Tax time is just around the corner and as individuals prepare to file their returns, many are expected to receive a refund. These monies are often much sought after commodities as people across the country plan to file and then expect to receive their refund in a timely manner. For many, plans are already in place for these funds even prior to their receipt. While this may not be the best possible practice, it doesn’t hurt to understand and have a plan for these expected additions.
A majority of people who file tax returns will receive a refund
. This is typically due to the fact that many people have not adjusted their withholdings accordingly but it is still usually received as a welcome boost to one’s bank account during the first quarter of a year. Tax filings are mandatory and ensuring that yours are correctly submitted, in addition to getting money back can be a welcome practice but regardless of your current status, understanding the tax refund is critical for all filers.
First and foremost, individuals should understand that a refund isn’t simply free money. In fact, this is money to which you were already owed but paid in previously and are having returned to you after the filing of your taxes. While it’s always nice to get a refund, understanding how the process works and why this money is being returned is an important concept for all tax filers to comprehend.
The timing of a return is something many individuals worry about once it is concluded they are to receive such funds. Depending on your method of receipt, a refund may be issued anywhere between five to seven days or two to three weeks after filing. Typically federal returns are quicker to arrive than state monies, but understand you shouldn’t count on any of the funding until it actually shows up in your account.
There are two different ways to receive a tax refund from your filing - either by direct deposit or a mailed check. If you elect to have the monies deposited, then the process is much faster while also being easier to track and trace. If, however, you want a check then expect to be watching the mailbox daily after about 10 days of filing for the return to arrive.
When filing your taxes, know the service being used should not relate any pricing or funding based on a potential refund. In fact, even the fees being charged shouldn’t be construed or taken out of the charge for an initial filing. These events should be separate transactions and even though places may offer immediate or same-day refunds, it is not the actual money being returned from your filing.
If after some time your refund has yet to arrive then obviously questions are going to arise about its whereabouts. If you have such an inquiry the Internal Revenue Service (IRS) has a ‘Where’s My Refund’
website which is capable of addressing any such issues. If after a few weeks no refund has been received, accessing this site may offer an explanation as to the status of your money.
If you’re ready to file a return or need assistance with a potential due refund, then let the tax professionals at Bloch Rothman and Associates
assist you today. In addition to providing answers to your tax questions, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing a quality tax service, our group can also complete all types of returns or answer any other factors associated with financial issues or concerns you may have. Serving Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us
today. Available for all of your tax needs, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!