How long does it take to get the refunds filed?

While we get to answer this one particular question, we always come across 10 others. From ‘What are Tax Refunds’ and ‘Why do we need to file Taxes’, to ‘Long does it take to get my refunds’ (we will discuss ahead) – eTax services will take you through a series of questions we have solved for your Tax Refunds Filing.

IRS (Internal Revenue Services) is the world’s largest financial institution, a government body of The United States – this is the organization that caters to your Refund application and Tax Filing. Starting at the beginning of every year, January 15th, until around three-four months, applications for refund filing are in full swing. A bit tricky, but very important tax law changes are studied and interpreted by eTax Services.

1. What are Tax Refunds?

Tax Refunds amount to that extra money you have paid the federal government and various states in the last tax year. That is, technically, your money which you have overpaid the government and can receive back. Which you can assume as mini savings!

2. Why should I file taxes if I believe I have paid just the right amount?

If you paid the exact amount, that’s genius!! Chances are that tax rules undergo many changes and new credits are introduced constantly so you might be missing out on extra income. Plus, there is always a possibility that you might have calculated a higher refund amount raising red flags, ultimately finding yourself in an audit check. This means, there is a chance, you may have overpaid or underpaid the government.

3. What is the Refund Process?

Tax Refund applications can be done both electronically and paper mailed. There are various forms available based on the tax filing status and credits you may qualify for as well as the entities you are filing for. The following are some common Tax Forms along with who can file them:

Tax applications can be filed electronically or you may choose to paper mail them. Various forms are available and needed based on your tax filing status, deductions, and the credits you may qualify for. The following are some common Federal Tax Forms along with who can file them:

• Form 1040 is the main one: It is the standard form that is used to file Individual Income Tax Returns for the federal government. There are various supplementary forms to this that people need to file based on credits, deductions, filing status, and other details that your tax consultant will guide you with. (i.e. Sch. 1, Sch. A, Sch. B, Sch. C, Sch D, etc,.)
• Form 1065 is a corporate tax form for those who are in a partnership model business
• Form 1120 series is for various types of Corporations listed under the business entities. (For information on the types of business entities, refer to our blog here)
• Form 940 and 941 are used for annual and quarterly federal tax returns
• Form 1040X is used for amendments or any changes needed to previous income tax returns as guided by IRS
• State tax forms vary by state

4. How long does it take to File?

Once our eTax expert inputs all the information, voila! You are done! (the interview process takes fifteen through forty-five minutes although some require additional time). Then you can send payment(s), schedule a payment plan, or wait for your refund(s).

Note: Bringing your previously filed tax returns can help your tax explain any changes that may occur.

5. How long does it take to receive the Refunds?

This time period depends on your mode of filing. If you opt for e-filing, it usually takes less than 21 days for you to receive the refund amounts in the bank account you provided during tax filing. It takes an additional week if you choose to receive the check mailed to your home address. (Paper mailed returns may take approximately 6-8 weeks.)

If you fail to receive the said amount in the stipulated time, you may connect with your tax professional, or click on where’s my refund link found on the government websites.

6. What are the reasons for the delays?

Reasons for delays can be due to incomplete returns, improper calculations, certain credits, or additional verification needed. You will receive correspondence requesting additional documents or explaining the delay, in the form of a letter, or notice from the IRS. Debt, taxes due for prior years, or past-due child support, etc., may result in recalculation and adjustments.

It is always advisable to connect with eTax Services for a premium tax consultation, guidance with audits, and replying/dealing with the IRS correspondence.

Just Sit-back, Relax, and let eTax get you the max back, main office in the city of Anaheim is open year-round for all the tax needs.

7. When is the lst date for Tax Filing?

Tax Day U.S.A is usually April 15th.

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