Blog Tuesday, January 19 2021
The IRS claims to issue most refunds in fewer than 21 days, and hopefully, that will hold true in the 2021 tax season, too. The IRS will begin receiving returns from early filers and filing systems on February 12 and expects nine out of 10 taxpayers to receive their refund within 21 days if they file electronically with direct deposit and have no issues in their return.Unfortunately, the coronavirus crisis may extend the amount of time it takes to receive your refund. To reduce any potential refund delays, consider preparing tax returns—or working with a professional or tax filing software to prepare them—as early as possible. That way, as soon as the IRS begins accepting returns, yours can be submitted and your refund can be processed, hopefully within that 21-day window. The IRS also recommends that taxpayers file their returns electronically to reduce any potential errors and receive refunds more quickly. Use the commonly overlooked tax deductions checklist to check for any opportunities to increase your 2020 tax refund, and plan to be patient: That refund will arrive eventually. |