How Long After My Tax Return Is Accepted Will I Get My Refund?
Have you ever wondered what happens to your tax return after you file it with the IRS? If you’ve ever found yourself checking your bank account in hopes of seeing your refund land there, here’s what you need to know about the IRS refund timeline.
Where’s My Refund?
The IRS sends about 90% of refunds within 21 days. However, tax returns that require additional review can take a little bit longer. If it’s been more than 21 days since you filed your taxes electronically and you still haven’t received your refund, you can use the IRS’ “Where’s My Refund?” tool to check the status of your return.
Where’s My Refund? has a tracker that displays personalized refund information based on your processing status. You can use it to follow your tax return’s progress through three stages: Return Received, Refund Approved and Refund Sent. Once the IRS processes your return and approves your refund, the tool will show you an accurate date when you can expect to get your money back.
Reasons Your Tax Refund Might Get Delayed
The IRS could have trouble processing your tax return if you have made any mistakes like these:
- Entering information that doesn’t match IRS records
- Transposing digits in your Social Security number
- Making miscalculations and math errors
- Choosing the wrong filing status for your circumstances
- Entering numbers on the wrong lines when filling out tax forms manually
- Filing too early or too late
Filing electronically prevents many of these common mistakes, but e-filing and choosing direct deposit also speeds up your refund even if your tax return is error-free. That’s because the IRS must process paper returns manually, which can cause delays.
Smart Things to Do With Your Tax Refund
If you’re getting money back from the IRS, your first impulse might be to spend it on a vacation or something similarly fun and frivolous. But while an instant-gratification purchase can be satisfying, it’s not the best choice for your financial future.
A tax refund is an excellent opportunity to make some responsible monetary choices. For instance, you could start an emergency savings fund to cover unexpected expenses like a job loss or an illness. Here are some other ideas of things you can use your windfall for.
- Pay off high-interest loans and credit card debt
- Put it toward a retirement savings account like a Roth IRA
- Invest in the stock market
- Start saving for a significant expense like a car or a house
- Enroll in courses to further your education
- Start a small business
- Make home improvements
- Buy a life insurance policy
Tax and Accounting Services for Small Business Owners
At Clear View Business Solutions, we know how complex taxes and accounting can be. We offer helpful advice and solutions to simplify financial issues and translate them into layman’s terms. If you are self-employed, run a nonprofit or own a small business employing 10 people or fewer, our team is here to help you make savvy decisions that minimize your tax burden and let you keep more of your hard-earned money. Contact us today to learn what we can do for you!