When does the tax season start?

Tax season is probably one of the most stressful and responsible periods for individuals as well as corporate taxpayers. It is the time when the financial statements and reports from the previous year are submitted. There are strict deadlines for filing tax returns, and missing those will result in fees and penalty charges.

When will I receive my refund?

The most common question that tax specialists receive is when exactly individuals will receive their refunds. The Internal Revenue Service claims that they issue refunds in less than 21 days in most cases. However, there can also be exceptions, such as in the case of requesting a paper return, it may take up to six weeks to get your refund. Moreover, there are other factors that your refund period will depend on.

In 2018, Congress passed a law requiring that all tax refunds, including Earned Income Tax Credit and the Additional Child Tax Credit, should be held in the IRS until February 15, 2020, no matter how early the forms were submitted. So, if you file your returns on the first day, which is January 27, you may still not get your returns until mid-February. The goal behind this delay is to cut down on fraud and ensure that there are no duplicate forms found.

Statistically, more than 90% of tax refunds have been paid within a period of 21 days if you e-file your form. Moreover, only 8% of Americans still file their taxes paper-based, which takes considerably longer time for the IRS to get the returns. Usually, the Internal Revenue Service issues tax refunds weekly on the last working day of the week. Most likely, if you submit your form earlier, you will get your return on February 14, 2020. Otherwise, if you choose to file your request by mail, it is less likely you’ll receive your refund that fast. Usually, three weeks is the fastest you will get your refund. If you are impatient or see that it takes more than 21 days for your e-filed tax form, you might want to contact the IRS to know whether there are some problems.

Overall, there are different methods by which you can track your refund after 24 to 48 hours you e-file your form. The Internal Revenue Service’s “Where is my Refund” tool will help you track your refund status easily and quickly.

We will talk about what kind of information you need exactly to check your refund status via the Internal Revenue Service later in the article.

When is the tax season? (or When Can You File Taxes in 2020)

It is the beginning of 2020, which means you can already start to file your taxes. The Internal Revenue Service has announced that they are starting to accept tax return forms from January 27, 2020.

However, the deadline for the tax-filing is April 15, 2020. It means the last day you can file your taxes is Wednesday, April 15, 2020, unless you have not submitted a tax-filing extension request. However, beware that it is better not to leave submitting the forms at the last minute. After all, the sooner you submit tax-filing applications to the Internal Revenue Service, the sooner you will get your tax returns. Note that Congress passed a resolution on holding the taxes at the Internal Revenue Service until mid-February, regardless of how early you have submitted your taxes.

Before filing your taxes, you should take a closer look at all the laws and regulations regarding your income tax. Consider for free assistance that the Internal Revenue Service provides to get the answers to the questions for accurately filing your taxes. You may want to know all the minor details prior to submitting your tax form before April 15, 2020, as the fines and penalties for not filling out some information are higher than not paying taxes on time.

So keep the deadlines in mind, tax season starts on January 27, Monday, 2020, and the deadline is April 15, Wednesday, 2020. If you need further assistance or cannot catch up with the deadline, file for an extension, for which the Internal Revenue Service will provide an additional six months to get your taxes prepared.

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However, be aware that the sooner you file your taxes, the better it is, as your refund will be paid faster.

2020 Tax Deadline: Wednesday, April 15, 2020

The deadline for filing a tax form is April 15, Wednesday, 2020. The form which you need to fill out is W-2 or otherwise called Wage and Tax statement provided by your employer. If you are a freelancer, then you will need a 1099 form. For these forms, employers must file and postmark them by the end of January, so you will most probably receive the forms at the beginning of February and have time to fill them until April 15. However, it is also possible to obtain the form earlier, so you can start filling it as soon as possible to get your refund faster.

The IRS will start accepting these forms from January 27, Monday. If you have not received your W-2 form until mid-February, first of all, contact your employer requesting a copy. In other cases, contact IRS directly and provide your personal information such as name, address, social security number, your employment place, address and phone number as well as your monthly wage and federal income tax withheld during the previous year. After you have made all these steps and still did not receive your W-2 form as the deadline approaches, use the substitute form called 4852. If you think you are not catching up with the deadlines, you can file for a six-month extension using the Internal Revenue Service Free File. Once you have filed your tax form correctly, it will take the Internal Revenue Service 21 days for your tax refund.

So, if you are done collecting all the necessary information for your tax form, search for a suitable template and start to file your taxes accurately with no rush, not to miss any critical information. If you think of some free forms to get started with your taxes, you can search here or on the IRS webpage.

If you notice that you might not be able to meet the deadline as there are some complex deductions, you can consider hiring an accountant or getting assistance on calculating your taxes. Some cases where you may need to hire professionals include making non-cash contributions to charities and other foundations, being self-employed or owning a business, or if you are frequently trading in financial assets, securities, and different types of investments.

In any case, there are people who file their taxes themselves even though they have complex deductions and accounting treatments in them. All in all, it is your choice, you just have to make sure the form is submitted accurately, including all of the necessary information.

How To Track Your Refund

You have several options to check your current tax refund status, of which the most common is through the Internal Revenue Service’s webpage.

For that, you will need your social security number, filing status, and exact refund amount. As already mentioned, the IRS takes from 21 days to 6 weeks to get your refund amount; however, while tracking your refund you make get a note saying, “Contact the IRS.” It may indicate some missing documents in your tax form, in which case you should immediately contact the IRS.

The tracking is straightforward, and you just need to click the “Check My Refund Status” button on the right side of the webpage. After clicking to that button, the page will take you to the part where you will need to fill in your personal information like social security number or individual taxpayer’s number, your filing status (i.e., married or single) and the exact refund amount you expect as you filled your tax form.

Another method is to download the IRS2GO mobile application, which is available in both iOS and Google Play Store. This application is completely free and user-friendly. Not only can you check your refund status, but you can also pay your annual taxes and other bills via IRS2GO ( Link for Iphones | Link For Android ).

Another way to track your refund is by calling the Internal Revenue Service directly at 1-800-829-1954. However, unlike the other two methods discussed above, you can only contact the IRS after 21 days of submitting your tax return form and six weeks if you have mailed it. You may also contact the IRS if your online tracking via website mentions “Contact the IRS.”

Be aware that contacting the IRS during tax season may take you a while. Approximate waiting time, according to IRS, varies from 15 to 27 minutes, so make sure you consider the right amount of time before calling them.

Millions of people are eager to know where exactly is their tax refunds once they are done with submitting the tax forms before the deadline. However, be patient and consider that the average time is 21 days for IRS to get your tax returns, again depending on how you submit your form. Once the 21 days are over and your online status remains unchanged, meaning you still have not received your refund, you may call IRS directly to know whether there are any issues with your tax form.

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The information included herein was obtained from sources which we believe reliable. This report is being provided for informational purposes only. It does not represent any specific investment and is not intended to be an offer of sale of any kind. Past performance is not a guarantee of future results.

Allegheny Financial Group is a Registered Investment Advisor. Securities offered through Allegheny Investments, LTD, a registered Broker/Dealer. Member FINRA/SIPC.