When tax season comes around, you might be excited at the prospect of getting a big fat refund – or you might be worried about how much money you’ll have to pay in taxes this year. Whether you’re looking forward to having extra cash or dreading it, there are some things you should know about tax relief that could save you money and make your tax experience easier. Let’s take a look at them now!
When to expect your refund
You can expect your federal tax refund within 21 days of filing your return electronically or within six to eight weeks if you file a paper return. Your state tax refund may take longer. In order to obtain more information, you should contact your state’s tax agency. If you need your refund sooner, you can request an expedited refund from the IRS. We will be discussing more about tax relief in this blog post
Ways to Check for Refunds
There is a lot to consider when it comes to taxes. And, depending on your filing status, income, and deductions, your tax bill can vary greatly. But one thing is for certain: Everyone wants a refund.
Apply for an Extension
If you’re not able to file your taxes on time, you can apply for an extension. Adding six months to your filing deadline will give you more time to file. Keep in mind that an extension is not a way to avoid paying your taxes. You will still need to estimate your tax liability and pay any amount due by the original filing deadline.
Have you Filed?
The tax season is probably one of the most dreaded times of year for most people. But what if I told you that there are ways to reduce the amount of taxes you owe? That’s right – tax relief is available for those who know where to look.
How can I make sure I get my tax refund on time this year?
There are a few things you can do to make sure you get your tax refund on time this year. First, make sure you file your taxes as early as possible. Your refund will be processed faster if you file as soon as possible. Second, be sure to double-check all of your information before you file. This includes your Social Security number, address, and bank account information. Third, if you’re owed a refund, choose direct deposit when you file.
Should I Prepare Early or Wait Until the Last Minute?
No one likes doing their taxes, but it’s a necessary evil. And, if you’re not careful, it can be an expensive one. Here are a few things to keep in mind when it comes to tax relief.
Overpayments and Estimated Taxes
If you overpaid your taxes or made estimated tax payments, you may be able to get a tax refund. The IRS issues refunds for overpayments, and you can usually expect to receive your refund within eight weeks.
Estimating Your Tax Refund Amount
When it comes to taxes, there are a lot of variables to consider. Estimating your tax refund amount can be tricky, but there are a few things you can do to get a general idea.
Safe Disposal of Financial Records
According to the IRS, you should keep tax records for three to seven years. After that time, you can shred them. But what about other financial records? How long should you keep bank statements, credit card bills, and investment records?