Taxes 101: What to Know About Tax Refund Money
April 7, 2022 | Daniel Dewitt
For millions of Americans, the worst time of the year is followed by the best time of the year. Tax season means mounds of paperwork and stress, but hopefully, the result is a substantial tax refund. Read on for important Taxes 101 info to know as you file your taxes and wait for the refund money you deserve.
File on Time To Receive Your Tax Money Refund
File your taxes in a timely manner. The Internal Revenue Service sets a deadline for filing your taxes. Not only can you avoid late fees and penalties by paying on time, but you also receive your tax refund money quicker. That’s a win-win.
You May Get Your Refund Very Soon — Or Not
You may qualify for a federal refund, a state refund, or both. When you get your money depends on not just when you file, but how you file. You get your refund faster by filing electronically as well as choosing to have it sent to you via direct deposit to your bank account. The Internal Revenue Service says if you file this way, you typically see your refund within three weeks -- usually about 21 days. Filing via paper almost guarantees you get your refund later, usually by a few weeks. If there are errors in your return, the wait for your refund may be very long. You can check the status of your refund on the IRS website. State refunds usually take longer than federal refunds. The timeline varies by state, but on average it can take eight weeks after you electronically file and up to 12 weeks if you prefer paper returns.
Your Tax Refund May Be Smaller Than You Thought It Would Be
A taxes 101 fact that will always be true: It’s hard to predict your refund year to year. This year is no exception. Federal pandemic relief and other tax acts over the past year could shrink your refund. Student loan debt was frozen, which means those with loans could not deduct the same amount they were used to for this year’s returns. Those who received child tax credit payments as part of the American Rescue Plan effectively got part of their tax refund early, lowering the write-off amounts this year. And while in the past federal taxes on unemployment assistance have been waived, that wasn’t the case this past year. All unemployment assistance received during the year is considered taxable income.
Tax Refund Delays Happen for Many Reasons
Errors in your tax return are the most common reason for a late refund check, but there could be numerous reasons for a delay. Your tax filing could be incomplete, or your return needs to be reviewed more closely by the IRS. In extreme cases, your refund may be suspected to come as the result of fraud or identity theft. If your return includes an allocation for an injured spouse, known as Form 8379, the entire return can take as long as three and a half months for the IRS to process. You also may not have correctly reconciled your rebate credit with a stimulus payment.
There Are Ways to Maximize Your Refund
It all starts with how you file your taxes. In addition to filing early or on time, working with a tax professional who is licensed or using reputable tax software helps ensure that you don’t make significant filing errors. This also helps you review the ways you can legally receive all the tax refund money you deserve.
A Payday Loan Can Fill the Void
As your wait for your tax refund money, a payday loan may provide an option if you’re coping with a financial emergency. Payday loans are short-term loans designed to help make ends meet between paychecks if you’re struggling with an emergency such as a hefty hospital bill, a much-needed home or car repair, or last-minute expensive travel.
At Fast Payday Loans, Inc. of Florida, you may qualify for a loan between $100 and $1,000 in as little as 30 minutes. We also make it easy to qualify for a loan. You need to be at least 18 years old and have a driver’s license or government-issued I.D. You also need your most recent pay stub and a blank check from an active checking account that’s in your name.
It all starts online. Fill out the loan form on our website and one of our loan representatives will give you a call to walk you through the next steps. Simply bring the required items to one of our payday loan locations near you to complete the process and get your money the same day or the next business day.
Get Started Today
If you’re still waiting for your tax refund money and need some financial relief today, consider a payday loan from Fast Payday Loans, Inc. of Florida. Go online, give us a quick call, or visit us today. We’re here to help!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.