In this post, we will provide you with tips and resources you need to access, in order to get your tax refund as quickly as possible!
To start with the good news, the IRS announced last week that all taxpayers will have until April 17th to file their 2011 tax returns, thus extending the deadline by two days due to the Emancipation Day Holiday. Taxpayers requesting an extension will have until October 15th to file their 2012 tax returns.
There are many questions all taxpayers want answered now: 'What can I do better to get my refund faster?', 'How long does it take the IRS to give my tax refund?', 'Where do I check the status of my tax refund?', 'What if the tax refund I get is smaller than what I estimated?'. The Tax Plan Group will guide you through these questions one by one.
What can you do better to get your refund faster?
Our advice and the quickest way to get your tax refund is to have it deposited directly into your bank account. Of course, you can always request that the IRS issue a paper check, which you will receive by mail and takes longer. To avoid silly delays, take some time to review your return with your tax preparer. The IRS reports that a common mistake is not providing the correct Social Security number!
How long does it take the IRS to pay your tax refund?
Generally, you'll get your tax refund in six to eight weeks from the date the IRS receives your tax return. If you're working with a professional tax preparer, you're more likely to get it faster since it will be e-filed, and you have the guarantee of an accurate tax return. Otherwise, if your return is more complicated, is missing information, or has inaccurate information, it may take several months to get it.
At The Tax Plan Group our professionals will help you file your tax return documents, saving you time, reducing the risk of an IRS audit, and potentially adding hundreds of dollars to your tax refund.'
Where do you check the status of your tax refund?
Once you filed your federal return, you can track your refund by using the 'Where's My Refund?' online tool provided and secured by the IRS. You can either access it using the IRS2Go phone app or from the page of http://www.IRS.gov. You can access this tool 72 hours after the IRS acknowledges the receipt of your e-filed return.
You will be asked to provide your Taxpayer Identification Number, your filling status, and the exact amount of money you estimated for refund. But, be aware that some information is NOT available on 'Where's My Refund', such as:
Starting this late January, New Yorkers can also check their refund status here: https://www8.tax.ny.gov/PRIS/prisStart
What if the tax refund you get is smaller than what you estimated?
What the IRS recommends is that you wait for a notice explaining this difference, and then follow the instructions on that notice. If you want to contest your tax refund, you can do this after two weeks from getting your refund, by calling (800) 829-1040. You may go ahead and cash your refund, and the IRS will determine if they owe you more, and send a separate check.
Our professionals at The Tax Plan Group will help you take advantage of all tax credits and deductions you might miss when filing by yourself, in order to maximize your refund during tax time! Need help? S by our office near Penn Station, 349 5th Avenue, 5th Floor, New York, NY 10016, call (646) 462-9853, or write to me at email@example.com.
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