- Days left
Last night I stayed up late preparing my taxes. This should be a sign that something is truly amiss in the world, as I have been known to file my taxes an entire year late. Yes. (There's no penalty for filing late if you're owed a refund, but it's still not the most brilliant option in the world.) But this year, with three young children, a husband who hadn't worked much, and a huge amount of mortgage interest to deduct, I was expecting to get a nicely large refund, so I devoted my Sunday evening to typing numbers in a web browser.

And sure enough, I scored a big refund and submitted the Federal and Oregon state taxes before midnight (what a rush!). And then went to look at one of a few Federal tax filing schedules -- and wished I'd waited until Thursday. Why? Because the government processes refunds weekly, so if you get your taxes done on Friday night, you'll have to wait six days longer than those who get them in Thursday morning (11 a.m. Eastern is the cutoff time).

Sure, it doesn't actually make my refund come any sooner were I to have waited until later this week, but the mental strain of waiting for the money to hit my bank account is no fun at all. If you, too, are expecting to be owed a refund, and have a hard time with patience, schedule a session with your computer for a Thursday night.

If you're doing direct deposit, you could get your refund in as little as eight days; here is the schedule of when you can expect to receive your refund; this calender shows when the IRS will send direct deposit and mail checks (depending on your bank, the money could hit your account immediately, or not for a few business days). Here's the IRS link to find out whether your refund has been scheduled for depositing (you'll need to know the exact dollar amount of the refund you expect); it's usually 2-4 days after the return has been accepted before the IRS returns any data, however.

Increase your money and finance knowledge from home

Timing Your Spending

How to pay less by changing when you purchase.

View Course »

Introduction to Preferred Shares

Learn the difference between preferred and common shares.

View Course »

TurboTax Articles

Top 5 Reasons to Adjust Your W-4 Withholding

Common lifestyle changes, like getting a job or getting married, can change your tax liability. To avoid being caught off guard by an unexpected tax bill or huge tax refund, you'll need to adjust your withholdings on your paycheck.

Does Everyone Need to File an Income Tax Return?

Not everyone is required to file an income tax return each year. Generally, if your total income for the year doesn't exceed the standard deduction plus one exemption and you aren't a dependent to another taxpayer, then you don't need to file a federal tax return. The amount of income that you can earn before you are required to file a tax return also depends on the type of income, your age and your filing status.

How to Write Off Sales Taxes

The Internal Revenue Service (IRS) permits you to write off either your state and local income tax or sales taxes when itemizing your deductions. People who live in a state that does not impose income taxes often benefit most from this deduction. However, you might also be better off deducting sales taxes instead of income taxes if you make large purchases during the year and your total sales tax payments exceed those for state income tax. You can use either the actual sales taxes you paid or the IRS optional sales tax tables.

Add a Comment

*0 / 3000 Character Maximum