As of February 3rd the IRS has only issued 4.3 billion in refunds compared to the 26.9 billion issued at the same point in 2012. The fiscal cliff can be to blame for the delayed and slow beginning of tax season, but the IRS now seems to be back in gear. According to the IRS, you can expect to receive your refund within 21 days of submitting your return electronically. In 2012, 9 out of 10 refunds were issued within 21 days of the return being submitted and the same turnaround time is expected this year.
If you are curious about the status of your refund you can use the new refund tracking tool that enables you to find out when your refund will be issued, much like the Domino’s pizza tracker after your order a pizza. You should be able to check your refund status 24 hours after your electronically submit your return or within 4 weeks of mailing a paper copy.
How can I receive my refund?
You can choose to receive your federal tax return refund in a number of ways. You can:
- Split your refund into two or three checking or savings accounts via direct deposit
- Direct deposit your refund into a single checking or savings account
- Receive your refund in the mail via paper check
- Get up to $5,000 in US Series I Savings Bonds instead of a cash refund
The fastest way to receive your refund is to electronically file your tax return and have your refund automatically deposited via direct deposit into a bank account. Direct deposit also helps avoid the possibility of your return getting stolen or lost in the mail.
If we are preparing your return, please do not forget to get us a voided check so we can get your refund direct deposited for the fastest possible turnaround ! If you need your 2012 taxes prepared or want to plan for your 2013 taxes give our office a call today!
Click Here to track the status of your refund