Guide to IRS tax filing and direct deposit refunds
The IRS Tax deposit service is simple and easy if you apply it online through e-filing and receiving your refund in direct deposit doesn’t take a long time. The direct deposit refund dates are out earlier, with the process being quick and the service is faster, whereas paper filing is a long process and there’s always a delay in the process.
These are some of the common queries by taxpayers:
How to file tax through e-file?
There are many tax filing software available online and you can use them to e-file your tax by providing all the required data. Moreover, you can directly login to the IRS tax filing website and file it. Make sure you get an approval or confirmation note stating that your tax return was accepted by IRS.
When can I file my tax return?
Usually April is the month for tax filing. You can also get an extension if the given deadline falls on a weekend, government holiday, or if your papers are not ready as on the date.
When will I be refunded the excess amount?
You’re expected to receive the payment returns within 10 to 15 days from when your papers are being accepted by IRS or within a month’s time. In direct deposits, you are likely to get your refund within five days or sometimes even immediately.
Any expected delays in the refund?
There are chances to have a delay in the refund if there are early filings, theft, and new identity issues. It may also hold tax refunds for taxpayers who claim earned income tax credits and additional child tax credits.
Request for your returns:
However, IRS gives you three options to receive your tax returns. In ways of direct returns, where your funds can be split up to three banks, or else by sending a check to the payer’s address, or buy US savings bond. You can also apply the refund to any future taxes owed. However, when all the options are taken into account, direct deposit stands to be the easiest and fastest method of all.
How can you check the status of e-filing?
After receiving the confirmation message from IRS for e-filing, you can check your status for the tax refund within 72 hours. For further details, visit the IRS website or inquire with the customer service representatives.
Ways to increase your tax refund:
Investing on tax plans will enable you to get more tax returns in the future.