Is My Tax Refund on the Way?

Tax season can make you manic-depressive. Nothing is more depressing than preparing your taxes. Nothing is more manic than planning how to spend your tax refund. Ah, but when is it going to show up is the biggest question most have.

In truth, a tax refund is not a good thing. Yes, you read that correctly. How could it be a bad thing? If you get a tax refund year after year, then there is a problem with the amount of money you are paying in. This is especially true if the refunds are large.

How could a large refund each year be a bad thing? Well, you need to consider that the money you are getting back was originally your money. The IRS is not paying you interest on it, so you are effectively giving the government a free loan each year.

Regardless, you want to know about your tax refund this year. No problem there. The IRS has made it a relatively simple task to figure out the status of your tax refund. Yes, shocking, but true. The IRS is actually being helpful. The end of the world must be near.

The first step to finding out about your refund is to visit the site for the IRS. You can find it by doing a search for IRS in any search engine. Displayed prominently on the home page you will see a link for finding out about your refund. Click it.

Now, you need to get out your tax return. Yes, the one you just filed and should have made a copy of. You need it because the IRS form will ask for the amount of the refund you are claiming, the filing status you claimed and your social security number.

Once you fill out the form, the program will grind along for a few seconds and then kick out a status answer. There are three possible answers. The date the refund is issued. A problem with mail delivery to you. A problem with your tax return delaying the issuance.

Obviously, an indication there is a problem with your return is not good news. Before you faint or hit the bottle, take a deep breath. The problem can be anything from a IRS computer glitch to a folded page the computer couldn’t read. It is not Armageddon time.

Even if you are audited, it is important to know that most audits are correspondence audits. You will get a letter in the mail raising some issue with your return. You can agree to the proposed change by the IRS or contest it.

A tax refund is glorious thing in the view of most people. There is nothing wrong with that view so long as you realize the feds are getting a free loan from you each year. Giving politicians free loans seems dubious to me, but to each their own.

Article Source: Main Articles

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