You’ve filed your tax return by the deadline and are ready to sigh in relief. But if you’re getting a refund or you owe on your tax return, you may be wondering when you can expect to receive that money (or when you have to pay up).
You’re Getting Money, But When?
There is no hard and fast timeline for when you might receive your tax refund. If you choose to have it directly deposited in an account, you could get it in 2 to 3 weeks. If you file on the earlier side of tax season (February or early March), you may get it sooner. If you file closer to the deadline or file an extension to complete it later in the year, it may take longer to get that refund. If you choose to get a check instead, it could take longer to receive your money.
Want to check on your refund? Go to Where's My Refund?
If You Owe Taxes
If you owe money with your tax return, you have to pay it by April 15th or you may be subject to penalties and/or interest. If you choose to have the amount you owe automatically withdrawn from your account, the IRS will withdraw it on April 15th or in the few days following April 15th.
You can also go online to pay the amount due at the IRS's payment page.
If you choose to send a check, make sure it is postmarked by April 15th.
Filing an Extension
If you file an extension, which moves your tax deadline to October 15th, your tax return is now due on October 15th. However, if you owe money on your tax return, your payment is actually due on April 15th, regardless of the new extension deadline. If you do not make an estimated payment by April 15th, you may be charged penalties and/or interest.
So, There’s Nothing to Do Until Next Year, Right?
In theory, if you’ve filed your tax return and received your tax refund or paid the amount due, you’re in the clear until next year. But if you want next year’s taxes to go smoothly, a little organization during the year can go a long way. If you have self-employment income (reported on a 1099-NEC), keep track of your business expenses throughout the year. You may also want to make quarterly estimated payments to reduce your tax liability at the end of the year. If you have children, you could be eligible for dependent care or education credits, so keep track of what you pay for daycare and/or qualified school expenses.
What happens after you file taxes? For more information, contact one of our tax preparers at Moore & Paquette Tax Group.
Please note that tax laws change often, and you should always check with a tax preparer for the most up-to-date information.