Most clients respond that it is better to get a tax refund check than to owe taxes at the end of the year. My advice, however, is different. I think that paying taxes at the end of the year can actually be better than receiving a federal tax refund.
Do you have to file taxes if you don’t have a refund?
Yes, you still need to file a Return even if your not getting a Refund or owe any Taxes. The IRS has restrictive guidelines for determining who needs to file, which means even if you don’t owe, you may still have to submit a tax return. It’s very common to feel like you shouldn’t need to file a return if you don’t owe any tax.
What happens if you owe the IRS money?
If you already owe the IRS back taxes – meaning taxes from prior years – don’t start spending your refund before it arrives. The IRS has the ability to levy or take your refund and apply it to your outstanding debts.
Why did I not get my tax refund for 2019?
If you claimed either credit, that could be the reason why your refund hasn’t arrived yet. Remember: The advance tax credit (stimulus) will not be a factor for 2019 taxes since it is for the 2020 tax year. 6. You Amended Your Return Amending your tax return can also create a delay. Amended returns must be mailed, rather than filed electronically.
What to do if you do not get a refund from the IRS?
If you were expecting a federal tax refund and did not receive it, check the IRS’ Where’s My Refund page. You’ll need to enter your Social Security number, filing status, and the exact whole dollar amount of your refund.
How can I find out if I got a refund on my tax return?
Whether you owe taxes or you’re expecting a refund, you can find out your tax return’s status by: Calling the IRS at 1-800-829-1040 (Wait times to speak to a representative may be long.) If you file your taxes by mail, you can track your tax return and get a confirmation when the IRS has received it.