Category: Tax Refunds | Blog

rt_refundsWho doesn’t want to maximize their tax refund? Let the RapidTax team show you how to do it. You will learn about the statutory of limitations to claim your refund. We will also give you the lowdown on how to get the highest refund for your tax situation.

Questions about maximizing your tax refund? Leave us a blog comment and our team will get back to you ASAP!

Archive for the ‘Tax Refunds | Blog’ Category

Delay in State Tax Refunds for 2016

Posted by Michelle O'Brien on May 2, 2016
Last modified: October 6, 2016

Identity theft is real, and it is REALLY affecting when we get our state refunds.

Remember being in elementary school, when your teacher would tell the class that if one more student misbehaved, then the entire class would be forced to sit inside for recess that day? There was always that one kid who would ruin it for everyone.

That is similar to what’s going on with identity theft affecting state refunds this year. State revenue departments decided that there were too many cases of fraudulent activity and that they needed to do something. This means that refunds are being delayed a bit in order to double check certain taxpayer information.

Let’s take a look at the states that took a little extra precaution this 2016 tax season.

Illinois and South Carolina

These guys put provisions into play from the very beginning of the season. If you filed your state return in January or February, then you wouldn’t have seen your refund until at least mid-March. On top of that, if you filed your return after March 1st, 2016, then your refund was sent approximately three weeks from the date it was accepted.  

Hawaii

Taxpayers could be waiting for their state tax refund anywhere from four to sixteen weeks after being accepted. Good thing that Maui ranks as the #1 vacation spot in the U.S.! You won’t need to travel too far to relax and forget about the lack of refund money you’re waiting on.

Idaho

Identity theft in the Great Potato State has increased by nearly 64% since 2014! Extra safety measures means taxpayers will be waiting about seven weeks for their state refund from the time it is accepted. The ID Department of Revenue recommends responding ASAP to any letters you receive from the Tax Commission to speed up the processing time. (more…)

7 Filing Tips to Get Your Tax Refund ASAP

Posted by Michelle O'Brien on March 9, 2016
Last modified: October 6, 2016

Waiting for your tax refund can really test your patience.

Unfortunately, we can’t speed up the actual processing time of your tax return once the IRS gets hold of it. However, there are actions we can take to ensure a smoother journey through the IRS database. Let’s take a look at seven steps you can take when filing your tax return this year.

E-File your tax return.

Oh, how far technology has come. You can e-file your tax return worry-free until the April deadline. After that date, you can still e-file until the October deadline. However, if you can’t get it filed before mid-April and you’re not sure if you’re getting a refund, you’ll want to file an extension. Either way, the IRS processing time is quickest with e-filing. Compared to mailing in your return, you could be speeding up your refund by almost a month!

Choose direct deposit to receive your refund.

Many businesses offer a direct deposit option to their employees, so it only makes sense that the IRS would offer the same. After all, it’s your money. This is preferred by many taxpayers, based on convenience. On top of that, waiting on direct deposit will eat up less of your time than waiting on a check in the mail.

Make sure you’re the only one claiming your dependent(s).

This can be easier said than done in some cases. However, if you know someone who could also claim your dependent on their tax return, do your best to verify that they won’t be. Why? A person can only be claimed once per year. If a dependent is claimed by more than one person, then the second tax return to claim them will be rejected by the IRS. If the second person to claim the same dependent appeals to the IRS, the IRS may pull the first return for review, to make sure that taxpayer was allowed to claim the dependent. In either case, this will ultimately delay your tax refund. (more…)

Tax Season 2016 Refund Cycle Chart

Posted by Michelle O'Brien on December 29, 2015
Last modified: December 16, 2016

History tends to repeat itself.

We get it. To avoid false promises and tied up phone lines, the IRS stopped posting a refund cycle chart in 2012. Although the IRS won’t post a refund cycle chart anymore, that doesn’t mean that we can’t do a bit of research to estimate the dates that our refunds will arrive in our bank accounts.

Whether you want to book a getaway with that special someone (…or your buddies), need to pay those bills that are piling up, or just have a firm grasp on your finances, knowing when you’ll be receiving such a large chunk of money is important. That’s why our team at Rapidtax has put together a 2016 refund cycle chart for you based on prior year trends.

(more…)

End of Year Tax Tips to Maximize Your Refund

Posted by Michelle O'Brien on November 24, 2014
Last modified: October 6, 2016

Tax Season 2015 is around the corner. Increase your 2014 tax refund with these tax tips…

The end of year marks an eventful time for many. Not only does Starbucks release their Holiday menu but most of us can already taste Thanksgiving dinner. Then, there’s the surge of Black Friday holiday shopping and before you know it, you’ll be decorating holiday cookies!

With so many cookies to bake and gifts to wrap, don’t forget to take the time to plan ahead for the upcoming 2015 tax season. After all, once the holiday season comes to an end, the 2015 Tax Season will begin shortly after.

Although the IRS has yet to announce the first day to file 2014 taxes, it’s the perfect time to take steps to maximize your tax refund.

2014 Tax Return Coupon

Make A Holiday Donation

Can you think of a better way to spread holiday cheer than giving? Rather than just giving to your family and friends this holiday season, spread some holiday spirit to those in need.

When you give, you receive, specifically when it comes to taxes. Donations are tax deductible. (more…)

Last Chance to Claim Your Tax Refund 2011 is April 15, 2015

Posted by Michelle O'Brien on November 7, 2014
Last modified: October 6, 2016

The very last day to claim your 2011 tax refund is April 15, 2015!

Do you remember what you were doing in 2012? Hopefully, sometime during the 2012 tax season, you filed your 2011 tax return. If not, we understand. Things come up, life happens and taxes get put on the back-burner.

However, you should keep in mind that your last chance to claim a tax refund 2011 is April 15, 2015.

Doing your taxes may seem tedious, but think of the extra money you’ll miss out on if you wait too long to file your 2011 taxes.

In fact, if you wait past the April 15th deadline, there’s no chance you’ll be able to get your 2011 refund.

How to File a 2011 Tax Return

You’ll be able to get caught up on your late tax return with RapidTax. Whatever your tax situation may be, whether you’re expecting a 2011 refund or have tax due, the filing process becomes a lot less “tedious” with RapidTax. (more…)

Will I Receive My Federal Tax Refund within 21 Days?

Posted by Michelle O'Brien on April 25, 2014
Last modified: October 6, 2016

If you e-filed your tax return this month, you are probably wondering the status of your tax refund.

Perhaps you are constantly checking your bank account balance, hoping your tax refund has been deposited into your account. Instead, maybe you’be been running to your mailbox looking for your refund check.

Whatever your case may be, it’s good to know  that it generally takes the IRS 21 days to process tax refunds. RapidTax is here to help you track down your tax refund. If you haven’t filed your 2013 yet, you can create an account and file your late 2013 tax return now and within 21 days you’ll have your tax refund.

I Waited Until April to File, When Will I Receive my Federal Tax Refund?

It’s good to know, if you filed your tax return in April, it will most likely take the IRS a longer period of time to process your refund compared to someone who e-filed in Mid- February or March.

(more…)

What Does My Tax Refund Status Mean?

Posted by Emma Lawrence on February 12, 2014
Last modified: October 6, 2016

Don’t stress! You won’t miss this flight.

Have you ever walked into an airport and realized you and everyone around you seem to be in a rush? Well, tax filers tend to mimic the same anxious energy, especially those trying to figure out their tax refund status.

We understand that like the airport checking luggage-security-shoes-off whirlwind, tax filing is also something you don’t do everyday and can be pretty stressful. Actually filing your taxes is the hardest part though so give yourself a pat on the back, sit back and await your refund.

What status updates should I look out for?

Whether you are a RapidTax customer or not,  you’ll probably use the IRS “Where’s My Refund?” tool. Before checking your refund status, you’ll want to recognize and know the meaning of the following status updates:

1. Return Received or Accepted

2. Refund Approved

3. Refund Sent

What does Return ‘Received’ or ‘Accepted’ mean?

The IRS updates you with “We have accepted your tax return and it is being processed”. This is solely to update you that your return was successfully received by the IRS. This status update does not mean your return was approved. It simply means the IRS has it and it is in line to be reviewed and processed. (more…)

2010 Income Tax Refunds Only Available Until April 15, 2014

Posted by Michelle O'Brien on May 3, 2013
Last modified: October 6, 2016

If you haven’t filed your 2010 return yet you have less than a year to get your refund

Most taxpayers are frightened of the IRS, and understandably so. Not only does the agency force us to go through the tortuous process of filing taxes every year, but it also has the power to implement some pretty drastic punishments when taxes go unpaid. It can levy your wages and bank accounts and force you to sell or mortgage assets to pay your tax debt.

But what most people don’t know is that the IRS is surprisingly lenient when it comes to minor offenses, such as filing a late return. Most late filers assume that they will get hit with massive penalties, so they try to hide from the IRS and avoid filing their taxes for even longer.

Doing so, however, might actually cause them to sacrifice a refund. Late filers are more likely than normal filers to receive a refund, and the tax code’s statute of limitations allows you to claim a refund for three years after the original due date of the return.

That means that the last chance to claim a refund from your 2010 return is April 15, 2014. That’s less than a year away! Take note: after next April 15th your refund belongs to the U.S. Treasury and you absolutely will not be able to claim it. (more…)

Can You Still Get a 2011 Tax Refund?

Posted by Michelle O'Brien on April 12, 2013
Last modified: October 6, 2016

The filing deadline to claim your 2011 tax refund has passed but you should still file

The IRS statute of limitations allows you to claim a refund for three years after the original due date of a return. That means you had until April 15, 2015 to file your 2011 return and claim your refund.

If you didn’t claim your refund by April 15, 2015 then the U.S. Treasury got to keep your refund. You can still file a return, but you won’t get any money back.

Penalties and interest

If you were due a refund here’s some good news: you won’t have to pay any penalties or interest. That’s right, the IRS only charges penalties and interest of people who owe taxes. Letting the IRS keep your refund is the only punishment you’ll face for filing late. (more…)

IRS Refund Problems Cause Delays

Posted by Michelle O'Brien on February 26, 2013
Last modified: October 6, 2016

Many taxpayers are frustrated by IRS delays and a lack of information from Where’s My Refund

Going into this tax season we knew that refunds were going to be delayed. Right off the bat the IRS increased the time frame within which most people can expect their refund. Instead of the old 8-15 days it suddenly became “under 21 days.”

Then the fiscal cliff nuttiness in Congress pushed the start of the season back two weeks to January 30th. These two changes alone meant that lots of people would be getting their money 2-3 weeks later than usual.

But as the tax season has progressed, the IRS has run into even more problems. Before the start of the season this year the IRS made some changes to its system to try to cut down on instances of tax fraud and identity theft, which affected over a million taxpayers last year. This is a huge relief to anyone who’s had their Social Security number or refund stolen.

Once the season started, however, the IRS discovered some problems with this new system that required a little fine-tuning. These adjustments caused many returns to be delayed for an additional week. (more…)