It’s that time of year again when you must sit down with your bills to start filing your taxes. Most taxpayers generally believe January is the time to start filing their taxes, but that’s not necessarily true. So, “When can I file my taxes and Tax Advance Loan in 2024?
The following blog explores the intricacies of filing taxes. It will answer the common question old and new taxpayers generally have when they sit down to do taxes.
Apart from that, we’ll go the extra mile and explore how you can get tax returns quickly via ATC Income Tax’s Easy Money Tax Advance Loan. So, if you wish to get your tax basics down, then be sure to read it till the end.
What is the Tax Season?
Let’s start by answering the biggest question, “What exactly is the tax season?” It’s a term given to the period of the year in which individuals are required to file their income tax returns with the government. Individuals and businesses report their financial activity to the tax authority through tax returns. Tax seasons typically start in January and end in mid-April (extensions are possible; consult with professional tax preparers for a better idea of the deadline.)
During this period, individuals must collect the necessary financial documents, including W-2s, 1099s, and other income-related documents, to report their earnings to the Internal Revenue Service (IRS) in the United States. The main objective for doing all this is to understand tax liability, comply with US tax laws, and determine if you’re eligible for a tax refund.
If you fail to file your taxes, you could end up getting a penalty. The penalty is 5% of the unpaid taxes for each month or part of the month a tax return is late. The penalty for failure to pay can go up to 25% of the unpaid taxes.
When Should You Start Filing Taxes?
The government offers the starting quarter for individuals and businesses to file taxes. Generally, you have around three months and a few weeks to complete the tax filing process. However, we recommend that you start early. Why is that? It’s because filing taxes can become a hassle if you start late. You have to collect and compile the necessary documents and receipts, including W-2s and 1099 forms, which can become quite stressful if you do it later. Consult a professional tax preparer like ATC Income Tax if you need further assistance filing tax returns. Through them, you can also acquire tax advance loans from your tax refunds, which we’ll discuss more about later in the blog.
When Does the IRS Start Accepting Tax Returns?
Once the tax season is in full swing, it doesn’t take too long for the IRS to begin accepting tax returns. You can expect the IRS to accept your tax return in late January, specifically from January 29th to April 15th. However, the date can vary between states. Make sure you have all the necessary documents before you begin filing.
How Long Will It Take For Me to Get My Tax Return?
Another question filers may ask is how long they will need to wait till they receive their refunds. The answer lies in the process through which they file their tax returns.
There are typically two ways of filing tax refunds. One is the traditional way; the second is through leveraging the power of digital networking called e-filing. Let’s explore both to learn how they differ and when you can expect to receive your tax refunds from them.
To track your refund, use the IRS’s online tool “Where’s My Refund?”
Filing Methods
1. Traditional Filing
The traditional filing process is the most primitive way to file taxes. The process includes filing through paper forms and mailing all necessary documents to the IRS. The method is obsolete because it’s the most time-consuming process out of all the filing methods. The process can take six months to get your tax refunds accepted.
Additionally, you must fill out 1040 forms based on wage, age, and business. The process is also more susceptible to errors due to manual data entry, potentially causing delays and audits. Traditional filers often get a mailed receipt as a confirmation; however, tracking the refund status can be less convenient.
2. E-Filing
E-filing has become the standard form of filing taxes. The process is quick, easy, and seamless. E-filing leverages Internet technology and software to process tax filing electronically. The process is speedy compared to its traditional counterpart. In addition, it has fewer chances of errors. Through it, you can expect your refunds to get processed in 21 days.
If you have a gross income of $79000, you can easily utilize the IRS free file guided tax software. The software makes tax filing quite easy. Answer some simple questions, select IRS partners that you qualify for, and let the software guide you from there. If you are more independent, then consider going for free file-fillable forms. They are equivalent to paper 1040 forms.
3. Filing Via Tax Preparer
For those who need further assistance, you can hire additional services to help you file tax returns. Professional tax preparation companies can help with more complex cases revolving around taxes and guide you on the best action. They are well-versed in tax laws and can ensure accuracy to help maximize your tax deductions.
In addition, if you require refunds on an urgency, they can also provide unique solutions like tax advance loans. They are taken from the tax refund amount the tax preparer offers before refund approval. This allows you to get a portion of your refunds well in advance without waiting 21 days. It’s a great feature for those needing funds urgently to pay off debts or other reasons. Although tax preparers can guide you, consult experienced ones like ATC Income Tax, which has 20 years of experience as a tax preparer in Milwaukee, Atlanta, and Georgia and more than 50 years of tax industry experience.
Can a Refund Get Delayed?
Suppose you applied for a tax refund using one of the above methods and don’t get any update after the period has passed. What will you do then? The best thing would be to check your tax refund status. You can do it using the “Where’s my refund” tool by the IRS. Using our services, you can use more advanced tools to check your refund status. ATC Income Tax offers ATC Return Status that is easier to use and quicker to provide tax return details.
There are several reasons for a tax refund to get delayed. Either incomplete documentation was sent, or there may have been a communication issue with your partnered financial institution. This is why ensuring accuracy and completeness when applying for a tax return is crucial. ATC Income Tax understands this and follows an accuracy protocol to ensure any tax filed from its side is accurate with zero errors to prevent delays.
What Can I Do to Get My Refund Amount Quickly?
If you require your refund amount urgently, there are a few key things you can do to receive your refunds quickly. Let’s take a look:
1. Accuracy is Key
Before sending any information to the IRS for tax filing or refund application, ensure all documents are in order. Zero mistakes mean quicker processing.
2. Opt for Direct Deposit
The IRS offers refunds based on your preferred delivery method. You can request it via paper check through mail. However, that can take months to arrive at your address. If you want your refund sooner, choose direct deposit, which allows your refund amount to be deposited into your bank account. The process can normally take a few days at max.
3. Apply for a Tax Advance Loan
If you don’t want to wait the standard time frame for refund approval, there is an alternate way to receive your funds minutes after applying for a loan: via a tax advance loan. If you apply for a loan through a tax preparer, they may offer loan services allowing you to borrow a portion of your requested loan amount from the tax preparer.
The tax preparer gets the amount back once the IRS approves the refund and deposits it into your bank account. This way, you don’t have to pay any additional fee apart from what the terms and conditions apply. The tax advance loan is by far the quickest way to receive funds.
Consider our Easy Money Tax Advance Loan, designed to provide you with a portion of your expected refund. Here’s more info about it:
More On Easy Money Tax Advance Loan
Our Easy Money Tax Advance Loan is a straightforward solution to bridge the gap between filing your taxes and receiving your refund. The service lets you borrow a portion of your refund promptly when needed. You can get a refund advance of up to $6000 through our loan service. We offer loan amounts in 25%, 50%, and 75% of your expected tax refund from $1250-$6000. For loan amounts of $500 and $1000, they have zero APR costs, which means no additional charges are taken out from the refund amount. Reach out to us if you want to learn more.
Final Note
In conclusion, filing taxes doesn’t need to be difficult. You can confidently navigate the process by choosing the right filing methods and staying informed. Consult tax preparation services like ATC Income Tax if you need a quick financial boost during the tax season.
FAQs
How Can I Apply for the Easy Money Tax Advance Loan?
Applying for our Easy Money Tax Advance Loan is a simple process. Visit our website or contact our offices in Milwaukee and Atlanta for detailed instructions and assistance.
Can I Apply for the Loan If I’ve Already Filed My Taxes?
Tax filing is separate from our loan services. You can apply for the Easy Money Tax Advance Loan even if you’ve already filed your taxes. Reach out to us, and our team will guide you through the process.
Are there Any Interest Rates or Fees Associated with the Loan?
Our loan terms are transparent. We offer competitive rates; we will provide all the necessary details during the application process.
What Happens If My Actual Refund is Less than the Amount of the Advance?
You are only responsible for repaying the amount you received as an advance. There are no additional charges for a smaller refund.
