Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses tax refunds, including how to track when you’ll receive yours.
When it comes to tax refunds, most taxpayers want to know one of three things: how much they will receive, where it is, and when they will receive it. By the time you file your tax return, you’ll know the answer to the first question. How do you find your refund after filing? Luckily, the IRS provides a very helpful online tool called Where’s My Refund? The tool will you tell you when the IRS received your return and when the IRS processed your return. When the IRS processes your return, it will then issue your tax refund.
So, when will you receive your tax refund? Most taxpayers receive their refunds within 21 days of the processing date. However, there are some things that can delay a tax refund. For example, the IRS could need more information from you, or they may need to conduct an audit to review your return more thoroughly. You could also have an outstanding tax balance. If this is the case, the IRS will use your tax refund to offset that debt. You can check if you have a tax balance by checking your online IRS account or by contacting the IRS directly. If none of these scenarios apply to you and your refund is late, you can contact the IRS for more information.
Don’t miss next week’s episode where Phil will discuss bankruptcy. See you next Friday!
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