Early February is one of the busiest times for people doing their taxes. Are you someone who can’t wait to get your hands on your refund? Well, we can tell you how soon you will probably get that refund.
The tax reform law officially kicked in on January 1, 2018. The taxes you file from January through April 15, 2019 will be the first time most Americans see the actual impact of the tax reform law.
Will You Get a Bigger Income Tax Refund in 2019?
Maybe, maybe not. For many, there may be no effect on their refund, particularly if they adjusted their tax withholding throughout the year. The average worker was forecast to see $1,000-$2,000 per year in tax savings (the higher amount for those with children). If you did not adjust the amount of taxes you have withheld from your paycheck, it could result in a larger refund. But for those who did make the adjustment, the result should have been about $20-$40 more per week in their paycheck. Many factors affect your tax rate and refund, so not all working taxpayers will realize the same results.
When Will You Get Your 2019 Income Tax Refund?
This is the question you probably came here for. Those with the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) are likely to have their forms delayed, since the IRS pays special attention to these credits, which have been abused in past years.
This chart shows an estimated timeline for when a taxpayer is likely to receive their refund. If yours is delayed, use the “Where’s My Refund?”tool on the IRS website – Or download the IRS2Go app to check your refund status.
“When Can I Expect My 2019 Income Tax Refund?”
|IRS Accepts Between|
|=====||Direct Deposit Sent|
(Or Check Mailed)
|1/28/19 – 2/1/19||Friday 2/8/19|
|2/4/19 – 2/8/19||Friday 2/15/19||**|
|2/11/19 – 2/15/19||Friday 2/22/19||**|
|2/18/19 – 2/22/19||Friday 3/1/19|
|2/25/19 – 3/1/19||Friday 3/8/19|
|3/4/19 – 3/8/19||Friday 3/23/19||***|
|3/11/19 – 3/15/19||Friday 3/30/19|
|3/18/19 – 3/22/19||Friday 4/5/19|
|3/25/19 – 3/29/19||Friday 4/12/19|
* = IRS may delay tax filing season by one week or more due to changes in tax law.
** = Returns with EITC or CTC may have refunds delayed until late February to verify credits.
*** = Filing during peak season can result in slightly longer waits.
|4/1/19 – 4/5/19||=====||Friday 4/19/19|
|4/8/19 – 4/12/19||Friday 4/26/19|
|4/15/19 – 4/19/19||Friday 5/3/19|
|4/22/19 – 4/26/19||Friday 5/10/19|
|4/29/19 – 5/3/19||Friday 5/17/19|
|5/6/19 – 5/10/19||Friday 5/24/19|
|5/13/19 – 5/17/19||Friday 5/31/19|
|5/20/19 – 5/24/19||Friday 6/7/19|
|5/27/19 – 5/31/19||Friday 6/14/19|
|6/3/19 – 6/7/19||Friday 6/21/19|
Call Williams & Kunkel CPA today in Flower Mound at 972-446-1040 to have a chat and find out how you can grow your real estate business.
Source: CPA Practice Advisor