Monday, April 18, 2011

Are You Getting a Tax Refund This Year?

By Renée A. Hanson

If you are among the lucky taxpayers who are getting a refund this year, you might be interested in tracking when you’ll receive your refund check. Here are three easy ways you can do it.

All of them require that you provide your Social Security Number or Individual Taxpayer Identification Number, filing status and the refund amount estimated on your tax return, rounded to the nearest dollar.

· Go to www.irs.gov . Click on the “Where’s My Refund?” tool. Information about your refund will be available roughly 72 hours after the IRS confirms receipt of your e-filed return or three to four weeks after you file a paper return. “Where’s my Refund?” is updated every Wednesday.

· Call the IRS Refund Hotline at 1-800-829-1954 or the IRS TeleTax System at 1-800-829-4477 for automated information 24 hours a day.

· Use the new IRS2Go app for the iPhone and Android phones. You can download it for free from the Apple App Store or the Android Marketplace, respectively.

If you typically receive a large refund, consider adjusting your tax withholding so that you can receive more money each month instead of waiting to get an income tax refund check from the government every year. That way you can put that money to work for you throughout the year.

To change your tax withholding amount, simply complete and submit a Form W-4, Employee's Withholding Allowance Certificate to your employer’s Human Resources department. You can do so at any time during the year.

Renée A. Hanson, CFP®, CEP®, CDFA™, CFS, is a private wealth advisor with Hanson, Ayala & Associates, a private wealth advisory practice of Ameriprise Financial Services, Inc. Her passion is in helping women achieve their dreams and financial goals, regardless of life’s many obstacles. Renée is licensed/registered to do business with U.S. residents only in the states of AZ, CA, CO, GA, IA, IL, MI, MN, MT, NH, NJ, NM, NY, OH, PA, SC, TX, VA, WA, WI. Please visit: www.reneehanson.com to learn more.

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