You may think that you are through with the entire process of tax filing, you may even be happy to put your feet up and breathe in a sigh of relief, only to discover that it is short-lived because the IRS owes you a tax refund.
A tax refund is reimbursement of any excess amount of money paid in taxes to the IRS or state taxation authorities to the taxpayer.
There are many reasons why you may get a tax refund from the IRS. Most commonly, it occurs when you may an excess in the amount of taxes that you owe for the fiscal year. This can be caused by a variety of reasons, most commonly by the failure to correctly file and keep up with your W-4 form (for taxpayers who are employees), and by inaccurately estimating the deductions due when filing a tax return (for self-employed taxpayers).
A tax refund may also happen due to the failure of the taxpayer to report a change in circumstances (such as the birth of a new child which allows an additional Child Tax Credit Allowance), or if she/he is eligible for refundable tax credits which reduces the total amount owed in taxes.
Regardless of the reason why you qualify for a tax refund, one question comes to mind: How long will it take to get it?
How long does it typically take to get a Tax refund?
The speed at which you will get your tax refund depends a great deal on how you filed your tax return. The quickest way is to file your tax return online, which enables you to receive your refund via direct deposit. This is the quickest option, as the IRS had declared that the majority of taxpayers who opt for this method will receive their tax refund within 21 days. What this implies is that your bank will give you a refund of your excess tax amount paid three weeks after the IRS accepts your tax return.
If, on the other hand, you file your tax return on paper, you will receive your refund as a paper check. This may take longer, as it will take a longer period of time for the IRS to process your return. The process of filing a paper return and waiting for a paper check refund may take as long as two months or more. Therefore, filing your return online may be the most viable option for you if you are waiting to get a tax refund.
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