Waiting On A Refund?

I know, I know, tax season is over, it should be time to move on. But please, allow me one more week.

This is because even though we are a week removed from the regular tax-season deadline (don’t get me started on extensions yet), that doesn’t mean that everyone’s questions have been answered. And most of those questions now revolve around getting their refund.

So first, I must assure you that we have no secret means of getting a refund processed faster or of giving you a specific date on when you can expect it. As a rule, refunds are paid within three weeks of filing your return, but there are various reasons why this could be held up. And if the IRS determines that it needs more information before issuing a refund, note of that would come by mail, so yes, it can become easy for the days to start to pile up.

The agency does have a tool, however, that can at least let you know where things stand for you on its Where’s My Refund webpage. Using this tool, you can track where your refund status stands and know where you are in the process. As a bit of warning, it is only updated once a day, so don’t make it all too frequent of a website visit.

And just two further notes on refunds before we move on to the future:

First, if you find you received a refund that was smaller than expected, don’t fret about it much, the IRS will send you a letter explaining the situation. They will not just arbitrarily change the number on you.

Lastly, it is worth giving some thought as to what any refund means. This generally means you have paid more in taxes through the year than you owed. And sure, getting that refund money in one chunk feels great when it happens but you may want to think about adjusting your withholding or estimated payments to get a little bit more in your pocket throughout the year. Or if your situation is going to change this year, you may want to make adjustments so that you do not end up owing the government money come next tax year.

For yes, this may be the time of year when most no longer want to think about taxes, but it’s also a moment when you still have the time to make slight moves that can take place over the rest of the year and add up enough to still make a difference come next year.

Warmly,

Josh Bousquet
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