Timeline for 2020 Refunds
Every taxpayer wants their tax refund as fast as possible. Unfortunately, the refund process timeline is dictated by the IRS. If Congress makes new tax laws in December, it will likely cause a delay at the IRS. Bottom line, it’s all up to the IRS.
The income tax season generally starts in late January, when the IRS officially starts accepting e-filed and mailed-in tax returns. In recent years, the start of tax season has been delayed until early February, due mostly to significant changes to the tax laws. Keep that in mind this year, if tax laws change in December.
Tax Refund Guidelines
If you have Earned Income Tax Credit (EITC) or Child Tax Credit (CTC), you might experience slight delays from the IRS. Since these credits have often been the focus of misuse and abuse, the IRS may look more closely at the return.
Estimated Timeline of Refunds
The latest news is the IRS is looking to process refunds within 21 days of electronic filing.
Remember, if your IRS income tax refund is delayed, use the “Where’s My Refund?” tool on the IRS website. Many mobile apps can track your income tax refund.
IMPORTANT: If you file electronically the IRS will notify you of the actual date they “accepted” your return. The acceptance date may be different than the actual date you or your preparer hit the enter button on the computer.
Taxpayers who mail their income tax return can expect at least a 3-4 week delay at the front-end of the process, as the tax return has to be digitized before it can be processed.
Guidelines: The IRS should start processing most returns on January 20, 2020, but will not begin processing returns with the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) until mid-February 2020.
Also, the busiest times for the IRS means longer waits on refunds. The busiest times are typically for those who file in April. Getting a refund check back instead of a direct deposit can also take longer. The additional wait for a check can be weeks.
Be Safe – Hire a Professional
Taxpayers who use a professional, such as a TAX SERVICE NOW, can ask our professionals for the estimated date of their tax refund. You can be more confident that your taxes have been properly (and legally) filed with our services
What If I Can’t File My Income Taxes By April 15?
Sometimes your needed paperwork may be missing or delayed for filing. If you realize you don’t have all of the paperwork, we can easily file an extension form, “Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.” This will give you until October 15 to file your tax return. You don’t need any reason or excuse to receive this extension, and as the title states, it is automatically granted.
Remember, if you owe taxes, you still must pay those taxes by April 15, even if you request an extension. We can assist with this. If you are due a refund, all we need to do is file the extension request by April 15. All tax professionals and most do-it-yourself tax programs can perform this task.