After that, any unclaimed refunds become the property of the U.S. Therefore, even with an extension, it’s essential to act promptly to receive any refunds owed to you. Filing early can lead to quicker refunds, less competition for assistance from tax preparers, and increased peace of mind. It reduces the risk of tax-related identity theft and gives you more time to address any issues or audits that may arise from your submission. To mitigate these issues, it’s important to contact the IRS or a tax professional as soon as possible if you’re unable to file or pay your taxes. Legal E-Billing With proper communication, you may arrange a payment plan or explore other options such as an Offer in Compromise, where the IRS agrees to settle your tax liability for less than the full amount owed.
Understanding IRS Tax Refund Cycle Dates
- Furthermore, it expedites the refund process by reducing the chances of audits or reviews, which can be time-consuming and stressful.
- Note that if a person will owe taxes with the tax return, it is still that taxpayer’s obligation to pay those taxes by April 15, 2024, even if an extension to file has been requested.
- By filing Form 8912, taxpayers can reduce their tax liability while supporting government-backed initiatives aimed at building a sustainable and equitable future.
- An update from the Internal Revenue Service (IRS) shared that by Jan. 31, the agency already received more than 13 million returns, and had issued over 3 million refunds.
- If you anticipate a refund and opt for direct deposit, you could receive it by mid-to-late February, even without resorting to a tax refund advance loan.
They will securely hold and then submit customers’ tax returns to the IRS as soon as the agency begins accepting returns. However, keep in mind the IRS tax refund schedule dates are an estimation and are not set in stone. Most refunds are issued in 21 days or less from when the IRS accepts your return. tax refund definition However, if there are issues with the return, it may take longer. Fortunately, the IRS’s Refund Status tool provides updates on your 2025 tax refund date just 24 hours after you submit your 2024 taxes electronically.
Payroll
The IRS provides several tools to monitor your refund’s status. The processing date is when the IRS starts working on your refund. They are not always the same, so understanding the normal balance difference is key.
- It advances research, data and design in the City’s program and policy development, service delivery, and budget decisions.
- The normal tax deadline is April 15, 2024 (April 17 for Maine and Massachusetts residents due to state holidays).
- The IRS got long-awaited relief in 2022, in the form of $80 billion from the Inflation Reduction Act, along with its regular appropriations.
- Filing early means submitting your tax return before the official deadline of Tuesday, April 15, 2025, for your 2024 tax return.
- The IRS says most e-filed tax refunds are direct deposited into taxpayer bank accounts in as little as 10 days after the IRS receives a return.
- Top choices include paying down debt, saving for a vacation, and investing.
Personal Loans
Ensure you’ve received all your income statements to avoid delays due to late or incorrect forms. Nearly 516,000 federal tax returns filed by Arizonans in 2022, the most recent year for which full statistics are available, claimed the EITC, the IRS reported. That was out of about 3.37 million individual federal returns filed by Arizonans that year.
By March 1, 2025, most taxpayers who filed early should have received their refunds. If you haven’t received your refund within this timeframe, the IRS recommends checking the “Where’s My Refund?” tool or contacting them for more information. WASHINGTON — With millions of tax refunds going out each week, the Internal Revenue Service reminded taxpayers today that recent improvements to Where’s My Refund? On IRS.gov provide more information and remains the best way to check the status of a refund. Some taxpayers owe the federal or state government due to unpaid child support, taxes from years past, or student loan payments.
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Note that if a person will owe taxes with the tax return, it is still that taxpayer’s obligation to pay those taxes by April 15, 2024, even if an extension to file has been requested. Those who are due a refund generally only need to file the extension request by April 15, 2024. Any tax professional and most do-it-yourself tax programs can perform this task. In general, the IRS says that returns with refunds are processed and payments issued within 21 days, and often in as little as 10 days. The IRS and tax professionals strongly encourage electronic filing.