Filing your tax return early can present many advantages to help you during the tax season. These include reducing stress, having more time to pay if you owe money on your taxes and of course getting your refund sooner. Taxes are due on Monday, April 18, If you file your return after the deadline, you could be charged late filing fees and other penalties.
The good news is, if you need more time to file you can request an extension with the IRS. It is important to note that an extension does not give you more time to pay your taxes.
It only gives you more time to file your return. In other words, if you owe money on your taxes, your payment is still due by April 18th. If you request an extension, will have six more months to send your return to the IRS.
The deadline to submit extensions for tax year is October 17, Click here for a more complete list of important tax dates. Certain things can affect the timing of your refund, including: How you sent your return — Sending your return electronically allows the IRS to process it faster than if you mail it in.
When you filed — The earlier you file, the earlier your return could be processed. Which credits you claimed — Claiming certain credits can cause your refund to be delayed more details below.
What is the IRS refund schedule? Filing method and refund delivery method How long it takes to receive your refund from the time your return is accepted E-file and direct deposit weeks E-file and check 1 month Mail in return and direct deposit 3 weeks Mail in return and check 2 months When will I receive my tax refund?
What happens after I e-file? Refunds for returns that have errors or that need special handling could take up to four months, according to the IRS. Delays also occur when the IRS suspects identity theft or fraud with any return. Respond quickly if the IRS contacts you by mail for more information or to verify a return. A delay in responding will increase the wait time for your refund. If you submitted an amended tax form, it may take more than 20 weeks to receive a refund due to processing delays related to the pandemic.
The IRS has eliminated the guesswork of waiting for your tax refund by creating IRS2Go , an app that allows you to track the status of your return. Both tools provide personalized daily updates for taxpayers 24 hours after a return is e-filed or four weeks after the IRS has received a paper return.
After inputting some basic information i. Once your refund reaches the third stage, you will need to wait for your financial institution to process a direct deposit or for a paper check to reach you through the mail. Deciding how to spend, save or invest the money in advance can help stop the shopping impulse from getting the best of you.
Your refund is yours to use how you see fit and can be used to help pay for day-to-day expenses or invested for long-term financial stability. Looking for inspiration? Bankrate offers five smart ways to invest your tax refund. How We Make Money. Michelle Black. Written by. Michelle Lambright Black is a credit expert with over 19 years of experience, a freelance writer and a certified credit expert witness.
In addition to writing for Bankrate, …. Edited By Lance Davis. Edited by. Lance Davis. Lance Davis is the senior editorial director for Bankrate. In order to log in, you'll need some information -- your Social Security number, filing status and expected refund amount. The IRS updates the data in this tool overnight, so if you don't see a status change after 24 hours or more, check back the following day.
Once your return and refund are approved, you'll receive a personalized date by which to expect your money. Where's My Refund has information on the most recent tax refund that the IRS has on file within the past two years, so if you're looking for return information from previous years you'll need to check your IRS online account for more information. Through your own personalized account , you'll be able to see the total amount you owe, your payment history, key information about your most recent tax return, notices you've received from the IRS and your address on file.
Both IRS tools online and mobile app will show you one of three messages to explain your tax return status. Millions of Americans have received confusing "math-error notices" from the IRS this year -- letters saying they owe more taxes. Once they get the notice, they have a day window to respond before it goes to the agency's collection unit. From the start of the year to August, the IRS sent more than 11 million of these notices. According to the Taxpayer Advocate Service , "Many math error notices are vague and do not adequately explain the urgency the situation demands.
The majority of the errors this year are related to stimulus payments, according to the Wall Street Journal. They could also be related to a tax adjustment for a variety of issues detected by the IRS during processing.
They can result in tax due, or a change in the amount of the refund -- either more or less. If you disagree with the amount, you can try contacting the IRS to review your account with a representative. The IRS received million calls this tax season , which is four times the number of calls in And based on the recent report, only 7 percent of calls reached a telephone agent for help.
While you could try calling the IRS to check your status, the agency's live phone assistance is extremely limited right now because the IRS says it's working hard to get through the backlog. You shouldn't file a second tax return or contact the IRS about the status of your return. It also advises taxpayers to get in-person help at Taxpayer Assistance Centers. You can contact your local IRS office or call to make an appointment: You can also contact the Taxpayer Advocate Service if you're eligible for assistance by calling them: Though the chances of getting live assistance are slim, the IRS says you should only call the agency directly if it's been 21 days or more since you filed your taxes online, or if the Where's My Refund tool tells you to contact the IRS.
You can call: or during regular business hours. The code simply identifies the transaction as a refund from a filed tax return in the form of an electronic payment direct deposit.
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