in stone.


Five Things That Affect the Speed of Your Refund


  • Organization – It is important to make sure that you are organized with your tax documents so you can easily fill out your return and make sure that it is free of errors. The last thing you want to do is have your refund delayed because you do not have a good organization system.


  • Use Online Software’s – Use a tax software such as Turbo Tax. This way you can make sure you are getting all of your deductions, and credits, while also not having to be up to date with the latest tax laws. On average when using tax software, you will have your tax return done in 3-5 hours and with Turbo Tax, they guarantee you will receive your largest tax refund ever.


  • E-File – The IRS reveals that those who file electronically will receive their refunds faster. You only have two options of filing as is (filing by phone was discontinued in 2005), so you can file electronically or snail mail. It can take up to a month for them to acknowledge they received a paper return where as if you file electronically they confirm receipt in 24-48 hours. You do the math.


  • Direct Deposit – Once your refund has been approved, if you opted to have the money deposited in your bank account, it can be done as quickly as a week. However, if you go with a paper check you have to wait another two weeks.


  • File on Sunday or Monday – Filing on Sunday or Monday will allow your refund to be received before the weekend. When you file on Friday, you know they won’t begin processing your return until the following week.


Closing Thoughts

There are a few things you can control to speed up your refund. However, keep in mind you cannot be 100% sure, you will speed up the process because at the end of the day when you receive your refund is in the hands of the bureaucracy.