File Taxes Now. Get Your Tax Refund When You Need It.
At a time where cash flow is critical to many households and small businesses, an April or May tax refund may be vital. Due to financial uncertainty, waiting until July 15th to file tax returns isn’t an option for many Americans. Good news, tax returns are considered essential services during the COVID-19 National Emergency. Per the IRS website, “the IRS is continuing with mission-critical operations to support the nation, and that includes accepting tax returns and sending refunds.”
On average, when taxes are e-filed with a direct deposit option, refunds take 21 days to arrive in your bank account once the tax form is accepted. At this time, there is no indication of delayed refunds. However, do consider that the later you wait to file your taxes during this national emergency, the higher the chance of a delayed tax refund.
In addition to receiving your tax refund now, there’s another reason to file sooner than later, your stimulus check. If A. you are behind on taxes or B. made more last year than this year, you could be affecting the amount of your check or even eliminate yourself all together as a recipient. Either way, filing your taxes as close to the original deadline of April 15th will allow you to have more of your money when you need it.
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IRS announcement about tax returns.