The ongoing pandemic has rattled economies around the world, and the US, which has been among the worst hit by the virus, is also grappling with the effects. The deadline to file tax returns for 2020 has been exceeded by July 15th, and around 10% people in the country have availed the extension. If you are wondering when to expect tax refund this year, here are some things to know.
- Accept the slowdown. The federal and state governments have been taking steps to ensure the best of situations for Americans, but truth be told, things are far from getting to normal. The economic slowdown is real, and both paper and digital filing can take considerably longer time. In other words, expect to wait for a longer time when you file your taxes for 2019. If you still have your doubts, or your financial decisions are dependent on your tax returns, talk to the local IRS office about the matter.
- Then, of course, there is the IRS Refund Tracker, which allows taxpayers to track the status of their refund, and this website is accessible in many jurisdictions. You have to track the website of your specific state, but make sure that the website you click is legit. You need to fill in certain information on the IRS refund tracker, such as your social security number, exact amount of refund, and your filing status.
- If you have asked someone to prepare your papers, they can help you get answers for your questions related to refund. Most tax-preparers have a clear idea of the market, and if there are any new updates, you can expect to get direct information from them on the same. Ask your tax preparer to file your taxes electronically, which helps up in speeding up the entire process.
Even for government agencies, things have been hard. The economy is likely to face a recession like no other, and businesses are suffering. Under these extraordinary circumstances, you cannot expect things to go like every other year. Yes, you will get your tax refund, but this may mean waiting for much longer than you expect, but you will get your money. If you don’t want to deal with taxes, work with a known and reliable tax preparation service, and they can give you updates on refunds too, as made available by the IRS. Check online now to find more tax related matters for 2020.