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Your Tax Return - How the Tax Return Process Works
So its nearing April 15th. That dreadful of all days. The Tax Deadline. You know you've got a ton in your mind. This is the final thing you want. Well, you're a courageous soul You may have achieved this within the past. Many times previously actually.
So, with a mighty decision, you decide to get started on your Tax Return this very weekend. You pack your spouse off to a picnic and roll up your sleeves and get ready. You are not afraid of paper, not a bit. You run off to the publish office and get all of the latest varieties and worksheets and sit down at your desk.
So painted under in words is a hypothetical state of affairs of what would transpire as you head down the glorious path of getting ready your Tax Return.
Situation 1 : HAND-FILLED, SELF-FILED TAX RETURN
You go to the post office and pick up the paper booklet with the tax form. Now if you are smart you'll have gotten every tax form you know - but you did'nt, so you had to make 2 journeys to get all of the types you need.
Next... It's a must to go through the meticulous process of getting to fill one box at a time, make sure your entries are okay, make positive you not less than copied down everything from your W2 into your . Because each calculation is related to the following, each box ties to the next. On the finish of this painstaking process you arrive on the ultimate number - your refund or the tax you owe.
Subsequent step - Discover the proper address to mail to. Do you know where to mail your tax return. Well its there, its probably in the directions to the form. Again scan each word till you get the address. Oh Well Eureka!! You just discovered it.. congratulations. Now put that in an envelope.
Walk to the post-office make it earlier than midnight on April fifteenth and make certain you catch the final snail mail train. Because if it leaves, you might be in trouble.. BIG bother!
Well you made it. You rub your arms with pleasure and pat yourself on the back. Your Tax RETURN IS FINALLY DONE !! Well you just hit the starter to the engine. You just set in motion for the next series of occasions that will in the end get you that coveted refund check!
Assuming no postal delays - your tax return will get to the IRS in about 2 enterprise days.
Next your little piece of work, your tax return, will enter a queue until its routed to the correct department. lets give his a day for making this arduous journey.
Next, It gets picked up to be scanned using sophisticated machines called optical scanners which converts your handwritten tax return into a readable laptop file.
Hiccup 1: In the event you hand filled your return with pen and paper, if the scanner can not acknowledge your handwriting - then the scanning process will reject - and then it would get put into another queue to be manually processed by a human - lets give four to five days for this to happen.
Someone will actually read your tax return after which type the contents manually into a computer. At this level your tax return is now a what's called a raw data file.
Now the raw data file will get run via an editing program which will confirm the essential particulars - like did you place in a valid SSN, did you punch in too many zeros in your income eg. you wrote $50000 instead of $5000 in a box on the form.
If everything is okay, Your return which is now pc file will then get put right into a database alongside with thousands and thousands of different tax payers. Your tax return will be a part of 1000's of others who e-filed their tax return at this point.
From this level on - the process ought to work like greased lightning.
Subsequent a series of computer programs shall be run on the database to validate the tax returns. It'll examine the data in your file towards what your employers filed. So if you incorrectly entered $15200 in your revenue but the employer despatched in $20,000 the process will pull out your tax return for 'particular' processing.
Additionally your tax return gets pulled up in a random audit checks. Essentially the most sensible minds within the IRS should be designing these computer programs to determine which tax return must be pulled up for auditing. Perhaps the holy grail of IRS secrets and techniques !
Should you pass step 9, and you have a refund, you will be routed to a program that prints your refund check - give another 1-2 days for this process to complete.
If you happen to elected direct deposit, a pay request might be despatched to deposit the money into your bank account (1 day)
If you didn't elect direct deposit, your refund check will go for printing (1 day). Then your refund will go to the mailing department to be despatched to you (1-2days). After about (2-3 days) of spending time in the USPS, the check should get to you - again by way of snail mail, the identical way you mailed out your tax return.
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