Your Tax Return - How The Tax Return Process Works

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 will have a ton in your mind. This is the final thing you want. Well, you are a courageous soul You may have finished this within the past. Many times up to now actually.

So, with a mighty decision, you determine 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 submit office and get all of the latest forms 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 fantastic path of making ready your Tax Return.

Scenario 1 : HAND-FILLED, SELF-FILED TAX RETURN

You go to the publish office and pick up the paper booklet with the tax form. Now if you are smart you would have gotten each tax kind you know - but you probably did'nt, so that you had to make 2 journeys to get all the forms you need.
Next... It's important to undergo the meticulous process of having to fill one box at a time, make sure your entries are okay, make positive you at least copied down everything out of your W2 into your . Because each calculation is connected to the next, each box ties to the next. On the finish of this painstaking process you arrive at the ultimate number - your refund or the tax you owe.
Next step - Find the precise 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 until you get the address. Oh Well Eureka!! You just discovered it.. congratulations. Now put that in an envelope.
Walk to the submit-office make it earlier than midnight on April fifteenth and make certain you catch the final snail mail train. Because if it leaves, you are in trouble.. BIG hassle!
Well you made it. You rub your palms with pleasure and pat your self 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 following 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 right 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 right into a readable computer file.
Hiccup 1: In case you hand stuffed your return with pen and paper, if the scanner can't recognize your handwriting - then the scanning process will reject - and then it would get put into one other queue to be manually processed by a human - lets give four to 5 days for this to happen.
Somebody will actually read your tax return and then type the contents manually into a computer. At this level your tax return is now a what is called a raw data file.
Now the raw data file will get run by means of an editing program which will confirm the essential details - like did you set in a valid SSN, did you punch in too many zeros in your revenue eg. you wrote $50000 instead of $5000 in a box on the form.
If everything is okay, Your return which is now laptop file will then get put into a database along with tens of millions of different tax payers. Your tax return will join hundreds of others who e-filed their tax return at this point.
From this level on - the process ought to work like greased lightning.
Next a series of computer programs shall be run on the database to validate the tax returns. It'll evaluate the data in your file against what your employers filed. So in the event you incorrectly entered $15200 in your income 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. Probably the most brilliant minds within the IRS must be designing these computer programs to find out which tax return needs to be pulled up for auditing. Maybe the holy grail of IRS secrets and techniques !
When you pass step 9, and you have a refund, you'll 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 will likely 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 sent to you (1-2days). After about (2-3 days) of spending time in the USPS, the check ought to get to you - again by way of snail mail, the identical way you mailed out your tax return.

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