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The
IRS
is giving you your tax refunds! The United States is starting the process of giving American citizens their tax refunds, and you could get up to $2,945. Everybody is waiting for this moment of the year, not even Christmas! When the IRS is giving you money back, it is a very rewarding moment as you see your effort throughout the whole year.
In this article you will find
information about things you need to take into account
, how the process of the tax refund is going and how you can be informed on your refund situation. So, if you have filled your annual tax return, you will like what’s coming!
What’s the IRS?
The Internal Revenue Service (IRS) is a department in charge of making sure each American citizen receives a quality service when it comes to helping them with their tax responsibilities and letting them know their commitments. Also, the IRS is in charge of the fulfillment of the law to all.
You need to be careful because if you don’t meet your tax obligations, you will be fined. The IRS will take into account different situations in which you may be considered to be charged a penalty. Here is a list so you don’t commit any of them:
- Filling your tax return out of time.
- Owing a tax and not paying it.
- Not providing accurate information returns on time.
If you forget or you can’t do any of these, it will be considered that you may be committing fraud. This will result in a penalty and the IRS could also charge you interest on a penalty if you don’t pay it in full.
Now, let’s get into the tax refund
This tax refund is money you are given by the IRS. This doesn’t happen by default, in order to receive this tax refund you must have worked in the United States because a part of your income goes to paying federal taxes.
Every year, when the fiscal year comes to an end, you must file your taxes to the IRS. Once you have notified your income and the taxes you have paid, you will receive the tax refund if you have paid more taxes than you should have.
Does everyone receive the same amount?
No, the amount received depends on different situations. It is true that the average amount for those who filed their taxes online and chose a direct deposit, receive around $2,945.
On the other hand, this amount could be rise if you have included tax credits like EITC (Earned Income Tax Credit) which is a help for low-income workers and families, or the CTC (Child Tax Credit) to help you in case of having a family with qualifying children.
When will you receive this economic help?
This also depends on two aspects, whether you have filed your taxes online or not. If you did it online the IRS will give you the tax refund within 10 to 21 days from the day your filing was accepted. However, this can take longer if you filed via mail.
If you are curious about the state of your tax refund, you can check it on the IRS website, on the ‘Where’s My Refund?’ section.
Delays on your refund
Yes, this could happen, but you don’t need to worry because it is normal. The IRS might have seen errors on your filing or even the fact that you have applied for tax credits can cause this delay. Whatever the case, you will be notified if you have to provide or change any information.
So, you’d better pay attention to deadlines and make sure you have all the necessary documents if you don’t want to have any problems with your tax refund.
