One of the biggest questions that comes at the end of meeting with a tax professional is, “So, when will I get my refund?”
The answer could be a matter of a few days if you are one of the growing number of people who filed their taxes early this year.
The IRS says it issues more than nine out of 10 refunds in less than 21 days, according to this report.
And since the federal agency began processing returns Jan. 29, some early tax filers could see their tax refunds by the end of February. That’s assuming there are no issues with their filings.
There are a few exceptions, however, that will undoubtedly delay your refund for a bit.
The IRS, by law, can’t issue refunds for returns claiming certain credits before the middle of February. Those include the Additional Child Tax Credit and the Earned Income Tax Credit.
If you filed early and claimed one of those credits, the earliest you will see your refund is Feb. 27.
Itching for that refund as soon as possible? The IRS strongly recommends that you or your tax preparer file your return electronically. Also, indicate you want your return via direct deposit, as opposed to a check in the mail.
Keep in mind that there are a number of security or other concerns that could delay your refund.
If you’re in doubt, the easiest way to check the status of your refund is to go online. The IRS updates the “Where’s My Refund?” tool once a day.
The IRS expected this month’s Presidents Day weekend to serve as one of the most popular filing times for taxpayers. If you haven’t filed yet, you can set up a meeting with Amy Peek, accountant and owner of Peekz ConsultiN, easily and quickly online.
Taxes are due April 17.
And before you blow your refund on a big vacation, here are some tips from Peek on how to wisely spend or save your return.
PHOTO CREDIT: Ervins Strauhmanis–Flickr–CC
Peekz ConsultiN LLC is a Pittsburgh-based accounting firm, located in the West Side, that caters to individuals, small businesses and nonprofit organizations. We aim to empower clients to help them take control of their finances and achieve their dreams.