
Circle the Date – The Earliest Texans Could Get Their IRS Refund
In the small towns of Texas, you can hear folks grumbling about them at the downtown diners. In places like Jefferson, Palestine, Longview, and Tyler the old men of the town love to get together and bash the Federal Government. They bash the state government too, but around this time of year, it's the Feds that take the brunt of the snarky comments.
If we're being honest they're just as snarky in Texas' big cities too. Nobody seems to like the IRS but still, so many Texans freely give the government free use of their money and then act gleefully giddy when they get a refund., Let's discuss that refund.
A good accountant will tell you that in a perfect world, your refund wouldn't be that large. Folks who get a large amount of money back from the government after filing their taxes have basically let the government use their money interest-free for the year. A savvy financial mind would rather you have that money in your own bank account earning interest rather than allowing Uncle Sam the luxury of an interest-free loan.
The Internal Revenue Service has confirmed that the federal tax season will officially begin on January 27th. The agency is already accepting returns via IRS Free File but they won't act on those returns until the official start date.
If you're old school and like to put things in the mail then you're going to have to wait a lot longer than those who use the electronic filing features the IRS has in place. Paper filers can expect their returns to take at least four weeks, that's a month, just for information on the status of their return.
If you're an electronic filer, then you will likely see your IRS refund sent to you or directly to your bank account in as little as 21 days. Which is a lot faster than waiting a month just to hear that the IRS got your return. And whether you file an electronic or paper return you can check the status of that return and refund via this tool from the IRS.
How Do You Check the Status of Your Tax Refund?
Our sources at Internal Revenue tell us that the status update tool only updates one time each day. So, if you've checked it today you won't find new information until tomorrow.
We should note that if you claim Earned Income Tax Credit, Child Tax Credit, and Credit for Other Dependants the processing of your return and subsequent refund will take even longer. The reason for that is the extra identity verification the IRS must go through in those cases.
When Is The Earliest You Could Receive an IRS Tax Refund?
Going by the Internal Revenue Service's own timeline, if the earliest you could file your taxes is January 27th. If you file electronically, it is conceivable that you could have your refund check in the mail or direct deposited by the week of February 17th. We'll stop short of saying an "exact date" because we don't know what the IRS schedule will be for processing returns and refunds on weekends.
But our basic consensus is that if you file electronically on January 27th you will likely have your tax refund money in your account before Mardi Gras on March 4th. We can't promise that, because we aren't the IRS. But based on the available information, that's about when you'll briefly feel rich. But that feeling will soon pass too.
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