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When Do Tax Refunds Come Out?

Refund
Written by Publishing Team

The Internal Revenue Service has announced the official start of US tax season, January 24, 2022, as the date they begin accepting returns. However, when a tax refund will take place may depend on several different factors. Here’s what to expect if you’re a car buyer and are looking to use your refund for a down payment.

Tax refund timing for 2021. According to the IRS, electronic filing with direct deposit is the way to go to ensure you get your money back in a timely manner. Those who receive paper checks will wait longer than those who have direct deposits. Most refunds can generally be expected within 21 days of filing a return.

This year, it’s also important to make sure you claim any Economic Impact Payments (stimulus checks) you received in 2021 and correctly claim any money provided from the Child Tax Credit. These are two important parts of your claim that are not usually present. Talk to a tax professional for details.

The IRS is preparing for this year’s tax season and the hurdles it has been facing for months to ensure a smooth rollout for the American public. They have these tips to make your tax season easier:

  • Check out the site. Given the ongoing pandemic and its impact on the American business environment, the high volume of calls cannot be easily met by phone. The IRS recommends checking IRS.gov for the status of your return and to track your refund.
  • Monitor your physical mail. Anyone who received a third stimulus check in 2021, and those who received money advances from the Child Tax Credit will receive a letter containing important information to aid in the registration process. These letters are already being sent out for the children’s tax credit, and the motivational verification letters are due to begin in the second half of January.
  • File online, choose direct deposit. This is the fastest way to file and receive a tax refund request. The IRS has several ways to file online including registering for free if you qualify.

The deadline to file taxes this year is April 18, 2022 for most Americans due to the Emancipation Day holiday in the District of Columbia. Guides in Maine and Massachusetts have until April 19 to file. If you are requesting an extension, the application will be due by the application deadline.

RefundWhat does this mean for car buyers? If you’re looking for a new or used car this tax season, a refund may be just what you need. In most cases, especially for borrowers with bad credit, a down payment is a must when financing the car. A tax refund is a great way to make or increase your required down payment.

Tax time can be a great time to look for a used car, too. With many consumers taking advantage of their extra cash, cars are usually bought and traded heavily during this time of year.

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