Everything You Need to Know About Tax Refund for the 2021 Tax SeasonMarch 17, 2023
Come 2021 tax time, you may get a tax refund. Learn more about tax refund, including tax refund dates for 2021 tax season here.
Come 2021 tax season, you need to file your income tax return on time. As you file your taxes, you need to include tax deductions and credits you are eligible for. This will help cut your tax bill and even allow you to get a tax refund from the IRS. Many taxpayers don’t claim tax refunds, and the IRS has no option but to keep their money. To help you learn more about tax refunds, here is everything you need to know.
When Can You Get a Tax Refund?
You can get a tax refund when your withheld taxes plus credits are more than your tax liabilities for the year. However, you need to understand that some tax credits are refundable like the Child Tax Credit, while others are non-refundable, like the Child and Dependent Care Tax Credit. Refundable tax credit reduces your tax liability dollar for dollar, and if there is a balance (tax credit), you can get it as a tax refund. On the other hand, non-refundable tax credits reduce your taxes to zero, but you can’t get a refund if its more than the tax liability. However, you must file your income tax returns to get a tax refund.
When Should You Get Your Tax Refund for the Upcoming 2021 Tax Season?
You should file your tax return on time for you to get a tax refund as soon as possible. Coming tax season, the IRS is likely to open tax season between January 15th to February 1st, 2021.It is also important to note that the agency is likely to close the season come 15th April, 2021. If you file your taxes within the timeline, when should you expect to get your tax refund? The IRS has not yet released the tax refund dates 2021, but indicates that you can get your tax refund in 21 days after filing your taxes. However, some online tax filing software like TurboTax can help you get your tax refund sooner.
What to Do to Get Your Tax Refund Sooner in 2021?
If you want to get your tax refund sooner in 2021, you must file your tax returns as soon as the IRS opens the 2021 tax season. Also, how you opt to receive the refund will affect the tax refund date. Tax payers who opt for direct deposit, will get their tax refund sooner than those who opt for check. In addition, if you file your taxes online using TurboTax or H&R Block, expect to get your tax refund sooner. Although the tax refund dates 2021 are yet to be released, try these tips, and you will get your refund as soon as possible.
Knowing the above information will help you file your taxes on time, and get your tax refund sooner. You just need to use the right online tax filing program like Turbo Tax to file your tax return as soon as IRS opens the 2021 tax season. After that, rest assured that you will get your tax refund in just a few days.