Filing for a tax refund is not the easiest task, and many people dread the tax filing season. If you are waiting for a tax return, or if you are going to file one, you should look out for the IRS Schedule. The tax filing deadline is from April 15 to May 17, so if you still have not filed your taxes yet, you have some time in your hand, but it is advisable to file for the taxes as soon as possible. Most people get their refund back in less than 21 days, but the timing usually varies depending on how you have filed for the taxes. It will depend on how you have sent your return, when you filed it, and if you have claimed credits.
The IRS Refund Schedule: The IRS refund schedule usually varies depending on the method that you use to send in your tax return when you file it, and the credits that you are claiming. If you file for your tax refund using e-file and direct deposit, it can take up to 21 days to get your return. When you use the e-file method but opt for a check, it will take up to one month. Mailing the return will take longer, but mailing with direct deposit will take less time than mailing the return for a check. It is also a good idea to file for your tax return as soon as possible, as the earlier you do so, the earlier you’ll get it back.
Some Factors That Could Affect The Timing Of Your Refund: There are some factors that could affect the timing of your tax refund return. These factors include errors, incomplete tax file returns, and fraud. It is advised to file the taxes as soon as possible as there can be fraud cases, which usually happen when someone steals your identity and files for the tax return. And you may be able to notice this fraud only when you file your tax refund. This will ultimately delay your refund process, so filing as soon as possible is recommended. If you are claiming earned income tax credit or other additional credits, you should also expect a delay in your tax refund.
Should You Mail Your Taxes, Or File Them Electronically? If you are thinking about whether it is faster to file for your tax return electronically or mail, the IRS receives the electronically filed returns faster than the returns that were mailed. This ultimately means that filing the tax return electronically takes lesser time as compared to when you mail it. When you mail your tax return, it takes a longer time for the IRS to receive your tax return, so it will ultimately lengthen the process.
Tracking The Progress of Your Tax Refund: Once you have filed your tax return and the IRS has received it, you can track the status of your return. You can check the status of your refund in the online portal. One can check the progress of their tax return through three stages: return received, refund approved, and refund sent. You can keep a check on the entire process, and once the refund is at the final stage, all you have to do is wait for your financial institution to process the deposit.
What If You Miss The Deadline?: According to the IRS Schedule, the last date to file your return is on May 17, 2021, so you still have time to file your return. But if you miss the deadline, you will probably be charged a late filing fee and some other penalties. However, even if you have missed the deadline, you can request the IRS for an extension; however, this extension time is not extra time to pay the taxes, it is for you to file the taxes.
The time taken to get your tax return back will depend on the IRS Schedule, how you file the return, when, and some other aspects.