Texas residents who are expecting federal tax refund probably don’t want to wait longer than required before receiving money. While filing early can help ensure a tax refund is received sooner, there are some instances where tax refunds can be held up for weeks or even months. Filing later also puts your return at the back of a very long line, which could hold up any refund if there is a need to review your return.
Jan. 20 actually kicks off the tax year for 2014 filings; that’s the first day the Internal Revenue Service will begin processing 2014 returns and the first day you can file an electronic return. Filing an electronic return is the fastest way to receive a refund in most cases, and opting to receive your refund via direct deposit also quickens the process.
According to the IRS refund schedule, returns filed between Jan. 20 and Jan. 30 will result in a direct deposit refund on Feb. 5 if a refund is due and there are no flags on the return. Individuals opting for paper checks from the IRS can expect checks related to refunds filed with that time period to be cut on Feb. 6, though the check will not be received in the mail for several days to a week.
The cycle for refunds remains the same through April, with refund payments on clean returns being processed six to seven days following the end of the return cycle. Each cycle from a week to ten days.
Not everyone expecting a return will receive one, and that’s especially true if you owe the IRS any money. If a return is being held by the IRS and you feel you don’t owe any back taxes, then seeking help with a tax examination is one way to begin working on the problem.
Source: Refund Schedule, “2015 IRS Refund Cycle Chart for 2014 Tax Year” accessed Jan. 16, 2015
