There are times when your income tax is actually less than what you usually pay for. At the end of the financial year, you may get this back. It’s called a tax refund. You aren’t alone if you find out that you are paying more than what you owe. There are millions of citizens that actually file a tax return at the end of the financial year due to overpaying. Most, if not all, these citizens get their money back once everything is filed and requirements are given. If you’re one of those who want to know how to get it and when the tax refund schedule is, here are the details about getting a tax refund and how to go through the process.
Depending on where you’re from, you will be able to file for a tax return online. Simply download the application form and submit it to the official website of IRS, where you can also send in the other requirements. Wait for their reply as to when you will be receiving your refund, and you’re done! Of course, that’s just the simple lay down. It may get a bit tricky if you aren’t familiar with some terms or processes.
You can opt to deliver your application via paper form, but it may take longer to get a response.
Tax Refund Schedule
The tax refund schedule will depend on your location, as well as the exact date you submitted your tax refund form. The IRS does not release their full schedule as of late, but you will be notified as to when you will be able to get your refund, or you can also check your status online.
How to Get Your Refund
There are three ways as to how you can get your money back:
- Direct cash deposit, which is the easiest and quickest way to get your tax return if you need the cash
- Having a paper check mailed to you, which can take slower, but some would prefer this if they do not have a bank for direct deposit
- Purchase a US Savings Bond. This is what small businesses usually get.
Getting a Larger Tax Refund
There are actually ways where you are able to get a bigger amount of money when filing for your tax refund, such as:
- Getting a good retirement plan
- Opening a traditional IRA
If you are interested in filing for a tax return but have more questions, you will be able to get the exact answers through searching online or asking trusted ones for advice. Or, you can also feel free to contact the IRS for specific inquiries. You can check their website that would have FAQs, or you can also contact them via email or phone. Getting a tax refund is a simple process that won’t be difficult to go through, so long as you have all the requirements and follow the rules.