Most individuals know they need to file their personal tax returns and pay their taxes by April 15th every year (actually April 18th this year). No one is eager to pay their taxes early, but if you are due a refund, you want your money now. While it is still early in the tax filing season, once clients file their tax returns they want to know when they should receive their tax refunds. With the almost universal requirement to file tax returns electronically most direct deposit refunds are received within two weeks and paper refunds within three weeks. While the IRS has implemented additional procedures to try and catch fictitious returns, we recommend you file your returns as soon as you are able to, in order to ensure that it is processed timely. The IRS recently issued a Special Edition Tax tip entitled IRS Debunks Myths Surrounding Tax Refunds that might be of interest to you.
Once your return is filed, you can always check the IRS’s online system available through our Resources webpage to see the status of your federal return or state return.