As the 2020 tax season is approaching day by day, Americans are preparing themselves to file their tax returns. If your tax withholding exceeds the owed tax amount at the end of the year, you are going to receive a tax refund. Whether you think of your tax refund as an investment or as a bonus, it is important to know when it’s going to arrive at your door.
There are many ways to determine when your tax refund is going to be issued to you. The major factor here is how you file your tax return. There is going to be a significant difference in filing your tax return in person and electronically. Upon filing your tax return electronically, you can expect your tax refund to be issued in two to three weeks. In person, on the other hand, can take up to six weeks depending on the area you live in and how busy the IRS office is when you file.
How to track the status of your tax refund?
The Internal Revenue Services provides American taxpayers with lots of useful tools. This not only makes us stop feeling anxious about the process but it can help us plan our next purchases. Regardless of your status, how your tax refund is calculated is very simple.
If you withhold enough taxes throughout the year so that it exceeds your owed tax amount, you will receive a tax refund. Your refund amount is going to be for every dollar that is over your total tax bill. Since the IRS wants every taxpayer to pay their taxes gradually every month, the W-4 Form, Employee’s Withholding Allowance is used by workers to set how much they want to withhold tax each month from their paycheck.
You can learn more about how to withhold more or less with the W-4 tax withholding form by visiting the website below.
Where’s My Refund Tool
Among all of the tools and services of the IRS, Where’s My Refund stands out the most as it is the most and perhaps the only exciting part about taxes. On average, tax refunds are issued in three weeks by the agency but there are many factors that affect when your tax refund is going to be mailed to you. This includes, as mentioned above; how you file your taxes, if there is any missing information on the tax return, your tax liability and your total tax amount.
In conclusion, to know when exactly you’re going to get your tax refund, you should rely on the IRS’ where is my refund tool. Simply head over to the tool by clicking here and click on Check My Refund Status. You only need to provide a couple of simple information such as your ITIN or SSN, your exact refund amount, and your filing status. From there on, you will know the status of your tax refund for 2020.
Keep in mind that the tool is updated on a daily basis. So checking it once a day will be enough.