When to Expect Your Tax Refund

March 12, 2012

While it would be wonderful to receive your tax
refund immediately after filing, the Internal Revenue Service has a schedule
that it follows for issuing federal tax refunds. They call this the “refund
cycle” which can be seen in Publication 2043.

For tax returns accepted by the IRS before 11 am
on Wednesdays, the IRS issues refunds the following week. Direct deposits are
issued on Wednesdays. Checks are mailed out on Fridays. This is for returns
that have been submitted to the IRS’s computers, and a receipt of an
electronically filed return has been generated.

Of course, refunds can be delayed for a variety of
reasons. The main reason is when the IRS needs to review a tax return. As well,
direct deposits can take up to nearly a week to be fully deposited into your
bank account, and checks require time to be delivered through the postal
system.

The IRS offers some tips on the best ways to file
a return to ensure a fast refund.

  • Use e-file with direct deposit
  • Submit an error-free return
  • Use your correct Social security
    number (or taxpayer identification number), address, and bank & routing
    numbers when electing direct deposit

To check on the status of a refund, the IRS offers
a “Where’s My Refund” tool on their website http://www.IRS.gov. The tool is
also available on the IRS2Go
smartphone app
. Information about refund status is typically
available after approximately three days from the time that the IRS acknowledges
receipt of an e-filed return or four weeks after a paper return is mailed.

Don’t forget that Tax Day is quickly approaching.
You must submit either your tax return or an extension by April 17th.
Do you need assistance with filing your Federal tax return? Call Wallace & Associates
today at .