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What Does My Tax Refund Status Mean?

Don’t stress! You won’t miss this flight.

Have you ever walked into an airport and realized you and everyone around you seem to be in a rush? Well, tax filers tend to mimic the same anxious energy, especially those trying to figure out their tax refund status.

We understand that like the airport checking luggage-security-shoes-off whirlwind, tax filing is also something you don’t do every day and can be pretty stressful. Actually, filing your taxes is the hardest part though so give yourself a pat on the back, sit back and await your refund.

What status updates should I look out for?

Whether you are a RapidTax customer or not,  you’ll probably use the IRS “Where’s My Refund?” tool. Before checking your refund status, you’ll want to recognize and know the meaning of the following status updates:

  1. Return Received or Accepted
  2. Refund Approved
  3. Refund Sent
  4. Your tax return is still being processed. A refund date will be provided when available.

What does Return ‘Received’ or ‘Accepted’ mean?

The IRS updates you with “We have accepted your tax return and it is being processed”. This is solely to update you that your return was successfully received by the IRS. This status update does not mean your return was approved. It simply means the IRS has it and it is in line to be reviewed and processed. Continue reading “What Does My Tax Refund Status Mean?”

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How to File an Amended Tax Return

Picture this; You filed your taxes and went on with your life. Weeks later, you wake up in the middle of the night realizing you forgot to include your daughter (born over the past year), as a dependent.

Not only did you forgot to include your own child on your tax return, but you also forgot to claim extra tax dollars. What’s next? You briefly remember hearing about tax return amendments but wonder how to amend a tax return? Good news, you can file an amended tax return and correct any mistakes with RapidTax.

What is an Amended Tax Return?

Filing an amended tax return (known as Form 1040X)  is necessary when you need to change information to an already filed return. Tax filers usually file an amended return in one of two situations; the IRS reported errors on the tax return or you want to add or delete something on the tax return. If you reported the wrong filing status, the number of dependents, deductions, credits or income, you’ll need to file an amended tax return. However, if you made math errors, you don’t need to file an amended tax return. The IRS computers will correct math errors.

Continue reading “How to File an Amended Tax Return”

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2010 Income Tax Refunds Only Available Until April 15, 2014

If you haven’t filed your 2010 return yet you have less than a year to get your refund

Most taxpayers are frightened of the IRS, and understandably so. Not only does the agency force us to go through the tortuous process of filing taxes every year, but it also has the power to implement some pretty drastic punishments when taxes go unpaid. It can levy your wages and bank accounts and force you to sell or mortgage assets to pay your tax debt.

But what most people don’t know is that the IRS is surprisingly lenient when it comes to minor offenses, such as filing a late return. Most late filers assume that they will get hit with massive penalties, so they try to hide from the IRS and avoid filing their taxes for even longer.

Doing so, however, might actually cause them to sacrifice a refund. Late filers are more likely than normal filers to receive a refund, and the tax code’s statute of limitations allows you to claim a refund for three years after the original due date of the return.

That means that the last chance to claim a refund from your 2010 return is April 15, 2014. That’s less than a year away! Take note: after next April 15th your refund belongs to the U.S. Treasury and you absolutely will not be able to claim it. Continue reading “2010 Income Tax Refunds Only Available Until April 15, 2014”