With tax season just around the corner, Americans everywhere are already asking the important “When do I get my tax refund?” As CPAs, we hear this question quite often, since nothing quite feels better than getting money back from the IRS.
So, for everyone wondering when they’ll get their slice of the pie, there isn’t any one answer that will apply to you. The truth is, it depends.
Here’s why it varies, and what you can do to get yours as soon as possible:
Factors Affecting The Timeline
When it comes to your tax return, there are indeed several factors that impact when a taxpayer will receive their money. Depending on your combination of answers to the questions below, you may get your tax return really early or really late in the process. It all depends on the following:
When did you file?
- Did you wait until the very end of the deadline, or were you the first to put together your paperwork and submit it? It’s common knowledge that filing first generally leads to a more streamlined process than filing last.
Are you claiming certain credits?
- Depending on the tax credits you are claiming, it may take the IRS more time to double check all of the information you have submitted for accuracy. The more credits you claim, the more of a chance you have of getting a delay on your tax return.
Was your return e-filed, or sent by mail?
- This is another one that makes a lot of sense. E-filing is quickly becoming a preferred method for submitting your taxes to the IRS thanks to the convenience it brings with it. Conversely, if you send your return by mail, then it may take a little bit longer before you see that money in your account.
Do you have existing government debts?
- Here’s an easy one. If you have existing debts to the federal government, you’re probably not going to be on the top of the list for getting your tax return early. Anyone with continued liability will likely be looked into further before any return is sent over.
What You Can Do
The best thing you can do to ensure you get the most you can on your return in as timely a manner as possible is to work with a professional. Hire a CPA that understands the ins and outs of this year’s new tax laws.
With so many changes, the 2019 filing season has become quite the outlier. There are just too many new additions to our industry for someone to try and manage it all themselves. Instead, leverage a professional whose job it is to keep up and adhere to all of the latest government regulations.
You’ll thank yourself for the hassle it saved you, and you’ll likely turn in your taxes earlier than all of your friends do. If you would like to learn more about how we can help you and your business improve its accounting practices, reach out to our team. For more information on other accounting topics, check out our blog.