As tax season continues individuals across Colorado and the United States are filing returns every day. While some people dread tax time for fear they will owe either the state or government some amount of tax based on their earnings or other financial implications, some get excited about the potential to file - especially when they are expecting a sizeable refund.

Once a return is filed with the Internal Revenue Service (IRS) or Colorado Department of Revenue, a number of steps remain to ensure the return is properly accepted, transmitted, and an appropriate refund or expectancy of funds for payment is decided. For these reasons, it takes a varying amount of time to receive a refund but typically there is a timeframe for when most individuals will receive their money.

How fast can I expect my refund? One question that preparers all over America hear almost immediately after notifying a client they can expect to receive money back from either the state or federal government. The IRS website even has a section for refund frequently asked questions which highlights some topics to consider when attempting to figure out the timing of a refund as detailed below.

Filing Method

There are two main factors which contribute to the timing of both acceptance and refund disbursement when filing your tax return. The first is which filing method is chosen in order to send your return to either the IRS or Colorado Department of Revenue.

Electronic filing is the preferred method and while some instances require a paper filing method, such as an amendment to a prior year return, electronic is the fastest and easiest form of submission. Almost within minutes, depending on the traffic and time of day, a preparer can assure a client that their return has been filed and accepted by the appropriate party. This not only makes the individual or couple feel confident in knowing they have filed a return but also starts the clock on receiving the refund.

Refund Method

The other factor associated with timing of a refund is whether or not you opt to receive a refund via direct deposit or paper check. Just as with the filing method, choosing an electronic option is faster than the original paper method used for dispersing refunds across America.

By choosing to have your refund return direct deposited into a bank account the timing is usually much faster than having to wait on an actual paper check to be written, then mailed through the postal service, and finally received at your home.

According to the timeframe set by the IRS most returns are distributed within 21 days of receiving a filed tax return. In most cases, the return will be received in less time, typically two weeks if both electronically filed and returned via direct deposit.

If you have not received any notification or correspondence within 21 days of a successful electronic filing or six weeks following a paper return then you may want to consider attempting to locate the reason behind a potential delay. The IRS offers a “Where’s My Refund” options which can be administered 24 hours after electronic filing and four weeks from a mailed return.

The experts at Bloch, Rothman, and Associates can help you file the appropriate return and track any expected refund. In addition to providing expert tax advice, we can also assist with a variety of bookkeeping and other payroll options. Whether you need an explanation for a random tax form, are in need of appropriate representation, or would like help in a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us for your initial free no obligation consultation.