Every year like clockwork Federal taxes are due. In 2018 it will be no different. The taxes for the previous year (2017) will be due on April 17th, 2018 and millions of Americans will be left wondering one thing.
“Where is my tax refund?”
This post isn’t just about figuring out where your tax refund is, or how much of a refund you’ll get – it’s about the bigger picture. We want you to understand how tax refunds work and how to maximize your tax refund using Everlance to track your business mileage and expenses.
Where’s My Tax Refund?
The IRS runs this site to check the status of your tax refund using what they call a “Refund Trace”, which is just a really cool name for “pulling up your tax refund status by your SSN”. We personally feel that Refund Trace sounds much more glamorous.
How To Use “Where’s My Refund?”
- Go to the official website (Ignore the scary prompt. They’re very official!)
- Fill out the form!
3 easy steps.
Updates are made to the system every 24 hours and you must be aware that there is a schedule for when you can start looking. You can’t immediately e-file your return and check your status expecting a date, it doesn’t quite work that way – they need at least 24 hours to process and verify the refund.
Instead, you’re going to want to use these guidelines.
- If tax return was e-filed: 24 hours
- If tax return was mailed: 4 weeks
How Much Is My Tax Refund?
The easiest way to answer this is by looking at your return in the below sections.
- If you filed a Form 1040, the Refund Amount is shown on Line 76a.
- If you filed a Form 1040A, the Refund Amount is shown on Line 48a.
- If you filed a Form 1040EZ, the Refund Amount is shown on Line 13a.
For most American’s the answer is in one of these 3 lines, however, the amount can certainly decrease if you owe money to the State or Federal Government. For instance, if you were to owe back taxes, or back child support the amount that you owe would be automatically deducted from your refund.
How Will I Receive My Tax Refund?
The IRS gives exactly 2 options for receiving a tax refund.
- By Direct Deposit (ACH)
- VIA mail in the form of a check from the US Treasury Dept.
You can use either option, however, for those of us that are slightly more impatient, it pays to use direct deposit – literally.
The IRS claims that 8 out of 10 tax refunds are refunded via their direct deposit program. They want to assure you that it’s not only the safest way to get a refund, but the most efficient, especially when combined with e-file. They say the average tax refund from filing to landing in your bank account takes approximately 21 days.
If you are using popular tax software you will have the option to request direct deposit for your refund before you e-file. It’s entirely up to you if you’d like receive your money electronically or via mail, however it’s clear which one is faster!
Don’t fall for the IRS scams. We have covered this in our previous posts, along with how to contact the IRS phone number. Read More
How To Use Everlance To Get A Bigger Tax Refund
Are you an independent contractor? Do you drive for work? Do you ever need to get reimbursed for mileage or expenses? If so, you absolutely need to be using Everlance to track your business mileage & expenses to get the largest deduction.
On average Everlance finds over $6,500 in deductions for our users each year! Can you imagine leaving $6,500 on the table by not using this app? That’s what can happen when you don’t accurately track your mileage or deduct the proper expenses.
The old fashioned way of tracking mileage using a paper mileage log and a pen is not only outdated, it was hard to keep up with! Everlance has solved this problem by creating an app for iOS & Android that automatically tracks every drive you take. The only thing you ever have to do is swipe left or right, for business or personal.
That’s it! You classify the drive, we add up the mileage.
An equally cool money-saving feature is your ability to upload receipts (tolls, business expenses) as well as manually enter any expense or revenue earned on each trip.
Real estate agents, freelance photographers, Uber drivers, medical salespeople – they all use our app for a very good reason. It makes their life easier!