What is a tax refund?
A tax refund is really a refund from the IRS. It is because the taxpayer pays more than the actual tax. The taxpayer can get control on tax refund by modifying the withholding tax well. If the taxpayer pays more than to IRS, then it is compulsory for IRS to refund the tax. All the taxpayers like to have a tax refund. It is necessary to know that the money will get back is the only money which earn that year.
It is really in the shape of interest free loan. It is better to set the withholding tax near to the real tax. The taxpayer could not avoid withholding tax together. It is better to control the amount from each paycheck when he fills the W-4 tax form.
How to Get a Tax Refund?
Most of the taxpayers ask for tax refund. It is only allowing to those tax payers who have paid more than his tax to IRS. All the taxpayers would like to get tax refunds. The taxpayer can set the things to get it. Here below are some tips to get back tax.
Refund Tip #1: Plan Ahead
A great proverb applies here “Haste makes wastes”. So the taxpayer does not try to filing the process fastly. It will make mistakes and will cost a tax refund. Try to apply for tax refund early but carefully. If the taxpayer applies through paper method then it will take longer time. Try to apply online for tax return.
Refund Tip #2: Check Your Withholding
Try to confirm withholding on W-4 tax form. There are many taxpayers who forget this and ask for tax refund. It is necessary to pay tax whatever the status it is. The personnel can set their withholding to get it. They may get this refund next year as well if they have given more amount.
The taxpayers who are doing own business should try to focus on calculating their tax. The withholding which is less in amount will give refund. The withholding above the amount is not favorable for the taxpayer.
Refund Tip #3: Claim Tax Benefits
Try to take the benefit of any tax credit or tax deduction. If the taxpayer does not request for it then he will pay more taxes. The chance to get the tax refund will decrease. It may vanish as well.
Refund Tip #4: Maximize Your IRA Contributions
Try to make maximum contribute to IRA. The taxpayer has time until April 15 of every year. It will help the taxpayer to decrease the tax liability. It will give more money to get back in pocket.
Refund Tip #5: Hire a Tax Professional
It is hard to file tax refund. Try to hire a skill person to prepare tax refund file. He will guide and help to decrease the tax liability and other taxes to adjust.
Things That Can Delay Your Tax Refund
It will be fruitful for taxpayers to get tax refund. if the taxpayer does not get refund then it will become sour for him. It is common that the taxpayer wastes him time to apply for it. There are some other reasons on which they do not get tax refund. The request on paper or by check will take more time to get tax refund instead of online. Here below some factors on which tax refund becomes late.
Reason #1: You Filed a Paper Tax Return
The first and the main reason is that the taxpayer applies through paper. It takes too much time for tax refund. The IRS will take six to eight weeks to do working on it. They will take maximum three weeks on working who apply through online.
Reason #2: There Is Missing or Incorrect Information on Your Tax Return
Some taxpayers do not give exact info which causes delay in tax refund. It is necessary to give all the info. Wrong data will create problems for IRS to work. They may say to apply again with new form and it will take more time to process.
Reason #3: There Are Mathematical Errors on Your Tax Return
It is necessary to give correct calculations on the form. It will also take time to work on it. There are many taxpayers who make mistakes in it and will get delay in it. The calculations should be 100% correct and true.
Reason #4: You Mailed Your Tax Return to the Wrong Address
There is also a reason that taxpayer have wrong address to send their info. There are number of address of IRS. The wrong address will misplace the file and it will also become problem for the taxpayer. It also increases the delaying in tax refund. Try to have the exact address of IRS or to contact them for specific address to send file.
IRS “Where’s My Refund?” Online Tool
The IRS site has an options for apply for tax refund. The link is name with “Where is my refund”. It is quick, easy and secure method. It is an online tool. It helps the taxpayer to check the status of his tax refund from his computer.
The IRS will refund the tax within three weeks of working. This tool will help IRS to work faster. The IRS will take six to eight weeks on paper working. So every taxpayer needs his tax refund fast. It is better to apply through online to get it soon.
There are some options to give necessary info in online applying. It includes filing status, SSN and total amount of tax refund.
Call the IRS to Check the Status of Your Tax Refund
There is another method to check the status of tax refund. The taxpayer can call the helpline of IRS. They will ask some questions and in response they will give info about it.
Use Your Smartphone to Check the Status of Your Tax Refund
There is also an option to check the status on phone. The taxpayer can have mobile app. It helps the taxpayer to chat with IRS member and get info about the tax refund after giving info.
Hi, I'm Abdul Ghaffar. A professional Bookkeeper and new into the Blogging. I am QuickBooks Online Pro Advisor. I have started blogging to help small business Owners, Bookkeepers, and Accounting to minimize Bookkeeping maximize the Profits. I have my own Accounting Services Tax King Inc. My Team working with QuickBooks online Clients through out the USA. My goal is to provide small business owners, accountants, and bookkeepers with world-class content for improving their financial and business lives and to make a lasting and meaningful impact in the small business world.