Get the Most Out of Your Tax Refund
Tax season is here once again. But what are some strategies that you can use to get the most out of your tax return this year? First, have your tax refund direct deposited into your account. It is free and makes getting your return faster than waiting for a paper check to be mailed to you.
Make a smart move by setting aside some of your return to save for sudden expenses. You can put part of your tax return in a saving account or in a savings wallet on a pre-paid card. Sudden expenses could include car or household repairs as well as unexpected medical bills. Even a few hundred dollars could be enough to help you to stay ahead when financial issues arise.
It is never too late to start saving for the future. It is always a good idea to put some of your money towards retirement. One example would be an IRA or individual retirement account. These accounts allow you to put away money tax free until retirement. Consider investing in a 529 educational savings account to help your kids attend college. The next suggestion is to put that money towards the down payment on a house. This helps you to build equity and financial stability for the future. And finally, you could consider saving part of your tax return home furnishings or even a vacation.
Make plans now for what percentage of your tax return you will save.
Tracking your Tax Refund
Once you have filed your income taxes, you can start checking on the status of your refund within 24 hours after it has been e-filed or 4 weeks after you mail in a paper return. You can go to the “Where’s My Refund” tax site and use their tracker for a personalized refund date after your refund has been processed and approved.
The refund tracker displays your tax return progress through 3 stages.
- Return received
- Refund Approved
- Refund sent
To use the IRS tracking software, you will need to provide your social security number, filing status and the exact whole dollar amount of your refund.
You cannot track an amended return on this website. The only way to track your amended return is by calling (or walk-in) the IRS. You will need to wait 16 weeks after you have mailed in your amended return to check the status of that return. For more information go to www.irs.gov