With the beginning of tax season about a month away, the IRS has released information regarding the receipt of taxpayer refunds in 2013.
According to an article in Forbes this morning, the IRS expects to issue refunds with the same rapidity as last year. Nine out of ten taxpayers received their refunds within 21 days, with the average refund issued being around $3,000.
The IRS has made a few improvements to the Where’s My Refund system on its website. Taxpayers can now check when returns are received, when refunds have been approved, and when refunds have been issued. Information regarding the status of returns may be available in as little as 24 hours after refunds are submitted if the returns were filed electronically. If returns are mailed, updates are available four weeks after the returns were submitted.
Tax season officially begins January 22, 2012 when e-filing is activated for the 2012 tax year. Make sure to prepare for the upcoming tax season by speaking to a knowledgeable and trustworthy tax professional. Before you know it, the April 2013 deadline will be here! Contact someone today.
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