As part of our Ask a Houston Bookkeeper series, we are going to answer one of the most commonly asked questions this time of year. It is simply: when will I get my tax refund? Those of you who are due back a sum will be in the midst of anticipating your check. We will give you some guidelines on when to expect it below.
1. It Depends on When You File
Most people don’t look forward to filing their taxes, with the exception of those expecting a refund. Tax filing procrastinators will receive a couple of extra days to file their return this in 2018. Give cheers because the dreaded Tax Day in 2018 will be on April 17th instead of the usual April 15th.
It’s a good idea to file early, as you will get your refund sooner. Filing early also reduces the risk of identity theft and other forms of tax related fraud.
2. Most People Get a Tax Refund
The IRS reports about 83% of all filed tax returns will result in a refund to the tax payer. If you’re one of the lucky ones, you want to receive your refund as soon as possible.
The short answer to when you will get your refund is about three weeks after you initially file.
3. When Will I Get My Tax Refund if I Filed Electronically?
The expect date on your refund is made even closer if you filed electronically. Even more so if you opted to have your tax refund directly deposited into your bank account. You may receive it in as little as two weeks. It’s unexpected for most people to receive a refund before then.
Reasons your tax refund may be delayed:
- Your Social Security Number or EIN (Employer Identification Number) is incorrect.
- Other contact information is incorrect.
- Your income does not match what was reported by your employer.
- You take too many deductions and credits.
- If your IRA contributions, tax on your home, or other related information does not meet what was given to the IRS.
- Any number of errors or typos on tax forms.
If you need more information on filing your taxes, visit the IRS Filing Page.
More On When Will I Get My Tax Refund?
If you live in the Houston area and need help doing your own, your family’s taxes or your business’s taxes, feel free to contact us for to learn more on how we can help.
