Income Tax Refund
One great thing about doing your taxes online is that you will have much more knowledge and support than you would have doing it on the dining room table surrounded by receipts and forms. The program will ask you questions and you will fill in the answers. In addition, the program will take a look at your completed return to see if there are any glaring errors, and it will help you to find legitimate ways to maximize your refund.
When you finish your return, you will be asked whether you want to file electronically or to send a paper copy. If you choose to file electronically, you will be asked to enter the data from a specific line of your previous year's tax return. Then the return will be sent to the IRS and you will receive a confirmation of receipt within a day or so. If you have elected the direct deposit option, you'll be surprised at how quickly your refund will be in your account!
If you filed a paper return, information on the status of your refund will not be available for at least 6-8 weeks from the time the return was mailed. Paper returns are not logged in as they are received. Division of Taxation personnel cannot verify receipt of your return until processing has begun, and the return appears in our computer system.
The automated phone system can tell you if and when your refund was mailed and when you should receive it. The system also allows you to begin the procedure to trace a lost refund check. If you filed your return electronically and requested direct deposit for your refund, the system can tell you the date it was deposited into your bank account.
Are you looking for some inside information on income tax refund ?
Those are the words that every taxpayer would love to hear, yes, you’re receiving an income tax refund. For many individual taxpayers those refunds can be obtained through Earned Income credit, a real refund of overpayment of tax, or through an overpayment from previous years. Once you determine you’re receiving a refund, there are several options for actually putting that money in the taxpayer’s hands. Standard paper filing, electronic filing with direct deposit, rapid refunds are the options we have the choice of exercising, and for many refund anticipating individuals.
Since the advent of the computer age, and the great invention of the internet, the Internal Revenue Service has been fairly quick to react to the benefit of electronic filing. The returns are filed much faster, refunds are made faster, and money due the IRS can be obtained faster. Let’s take a minute to look at the different refund options, and what each offers the individual taxpayer.
The standard paper filing, although many are more familiar with this method of filing, is slowing reaching obsolescence. There will soon come a time that the old system of paper filing will be entirely eliminated and replaced by the electronic filing methods. If you are still one of the dying numbers of Americans who files a paper return, you should anticipate receiving a refund in about 6 weeks; today, thanks to the great use of the internet, 6 weeks to receive a refund, seems like an extremely long time.