Complying with the requirements of the IRS is a dreaded task, the deadline of which awaits poor taxpayers every year.
Tax activities can be completed either online or still via the more traditional paper-based system. The options lie open to the individual taxpayer. Each method offers its very own set of benefits as well as challenges related thereto. It is each person’s choice to decide which consequences are deemed more favourable and which best suit one’s lifestyle, especially the individual circumstances during that time.
Casting an electronic shadow on a piece of paper
The traditional method of doing tax returns via paper filing still seems a preferred method of choice for certain individuals. Forms can be completed by hand or by using specific software, which will then allow them to be printed upon completion.
These forms then needed to be mailed well in advance to the IRS offices. The method allows one to obtain a hard copy of the returns submitted. The downside to this is delayed processing times.
E-filing seems to be the modern approach to doing taxes. Tax returns can be submitted through IRS-authorized e-file providers or by using approved software. This process is much faster, accelerating the overall processing times for tax returns as well as refunds. Taxpayers receive immediate confirmation when tax returns are submitted successfully. Enhanced security features on these electronic systems provide a measure of security.
An easy-to-understand tax schedule for tax filers
Applicable refund payments for filed tax returns are usually based on a scheduling system. It links up to the method of filing used as well as the chosen refund method. E-filing with a chosen direct deposit usually has a refund turnaround time of three weeks. Mailed returns with the option for a direct deposit refund payment can set one back four to eight weeks on the schedule. Any processing delays or errors may further delay the system.
According to the IRS tax season filing statistics, taxpayers can expect a refund amount bordering close to $3,000. The exact amount stands at $2,939. The refund schedule (from acceptance date), is set forth as follows:
- Filing date: 1 to 15 May 2025
- Paper filing – 26 June to 10 July 2025
- E-filing with a direct deposit – 22 May to 4 June 2025
- E-filing with a check in the mail – 29 May to 11 June 2025
- Filing date: 16 to 31 May 2025
- Paper filing – 11 to 25 July 2025
- E-filing with a direct deposit – 6 to 19 June 2025
- E-filing with a check in the mail – 13 to 26 June 2025
The value of an IRS status update
As with most things in life, and especially taxes, it is always a good thing to keep track of everything. This is vitally important to know that documents are received well within the set deadlines. The IRS Where’s My Refund tool is a handy system designed by the Internal Revenue Service specifically to aid with this process after tax day. This system is available on the official IRS website.
This tool allows the taxpayer to verify whether or not a tax return was received. Due to the fact that the system is continuously updated, accurate information can be obtained indicating the status of a tax refund. For electronically filed documents, the updates can be available as soon as 24 hours thereafter. Updates on paper filed returns can take up to four weeks to become available.
Another feature of the system is that it also allows taxpayers to view information about past tax returns. To accurately utilize the system, especially when checking refund statuses, the correct information must be kept on hand. This includes the filing status, exact refund amount (where possible), as well as the Individual taxpayer ID number (ITIN) or Social Security number. As mentioned, the refunds are usually issued within 21 days, if all goes according to plan. If problems arise, this time allocation may be extended.
