do you have to file taxes if you expect a refund?
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If you have a refund coming from the IRS—as about three out of four taxpayers do every year—then there is no penalty for failing to file your tax return by the deadline, even if you don't ask for an extension. ... Some tax elections must be made by the due date, even if you have a refund coming.
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The Canadian Revenue Agency offers a few guidelines on what to expect when you file on or before the due date. You can expect a notice of assessment and any refund that you are owed within 2 weeks of them receiving your electronically-filed return. If you went the paper route, expect your refund within 8 weeks.
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The software will generate an estimate of the refund you should expect based on the information you provide. Keep in mind though that your refund estimate is only as accurate as the information you provide.
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If you owe no taxes, you probably will have no problems with either the Internal Revenue Service (IRS) or the California Franchise Tax Board (FTB), assuming you reside in California. ... Even if you believe you are due a refund, it is to your advantage to file your income tax return.
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It's also when some of us get a chunk of cash back from the government through tax refunds. So how much are YOU going to get back in taxes in 2020? Well, the average tax refund is about $3,046 (per The Washington Post). So expect around three grand for your tax refund.
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Filing returns is a sign you are responsible The government mandates that individuals who earn a specified amount of annual income must file a tax return within a pre-determined due date. The tax as calculated must be paid by the individual. Failure to pay tax will invite penalties from the Income Tax Department.
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Thus, the taxpayer is not required to include the taxpayer's 2019 state income tax refund on the taxpayer's 2019 return. ... Today's ruling has no impact on state or local tax refunds received in 2018 and reportable on 2018 returns taxpayers are filing this season.
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If you don't receive your refund in 21 days, your tax return might need further review. This may happen if your return was incomplete or incorrect. The IRS may send you instructions through the mail if it needs additional information in order to process your return.
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If your net business income was zero or less, you may not need to pay taxes. The IRS may still require you to file a return, however. ... If you don't owe the IRS any money, however, there's no financial penalty if you don't file.
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Cashing a Tax Refund Check Even though a refund check is issued by the federal government, you can't just walk into any bank and have the check cashed. You must have an account at that bank in order for the bank to cash your income tax refund. ... before the bank will cash the check.
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Get your refund If you have an account with IR, and they have your bank account information, they'll deposit your refund. You don't have to do anything. If you don't have an account, IR will post a cheque to you.
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If you've paid more in withholding than you owe in taxes for the year, the IRS sends you a refund of the difference. If you didn't have enough money withheld from your check, you owe the IRS. The IRS sends out refunds within a few weeks after receiving your return; the process is faster if you e-file.
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Once you are accepted, you are on the IRS payment timetable. Only the IRS knows the status of processing your tax return, whether you owe taxes or are due a refund. In prior years, the IRS issued more than 9 out of 10 refunds to taxpayers in less than 21 days last year.
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To be eligible, you must have your taxes prepared by the company offering the loan.” To be eligible, you must have your taxes prepared by the company offering the loan, and that might mean you'll pay a tax preparation fee. There's a minimum amount your expected refund can be, which varies by company.
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Claim a Refund If you are due a refund for withholding or estimated taxes, you must file your return to claim it within 3 years of the return due date. The same rule applies to a right to claim tax credits such as the Earned Income Credit.
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The best way to get your refund quickly is to e-file your return and elect to receive the refund by direct deposit. For the 2019 tax year (new filing deadline is July 15, 2020), the IRS has said that the vast majority of e-filers (who also use direct deposit for refunds) will receive their refund within 21 days.
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In most cases, an original return claiming a refund must be filed within three years of its due date for the IRS to issue a refund. Generally, after the three-year window closes, the IRS can neither send a refund for the specific tax year.