One of the common questions which many of you will be asking yourselves is what all do tax refunds involve and how exactly should I check my tax refund? First and foremost, you must keep it in mind that tax refund is not the same as tax return. Refund, at times referred to as rebate, is a refund on taxes which is done when tax liability is lesser than the tax paid. This is the money which is returned once the financial year comes to an end. People get a tax refund on their income tax when the tax they owe is actually lesser than the total withholding taxes plus the estimated taxes which they paid, along with the refundable tax credits claimed by them.
There is a system of refunding the excess tax plus interest with it. In order to claim and check your refund, it’s essential that you file the income tax return within a specific duration of time. Fortunately, if you are not able to fulfill this requirement, certain sections of the Income Tax Act come to your rescue. They specify that the Income Tax Commissioner has the power to condone a delay in the claim of a tax refund. These tips could come in handy. Always plan ahead and don’t procrastinate in filing your income tax return otherwise you might have to wait longer for your refund. Make sure to double check your withholding and take full advantage of the tax benefits you qualify for. You could always take help from a tax professional who will be able to guide you at every step of the way.
According to the U.S. Tax Center, to check for your tax refund, the IRS offers a tool called “Where’s My Refund – It’s Quick, Easy and Secure”. This lets you check your tax refund status from your computer. You must have certain important information like the amount of your refund, your Social Security Number and your filing status to access the data. You could even call up the IRS hotline to inquire about the status of your refund. You can use the free “IRS2GO” application on your smart phone. Simply download the app from the App Store and enter the requested data. Thus, you can communicate with the IRS and get to know about your tax refund from the comfort of your mobile.