24 The Queens Courier • april 3, 2014 for breaking news visit www.queenscourier.com tax tips When Will My Tax Refund Arrive? BY BARY LISAK Are you expecting a refund this year? Here are nine things the IRS wants you to know about your refund. 1. Refund Options. You have three options for receiving your Federal income tax refund: direct deposit, U.S. Savings Bonds or a paper check. 2. Separate Accounts. You may use IRS Form 8888, Allocation of Refund, to request that your refund be allocated by direct deposit among up to three separate accounts, such as checking, savings or retirement accounts. You may also use this form to buy U.S. Savings Bonds. You can use your refund to buy up to $5,000 in U.S. Series I Savings Bonds. 3. Processing Time. If you file a complete and accurate paper return, your refund will usually be issued within six to eight weeks from the date it is received. If you filed electronically, your refund will normally be issued two weeks after the acknowledgement date. 4. Check the Status Online. The fastest and easiest way to find out about your current year refund is to go to IRS. gov and click the “Where’s My Refund?” link. You will need your Social Security number, filing status and the exact whole-dollar amount of the refund shown on your return. 5. Check the Status by Phone. You can check the status of your refund by calling the IRS at 800-829-1954. When you call, you will need to provide your Social Security number, your filing status and the amount of refund. 6. Larger than Expected Refund. If you receive a refund to which you are not entitled, or one for an amount that is more than expected, do not cash the check until you receive a notice explaining the difference. Follow the instructions on the notice. 7. Smaller than Expected Refund. If you receive a refund for a smaller amount than you expected, you may cash the check. You might have made a mathematical error. Also, the IRS may have deducted part of the refund for delinquent Federal or state taxes, back child support or student loan arrears. But, if it is determined that you should have received more, you will later receive a check for the difference. 8. Refund, then Audit. The mere fact that you receive a tax refund does not mean your return has been audited and approved. In fact, the IRS generally has three years to audit your return. 9. Missing Refund. The IRS will assist you in obtaining a replacement check for a refund check that is verified as lost or stolen. If the IRS was unable to deliver your refund because you moved, you can change your address online. Once your address has been changed, the IRS can reissue the undelivered check. Be aware that the IRS updates their computer system once a day, typically at night. Refund information relating to your tax return can be available as soon as twenty-four hours after the IRS has received an electronically-filed return or about four weeks after receiving a paper-filed tax return. Alert: The IRS has $760 million in refunds available to people who did not file tax returns for 2010. You may be one of over 900,000 taxpayers who may be due a refund from that year. The deadline to claim this refund is April 15, 2014. s LJC@loucarino.com Queens Expo 2014 kids VOLUNTEERS WANTED TO HELP OUT AT THE EXPO WHEN: Sunday,April 6, 2014 TIME: 11am-4pm WHERE: Long Island City YMCA PLE ASE C ALL Amy at 718.224.5863 EXT. 201 We like saving people money on their taxes - And we’d like to help you! With the economy the way it is, there’s never been a better time to take control of your taxes. Call to schedule an appointment Queens Office: 35-30 Francis Lewis Blvd. Flushing, NY 11358 718-304-2035 www.gtax.com Jim Ciocia, Founder and Chairman
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