Tax season is upon us and many Americans are preparing to file their taxes and get their refunds. Whether you're expecting a hefty refund or owe money to the government, understanding the 2021 tax refund schedule is essential in making sure everything runs smoothly. Read on to learn more about the 2021 tax refund schedule and what you need to know about filing your taxes this year.
When Can You File Your Taxes?
This year, the Internal Revenue Service (IRS) began accepting tax returns on February 12th. This is the same date that the IRS opened the year prior. As of now, the deadline for filing your taxes remains April 15th. However, you can file for a six-month extension if you need more time. This will push the deadline to October 15th.
When Will You Get Your Refund?
Once you've filed your taxes, the IRS will begin processing them. This typically takes up to 21 days. So, if you filed on February 12th, you should expect your refund to arrive anywhere from the end of February to the end of March. The exact date will depend on how complex your tax return is and whether or not you need any additional forms.
How to Check Your Refund Status
Once you've filed your taxes and you're waiting for your refund, it's natural to be curious about when it will arrive. Fortunately, the IRS offers a few different ways to check the status of your refund. The first is to use the IRS website. Here, you can use the "Where's My Refund" tool to track the status of your refund. You will need your Social Security number, filing status, and the exact amount of the refund to access this information.
In addition to the IRS website, you can also check the status of your refund by downloading the IRS2Go app. This app is available for both iOS and Android and it allows you to check the status of your refund within a few minutes. You'll need to provide the same information as the "Where's My Refund" tool but the app is more convenient and easier to use.
Direct Deposit or Paper Check?
When it comes time to receive your refund, you have two options: direct deposit or paper check. Direct deposit is the quickest and most convenient way to get your refund. The money will be deposited directly into your bank account and you don't have to worry about it being lost or stolen. You can also use direct deposit to split your refund and have it deposited into multiple accounts.
If you prefer, you can also receive your refund via a paper check. This is a slower method and it's important to keep the check in a safe place until you can cash or deposit it. Additionally, you may need to pay a fee to cash the check if it's larger than a certain amount.
Avoiding Scams
Unfortunately, tax season is also prime time for scammers. The most common scam is to call or email you claiming to be from the IRS. They may demand that you pay a certain amount of money or provide personal information. It's important to remember that the IRS will never call or email you asking for money or personal information. If you receive such a call or message, be sure to report it to the IRS or your local law enforcement agency.
Conclusion
The 2021 tax refund schedule is similar to the 2020 schedule. Taxpayers can begin filing their taxes on February 12th and the deadline remains April 15th. If you need an extension, you can file for one and push the deadline to October 15th. When filing your taxes, you can expect to receive your refund within 21 days. You can use the "Where's My Refund" tool on the IRS website or the IRS2Go app to check the status of your refund. Finally, be sure to avoid scams by never providing personal information or money to anyone claiming to be from the IRS.
