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What to Expect When Expecting...a Tax Refund

Are you prepared to receive your tax refund? You're not by yourself! Last year, nearly 75% of taxpayers received a federal direct deposit tax refund of more than $3,000!

By cheap accountantPublished 10 months ago 4 min read
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There's no need to wait if you haven't already filed. You can file now and move one step closer to receiving your full tax refund. When you file, Tax refund will ask you simple questions about yourself and determine which deductions and credits you are eligible for based on your entries, so you don't have to worry about knowing tax laws.

If you have any questions, you can even connect live via one-way video to a Cheap accountant in London Tax Live tax expert, who is available year-round in English and Spanish and can review, sign, file, or even prepare your taxes from start to finish.

If you've already filed – the IRS started accepting e-filed tax returns on January 24, 2022 – and are wondering what happens next, here's what to expect when you're expecting a federal tax refund:

Begin checking status 24–48 hours after the IRS receives your e-file: Once the IRS has acknowledged receipt of your e-filed tax return, you can track the status of your federal refund using the IRS Where's My Refund? tool. Once the IRS has begun processing your return, the tool will display "Return Received." Remember that you will not see a refund date until the IRS has completed processing and approved your tax refund.

Change in status to "Refund Approved":

When the IRS completes processing your tax return and confirms that it is approved, your status will change from "Return Received" to "Refund Approved." It may take a few days for the status to change, but it may take longer – so be sure to check back and be patient. When your status changes to "Refund Approved," the IRS will send you a personalised refund date. * If you e-file with direct deposit and there are no issues with your return, the IRS expects to issue 9 out of 10 federal tax refunds within 21 days of acceptance.

When the status in Where's My Refund?

The IRS has sent your refund to your financial institution for direct deposit and updated the status to "Refund Sent." Your bank may take up to five days to deposit funds into your account. If you requested that your tax refund be mailed to you, your check may take several weeks to arrive.

Direct deposit is the fastest way to get your refund if you file electronically. However, if you mailed a paper tax return, COVID-19 is still causing delays, and the IRS expects paper returns to be delayed. Normally, the IRS advises you to wait 4 weeks before checking the status of your refund, and refund processing can take 6 to 8 weeks from the date the IRS receives your return if you file by paper; however, paper filed returns can take longer than that right now. More information about the refund process and processing times can be found here.

So, what are you holding out for?

File today – and if you have a simple tax return, you can use **cheap accountant in London Free Edition to e-file your federal and state tax returns for free. And you don't have to worry about knowing all of these tax laws when you file — cheap accountant in London will ask you simple questions and determine which tax deductions and credits you are eligible for as a result of your responses.

If you have any further questions, our cheap accountant in London Live tax experts are available year round in English and Spanish and can assist you along the way and review your return before filing, or you can even fully hand over your taxes to them all from the comfort of your own home with cheap accountant in London Tax Live Full Service.

For tax refunds that include the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC), the Protecting Americans from Tax Hikes (PATH) Act was signed into law in December 2015.Child Tax Credit (ACTC) until mid-February, but the IRS anticipates a first-week-of-March refund for taxpayers who e-file with direct deposit and have no issues with their tax returns. The majority of taxpayers, however, will be unaffected by the change in the law. The IRS anticipates that the first EITC/ACTC-related refunds will be available in taxpayer bank accounts or on debit cards in early March (assuming these taxpayers chose direct deposit and barring any other issues with returns).

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