Like most Americans getting one, you’re probably already planning for how you’re going to spend your tax refund this year. Getting some money back from the government is great for sticking in the bank, having some extra money for a vacation or using for a home improvement project. However you plan on spending your money this year, you’re most likely wondering when your refund will arrive. Well, the simple answer is that you should get your refund within 21 days, although due to occasional errors, incomplete paperwork or paperwork needing additional review, there is a chance you will need to wait a little longer. Here’s some additional information about tax refunds from an accountant in Elkhorn, WI.
If you have waited 21 days and have not received a refund, or even if you’re still within the 21-day range but are curious about when you’ll get it, the Internal Revenue Service offers several ways to track your tax refund. You can go online or even use your smartphone to check your refund status. The tracking options work regardless of whether you’re awaiting a check in the mail or you’ve instructed the IRS to directly deposit your tax refund into one or multiple accounts. (This is a good time to remember that a maximum of three refunds are available for direct deposit, while any more will need to be refunded as a check via the mail.) The IRS says you can find out exactly where in the system your return is within 24 hours after the agency has received your e-filed tax return. If you mailed your return, you must wait four weeks before you can track it via the online search tool.
The agency says that refunds are generally issued within 21 days after receipt of a tax return and taxpayers should only become concerned if they have been waiting longer than that. After 21 days, you can consider contacting an accountant in Elkhorn, WI for further advice, or call the IRS any time of the day including evenings and on weekends. One call a day should be sufficient since the system is updated just once every 24 hours, and the same is true for the online system. Especially when using the online system, you shouldn’t expect a specific answer to your inquiry—in other words, you will not be given an exact date when your money will arrive. Instead, it can broadly alert you as to whether your tax documentation has been received, if it’s in processing or if the processing is complete and money will be sent shortly.
Another question you may have concerning your refund is what to do if the amount you receive is different than the amount your expected. Be aware that the most common reasons for this include past-due federal and state income taxes, state unemployment compensation, child or spousal support and federal non-taxed debt. If none of these apply to your specific circumstances and you are concerned about the difference between what you were paid and what you expected, consider contacting an accountant in Elkhorn, WI.