What is the Estimated Wait Time to Receive Your Tax Refund?
Nothing feels better than finding out that, instead of being forced to pay taxes, you qualify for a tax refund. If you’re like most people, you probably immediately start making big plans for what you’re going to do with that refund check. The thing is, however, that it can take a while for the money to actually arrive, something that can be a tough fact to deal with when you’re in dire need of that refund. While many factors can have an impact on how soon you receive your refund, there are a few tips that can practically guarantee you’ll get your refund sooner rather than later.
First of all, you’ll want to make absolutely certain that you have filled out our tax forms as accurately and meticulously as possible. Even a small mathematical mistake can set you back big time. If someone catches the error, you may be required to fix it and resubmit your tax forms, which could take quite a bit of time. In some cases, you may even have to pay a penalty for your error. Obviously, the best thing to do is to be as careful as possible when you fill out your forms. Even if you’re using tax filing software, you should check all of your entries before submitting your form.
In this day and age, the best way to file your tax returns is electronically. The electronic process can shave a lot of time off of the time it takes to receive your income tax refunds, because you don’t have to wait for your forms to arrive at the IRS and be sorted. When you send your tax forms electronically, they will be received instantly and, what’s more, you’ll be able to check the status of the processing and of your payment online.
Another way to make sure you get your refund more quickly is to set up direct deposit. This means that you won’t have to wait on a check in the mail. Instead, as soon as your funds become available, they will be released into your bank account. All you need to set this up is your bank account information, including your account number and the routing number. The length of time it will take for your refund to be deposited will vary from one person to the next, but it’s usually quite quick providing you have an error-free return.
If you absolutely have to mail in your tax forms the old fashioned way, you are going to have a longer wait. However, you can shorten the wait somewhat by, as mentioned above, filling out the form as correctly as possible. Also be sure that you avoid handwriting your form, since this can cause a delay, especially if your form is difficult to read or illegible. For best results, type up your form or use tax filing software to print it out. You may also wish to insure and/or track your parcel so you’ll be alerted when it reaches its destination.
Have a tax question? Ask one of our tax professionals.