If you’re preparing to file your tax returns, or just seek information regarding how much you could claim with a tax refund, then read on. This article will aim to explore the questions you may have regarding your tax refunds, and what you need to think about.
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How Quickly Will I Receive My Refund?
The timing of your tax refund will depend on when you have filed your tax returns. In general, the Internal Revenue Service, also known as the IRS, will aim to process your tax refund and have it returned within 21 days.
This timeline means that you will start to see your refund claim come in during the tax time of the year. In most cases, tax returns will be filed for around the end of January, but it’s always worth looking up each year to see if it’s moved.
What Is The PATH Act?
The PATH Act was created in 2015 to help protect taxpayers and their families against potential fraud, aiming to permanently extend tax laws that were expired, or about to expire. However, it’s important to know that this specific law does affect the timing of certain refunds for any tax returns that have been filed for each year before February.
It helps the IRS gain more time to review returns that may have specific tax credits, such as ACTC. They will also be able to compare W-2 forms that a taxpayer may have received from their employer.
All of this means that it could take time for you to receive your refund, precious time that means you’re not able to wait. Fortunately, there are ways you can receive your refund sooner by using a tax service. They can help you sort any IRS issues you have, or even sort a refund advancement.
What Happens If My Identity Was Stolen?
Something that affects millions of Americans each year comes in the form of tax refund fraud. This refers to scammers and thieves who steal tax refund dollars by assuming the identity of a taxpayer through the IRS and other tax services. It’s important that if you suspect that your identity has been stolen, that you report it as soon as possible to places such as the IRS, and any other places of interest in your life such as the bank.
What Else Do I Need To Know About Tax Refunds?
It will benefit you to know about a tax return, and the difference it has between a tax refund, as some people get them confused. Simply put, a tax refund refers to the file that you will need to fill out every year, that outlines your income, expenses, investments, and any other potential tax-related information.
A tax refund, on the other hand, will be something paid to you due to the fact you have been paying too much in taxes to your state government, or even the federal government. This will lead to you being paid a check with the overpaid amount. On average, this amount could be up to $3,000, with millions of refunds being made each year.
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