Tax Refund Advance
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Get Faster Access to Your IRS Refund Money
Did you overpay the IRS during the year and you’re expecting a tax refund? Maybe you want your money as soon as possible, rather than waiting for the IRS to process your tax return. Instead of wondering, “Where’s my refund?” – you can get your tax refund instantly by signing up for a tax refund advance. As with anything financial-related, just be aware of any pitfalls and make sure you’re using a reputable company.
IRS Refund Cycle
The IRS website states that, ““The IRS issues more than 9 out of 10 refunds in less than 21 days. However, it’s possible your tax return may require additional review and take longer.” This means that you will probably receive your federal tax refund within three weeks of e-filing your tax return, as long as your 1040 return has no mistakes and doesn’t require extra processing time.
If you file a paper tax return by postal mail, however, the IRS will likely issue your tax refund within six to eight weeks after receiving your return. If you file your tax return electronically online (also known as “e-file”), it will be processed faster in the IRS system, which means you can expect to receive your tax refund faster as well — usually within three weeks.
Expect delays if you filed your tax return late or if the IRS finds mistakes on your tax forms. But keep in mind that the IRS has millions of tax returns to process, therefore some delays may just be a result of high volume.
RELATED: How to Find Your Tax Refund
Tax Refund Advance
In some cases, you can receive an immediate tax refund by getting a tax refund advance. This is also sometimes referred to as an “instant refund”. A tax refund advance is essentially a loan that you get from the tax preparation service you use to file your income tax return.
Many taxpayers like to request a tax refund advance because it’s fast — you can receive the money as soon as your tax return is accepted by the IRS. Afterwards, you don’t really have to do any work in repaying the loan because the IRS will send your actual tax refund check to the tax preparation service that gave you the tax refund advance. But keep in mind that the tax preparation company will likely charge you a fee for fronting you the money for your tax refund advance.
Tax Refund Anticipation Loan
Obtaining a refund anticipation loan (another term for a “tax refund advance”) is an affordable way to speed up the process of getting your money from your tax refund. By getting a refund anticipation loan, you won’t be left asking, “Where’s my refund?” weeks after you file your return. Tax refund advance loans provide cash equal to the amount of your actual tax refund, and they do so in a very short amount of time.
RELATED: How Do I Check My State Tax Refund Status?
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