How U.S. Individual income taxpayers may resolve common after-tax-day issues.
For most U.S. Individual income taxpayers April 18, 2022 was tax day. They should have filed and paid any federal income tax that they owe. Otherwise, if they owe tax, they will be charged penalty for filing their federal tax return late, and interest on any tax not paid timely.
As of May 6, 2022 the IRS received 143 million individual income tax returns and processed 136 million of them. The federal tax agency has delivered more than 94 million refunds of $3,025 on average for a total refund amount of $286 billion.
If you have any tax issues after filing your tax return, the IRS would like you to consider the following tips to try to resolve them.
Check refund status
The IRS typically issues more than 90 percent of tax refunds in less than three weeks from the tax return e-file acceptance. Specifically,
- If you e-file your tax return and request a direct deposit, you should expect your refund between one and three weeks;
- If you paper file your return and request a direct deposit, you should expect your refund between one and three weeks;
- If you e-file your tax return and request a refund by check in the mail, you should expect your refund between six and eight weeks;
- If you paper file your tax return and request a refund check in the mail, you should expect your refund between six and eight weeks.
However, the IRS cannot guarantee the exact timing of your refund. In some cases, the process may take longer depending on a range of factors such as errors in the return, incomplete return, return affected by identity theft, bank processing time. If you haven’t received your refunds within these timeframes, you may check the status of your refund using the Where’s My Refund? tool. To proceed, you need your social security number or your ITIN. You will also be asked your tax filing status and the exact amount of refund that you claimed on your tax return. The IRS updates the tool once daily.
If you don’t have access to the Internet, you may call the IRS at (800)829-1954 to check the status of your refund.
Check your withholding
The IRS encourages you to check your withholding using the Tax Withholding Estimator. You may use the results of the Estimator to complete a new Form w-4 and adjust your federal income tax withholding with your employer. This will help you manage your cash outflow and minimize the risk of an unexpectedly large amount of tax due when you file your tax return next year.
Review payment options
If you have a balance due on your tax return, the IRS offers several payment options including:
- Payment from your bank account: if you use that option, you don’t have to register, you don’t have to pay any payment fee to the IRS and you can even schedule payments up to a year in advance.
- Payment by debit card, credit card or digital wallet: your debit card, credit card or digital wallet information is safe and secure. Digital wallets that you may use are PayPal, Click to Pay. However, there are payments processing fees.
- Payment plan application: if you need more time to pay, you may apply online for a payment plan to pay off your balance over time. However, there is a payment plan application fee.
- Other methods of payment: same-day wire, check or money order, cash through an IRS retail partner, electronic funds withdrawal are other ways you may pay your taxes.
Evaluate the opportunity to file an amended tax return
You should consider filing an amended tax return if you realized that you made an error or forgot to report an income or deduct an expense or any other information. Your tax professional should help you make that determination. If you prepared your own tax return, you may use the IRS’ Interactive Tax Assistant, Should I file an Amended Return? to help determine whether an amended tax return is needed to correct the error or to report the information that was missing on the initial return.
Aimlon CPA P.C. recommends not to file an amended tax return until your original return has been processed.