H& r Block Refund Advance Loans
H& R Block advertises $0 fee, 0% APR loans. Its Refund Advance loans are available now through February 28 in five amounts, from $250 to $3,500. H& R Block says most loan funds are made available the same day you apply for them. But, take note: The funds are only made available to you via an H& R Block Emerald Prepaid Mastercard.
The H& R Block Refund Advance loan is open to H& R Block customers who e-file through a participating H& R Block office. Eligibility is also determined in part by how much you are expected to receive in your federal refund.
Tips For Maximizing Your Tax Savings
- Finding a qualified financial advisor doesnt have to be hard. SmartAssets free tool matches you with up to three financial advisors in your area, and you can interview your advisor matches at no cost to decide which one is right for you. If youre ready to find an advisor who can help you achieve your financial goals, get started now.
- When youre filing your taxes, a tax filing service can make things easier. They can take a lot of the confusion out of the process for you and help you file a more accurate tax return. They can also help you find deductions or exemptions that you wouldnt have known about on your own. Popular software choices include TurboTax and H& R Block.
- If you find that youre regularly receiving large tax refunds, this may mean that youre paying too much in taxes in the first place. In that case, you may want to adjust the withholding amounts on your W-4 so you can keep more money throughout the course of the year. Big refunds are exciting, but why give the IRS a free loan?
Why Is Your Refund Different Than You Expected
Errors or missing information
If your tax return had one or more errors, we may need to adjust your return leading to a different refund amount than you claimed on your return. We will send you a letter explaining the adjustments we made and how they affected your refund. If you have questions about the change, please call Customer Services.
Tax refund offsets – applying all or part of your refund toward eligible debts
- If you owe Virginia state taxes for any previous tax years, we will withhold all or part of your refund and apply it to your outstanding tax bills. We will send you a letter explaining the specific bills and how much of your refund was applied. If you have questions or think the refund was reduced in error, please contact us.
- If you owe money to Virginia local governments, courts, other state agencies, the IRS, or certain federal government agencies we will withhold all or part of your refund to help pay these debts. We will send you a letter with the name and contact information of the agency making the claim, and the amount of your refund applied to the debt. We do not have any information about these debts. If you think a claim was made in error or have any questions about the debt your refund was applied to, you’ll need call the agency that made the claim.
If you have a remaining refund balance after your debts are paid, we will send a check to the address on your most recent tax return. We cannot issue reduced refunds by direct deposit.
Read Also: When Do I Have To Do My Taxes By
How Long Will It Take To Get Your Refund
General refund processing times during filing season:
- Electronically filed returns: Up to 2 weeks
- Paper filed returns: Up to 8 weeks
- Returns sent by certified mail: Allow an additional 3 weeks
The Wheres my Refund application shows where in the process your refund is. When we’ve finished processing your return, the application will show you the date your refund was sent. All returns are different, and processing times will vary.
How Do I Check The Refund Status From An Amended Return
Amended returns can take longer to process as they go through the mail vs. e-filing. Check out your options for tracking your amended return and how we can help.
Read Also: How Do You Calculate Capital Gains Tax
The Tax Deadline Is April 18 2023
Why is the 2023 tax deadline April 18 instead of April 15? Because April 15, the standard deadline, falls on a Saturday. When the deadline falls on a weekend, the IRS moves the deadline day to the next business day. However, that Monday, April 17, 2023, is Emancipation Day, a holiday recognized in Washington, D.C., where the IRS is headquartered.
Depending on when a taxpayer files, they can often receive their tax refund payments within only 2-3 weeks.
How To Find The Current Status Of My Refund
The Wheres My Refund? tool lets you check the status of your refund through the IRS website or the IRS2Go mobile app. If you submit your tax return electronically, you can check the status of your refund within 24 hours. But if you mail your tax return, youll need to wait at least four weeks before you can receive any information about your tax refund. Keep in mind that usually, you can file your taxes in January.
In order to find out the status of your tax refund, youll need to provide your Social Security number , filing status and the exact dollar amount of your expected refund. If you accidentally enter the wrong SSN, it could trigger an IRS Error Code 9001. That may require further identity verification and delay your tax refund.
Also Check: How Much Do Tax Free Municipal Bonds Pay
Extra Tax Refunds From Irs: How To See If You Overpaid Taxes In 2020
Americans who paid too much taxes on unemployment benefits are receiving nearly $15 billion back.
Though the early months of the COVID-19 pandemic were almost three years ago, the Internal Revenue Service continues to deal with the effects of the new coronavirus on the US economy and tax system in 2020.
The IRS announced last week that it has completed its corrections of 14 million tax returns of filers who had overpaid taxes on unemployment compensation in 2020, when COVID-related legislation excluded up to $10,200 from taxable income calculations per individual. The corrections resulted in nearly 12 million refunds averaging $1,232 each, for a total of $14.8 billion.
Although the IRS said it finished its review of taxes from 2020, there may be taxpayers who filed their returns before the law was enacted in spring 2021 who didn’t receive an automatic correction but are still eligible for a refund.
If you overpaid taxes on unemployment compensation received in 2020, you’ll now need to file an amended tax return for 2020 to claim the money the IRS owes you.
Learn more about why the IRS issued unemployment refunds, how you can see if you are eligible for one and how to claim the taxes you overpaid.
For more tax tips, learn when income taxes are due in 2023 and all the tax breaks you can get if you own a home.
Who Has To File Taxes In South Africa
Residents and non-residents earning an income in South Africa are required to file taxes in South Africa, just like South African citizens. These taxes must be filed by the November 16th deadline.
South Africa taxes income on a progressive scale adjusted yearly to account for inflation. For the 2023 tax year, which ranges from March 1st, 2022, to February 28th, 2023, the taxable income rate ranged from as little as 18% to as high as 45%.
Theres no tax-exempt tier under South African tax law. Even if you fall into the lowest income bracket, youll pay a standard 18% income tax.
Read Also: When Is Tax Refund 2021
How Quickly Will I Get My Refund
We issue most refunds in less than 21 calendar days. However, if you filed on paper and are expecting a refund, it could take six months or more to process your return. Wheres My Refund? has the most up to date information available about your refund.
It is also taking the IRS more than 21 days to issue refunds for some tax returns that require review including incorrect Recovery Rebate Credit amounts, or that used 2019 income to figure the Earned Income Tax Credit and Additional Child Tax Credit .
Tax Refund Calculator: How Much Will Margaret Get Back In Taxes
How much does she stand to get back?
Subtract the red circle from the blue for the refund.
Uncle Sam might owe Margaret $14,465 when all is said and done. And if her situation doesnt change in 2021, her refund will actually grow to $20,584.
NOTE: Everyones tax situation is unique and any online tax refund calculator will, at best, provide you with a rough estimate of how much youll get back. The two examples above are incredibly simple and dont fully capture the nuances of someones actual financial situation.
Play around with them and be as specific as you can. The more details you can provide the better of an idea youll have of what youll receive for your refund.
So now you know roughly how much youll be getting back and youre ready to collect the money Uncle Sam owes you.
Before you hoist your Dont tread on me flag and march down to the IRS building to get your money, you should know about all the ways you can get your tax refund.
Recommended Reading: What Are The Income Tax Brackets
How Do I Get My Tax Refund
Luckily for you, the IRS is excellent about getting your tax refund to you.
In fact, you can check out the IRSs Wheres my refund? tool to find the status of your tax refund right now. And according to the IRS, they issue nine out of ten refunds back to the taxpayer within 21 days after they file their taxes.
Ultimately, though, how soon you get your refund back depends on two things:
- How you file your taxes
- How you elect to receive your refund
If you decide to file your taxes through good old fashioned pen and paper, its going to take considerably longer to get your refund back. In fact, youre going to have to wait four to six weeks before youre even able to check your status on their Wheres my refund? tool.
There is another route though: Electronic tax filings.
You receive your tax refund even faster when you file it electronically via platforms like TurboTax or IRS e-file. There you can elect to receive your refund through direct deposit . Its secure, fast, and the same way the government deposits millions of Social Security and Veteran Affairs benefits each year.
When you get your money back, be sure to put it to good use:
So you know how much youre getting back and how to get your money. Now lets get into what you might be getting WRONG about your tax refund.
Other Factors That Could Affect The Timing Of Your Refund
Additional factors could slow down the processing of your tax refund, such as errors, incomplete returns or fraud.
Taxpayers who claim the earned income tax credit or the additional child tax credit may see additional delays because of special rules that require the IRS to hold their refunds until Feb. 27. You should also expect to wait longer for your refund if the IRS determines that your tax return needs further review.
Refunds for returns that have errors or that need special handling could take up to four months, according to the IRS. Tax returns that need special handling include those that have an incorrect amount for the Recovery Rebate Credit and some that claim the EITC or the ACTC. Delays also occur when the IRS suspects identity theft or fraud with any return.
Respond quickly if the IRS contacts you by mail for more information or to verify a return. A delay in responding will increase the wait time for your refund.
If you submitted an amended tax form, it may take more than 20 weeks to receive a refund due to processing delays related to the pandemic.
Recommended Reading: When Are Federal Income Taxes Due This Year
Undelivered Federal Tax Refund Checks
Refund checks are mailed to your last known address. If you move without notifying the IRS or the U.S. Postal Service , your refund check may be returned to the IRS.
If you were expecting a federal tax refund and did not receive it, check the IRS’Wheres My Refund page. You’ll need to enter your Social Security number, filing status, and the exact whole dollar amount of your refund. You may be prompted to change your address online.
You can also to check on the status of your refund. Wait times to speak with a representative can be long. But you can avoid waiting by using the automated phone system. Follow the message prompts when you call.
If you move, submit a Change of Address – Form 8822 to the IRS you should also submit a Change of Address to the USPS.
What Is Happening When Wheres My Refund Shows My Refunds Status As Approved
Weve approved your refund. We are preparing to send your refund to your bank or directly to you in the mail. This status will tell you when we will send the refund to your bank . Please wait 5 days after weve sent the refund to check with your bank about your refund, since banks vary in how and when they credit funds.
Recommended Reading: How To Check Tax Refund
You Could Hire A Tax Relief Company
You may be tempted to hire a tax relief company to assist with shaking your tax debt. These businesses provide services to help people get rid of back taxes. The companies claim they can eliminate tax debts and stop IRS tax collections.Some tax relief companies are legitimate, but consumer watchdogs warn that many tax relief services are fronts for scam artists.
When Is The Earliest I Can File Taxes
Quick Answer
The IRS sets a date each year when they begin accepting tax returns. Usually, its in late January. Although you have to wait for the IRS to kick off tax season to submit your return, you can start working on your tax return as soon as you have the forms and information you need ready to go.
In this article:
You probably know it’s not a good idea to file your taxes late, but you may be surprised to learn the IRS doesn’t want your taxes too early, either. The IRS sets an official date to begin accepting tax returns every year. Though the official start of the 2023 tax season has not been announced yet, you can typically start filing taxes beginning in January. Stay tuned for the official kickoff date from the IRS. Meanwhile, here’s what to know about getting a jump on your 2022 taxes.
Recommended Reading: Where Do I File My Federal Tax Return
How Much Will I Get Back In Taxes In 2022
So how much are YOU going to get back in taxes in 2022? Well, the average tax refund is about $2,781 . So expect around three grand for your tax refund.
But average doesnt mean guaranteed. Theres nothing worse than planning for a refund and getting nothing. Or worse, OWING money. Thats why I want to break that number down, show you how that refund is calculated, and tell you something that a LOT of people get wrong about your tax refund.
Have you implemented the tactics in my book and are ready for whats next? If so, what I invest in, who I work with, how I protect myself, and what I buy and how these changed as I got more advanced.
Some Tax Returns Take Longer To Process Than Others For Many Reasons Including When A Return:
- Is filed on paper
- Needs further review in general
- Is affected by identity theft or fraud
- Includes a claim filed for an Earned Income Tax Credit or an Additional Child Tax Credit. See Q& A below.
- Includes a Form 8379, Injured Spouse AllocationPDF, which could take up to 14 weeks to process
For the latest information on IRS refund processing during the COVID-19 pandemic, see the IRS Operations Status page.
We will contact you by mail when we need more information to process your return. If were still processing your return or correcting an error, neither Wheres My Refund? or our phone representatives will be able to provide you with your specific refund date. Please check Wheres My Refund? for updated information on your refund.
Also Check: How To Read My Tax Return
