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It's almost that time of year again. Tax season. And one of the top-searched questions each new year, at least until around April 15, is "When can I expect my income tax refund?"
Well, the answer depends on a couple of things, but the good news is that there are a number of tools to help you find out, "Where's my tax refund?"
First of all, taxpayers who use a professional, such as a CPA or EA, can ask that person for an estimated date. Taxpayers who've already filed (either by themselves or with the help of a professional) can also go to the Internal Revenue Service's website, which has a tool designed specifically for that called, "Where's My Refund?"
There's also an app for that. Apple and Android users can download the IRS2GO app for free.
The IRS has announced that it will begin processing tax returns on Tuesday, January 20, 2015, for taxes paid/owed in
2014. (Remember, it's Tax Year 2014 that you're filing for right now). In general, the IRS says that returns with refunds are processed and payments issued within 21 days. For paper filers, this can take much longer, however. The IRS and tax professionals strongly encourage electronic filing .
Exactly how fast a taxpayer might receive a refund can also depend on the date they file and whether they requested the refund be sent via Direct Deposit or by a paper check. During some time frames there is an increase in the number of filers submitting their income tax returns. The busiest time is usually for those who file in the last week before the April 15 deadline, which can result in longer waits for both electronic and paper checks.
The following chart, developed by Hot Springs Tax Services. provides a general estimate of when taxpayers can expect their refund, based on date filed and type of refund payment.
IRS accepts your return (by 11:00 am) between…