Although the filing of the 2010 tax returns started later than usual this year (February 14th), if you will be receiving a Federal tax refund you’re probably ready to have it in your bank account as soon as possible.  Your goal should be to take advantage of every opportunity to accelerate the process and receive your income tax refund as quickly as possible.
Among the options that are available to you are to:
1) e-file – faster processing of your tax returns,  fewer opportunities for processing errors by the taxing authorities, and
2) direct deposit – if you look at the Federal e-file refund cycle chart on this website you’ll see that direct deposit refunds are sent electronically about eight days after the end of the cycle period. Checks are mailed seven days later. Add 5-7 days for in transit mail time and you should conclude that you’ll have your tax refund about 12-14 days sooner if you wisely select the e-file/direct deposit alternative. You can also track the status of your refund via the “Where’s My Refund†section of the IRS website or by calling 1-800-829-1954.
Note: While most states offer a similar option their refund cycle period may not be on par with the Internal Revenue Service.
If your 2010 tax refund is more than $1,000.00 you may want to consider reducing the amount of your quarterly estimated tax payments or your payroll Federal withholding amount using Federal Form W-4 (Employee’s Withholding Allowance Certificate). The instructions are included with the form, including a worksheet for your calculations on the reverse side of the form.
 Additonally, if you owe the taxing authority delinquent taxes or are on an installment payment plan, etc you should expect to have your refund applied to that unpaid balance. If there are any remaining funds due you afterwards that amount will be sent to you.
Here is additional information on this subject :
Checking the Status of Your Tax RefundÂ
If you already filed your federal tax return and are due a refund, you have several options to check on your refund. Here are eight things the IRS wants you to know about checking the status of your refund:
1. Online Access to Refund Information Where’s My Refund? or ¿Dónde está mi reembolso? are interactive tools on http://www.irs.gov and are the fastest, easiest way to get information about your federal income tax refund. Whether you split your refund among several accounts, opted for direct deposit into one account, used part of your refund to buy U.S. Savings Bonds or asked the IRS to mail you a check, Where’s My Refund? and ¿Dónde está mi reembolso? give you online access to your refund information, 24 hours a day, 7 days a week. It’s quick, easy and secure.
2. When to Check Refund Status If you e-file, you can get refund information 72 hours after the IRS acknowledges receipt of your return. If you file a paper return, refund information will generally be available three to four weeks after mailing your return.
3. What You Need to Check Refund Status When checking the status of your refund, have your federal tax return handy. To get your personalized refund information you must enter:
- Your Social Security Number or Individual Taxpayer Identification Number
- Your filing status which will be Single, Married Filing Joint Return, Married.
- Filing Separate Return, Head of Household, or Qualifying Widow(er).
- Exact whole dollar refund amount shown on your tax return.
4. What the Online Tool Will Tell You Once you enter your personal information, you could get several responses, including:
- Acknowledgement that your return was received and is in processing.
- The mailing date or direct deposit date of your refund.
- Notice that the IRS could not deliver your refund due to an incorrect address. In this instance, you may be able to change or correct your address online using Where’s My Refund?
5. Customized Information Where’s My Refund? also includes links to customized information based on your specific situation. The links guide you through the steps to resolve any issues affecting your refund. For example, if you do not get the refund within 28 days from the original IRS mailing date shown on Where’s My Refund?, you may be able to start a refund trace.
6. Visually Impaired Taxpayers Where’s My Refund? is also accessible to visually impaired taxpayers who use the Job Access with Speech screen reader used with a Braille display and is compatible with different JAWS modes.
7. Toll-free Number If you do not have internet access, you can check the status of your refund in English or Spanish by calling the IRS Refund Hotline at 800-829-1954 or the IRS TeleTax System at 800-829-4477. When calling, you must provide your or your spouse’s Social Security number, filing status and the exact whole dollar refund amount shown on your return.
8. IRS2Go This is the IRS’ first smartphone application that lets taxpayers check on the status of their tax refund. Apple users can download the free IRS2Go application by visiting the Apple App Store. Android users can visit the Android Marketplace to download the free IRS2Go app.
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