Live stress-free with IRS’s new and improved Where’s My Refund tool. The update includes access for taxpayers to view their refunds from previous years. Taxpayers can now view refunds dating back to 2019! The only information needed to access the Where’s My Refund tool is your SSN (or ITIN), anticipated refund amount, and the taxpayer’s filing status.
Taxpayers can determine precisely what the status of their refund is by using this new tool. This is very beneficial for budgeting and planning purposes. The refund status will either be in received, approved or sent mode. This feature essentially gives users a forecast of where their money stands. Once the refund is filed, taxpayers can begin seeing their refund status 24 hours after filing electronically, 3-4 days after filing previous years electronically, and four weeks after mailing. Information about your refund has never been easier to access and is at your fingertips. Visit www.irs.gov for more information.
The IRS is looking out for American taxpayers. For the remainder of 2022, the optional standard mileage rate has been increased by the IRS. For the rest of the year, taxpayers can receive reimbursement for using their automobiles for business travel and other similar purposes. Once mileage is calculated, drivers can determine what they’ll receive for their business travel expenses.
Taxpayers driving for business trips have a new reason to be excited! The standard mileage rate, once initiated, will be 62.5 cents per mile. The updated rate for moving (sector for active-duty people in the military) and medical reimbursement is 22 cents per mile. Both rates were increased by 4 cents per mile. These increases will be put in place on July 1, 2022, and will last for the rest of 2022. The only rate that did not receive an increase is the rate for charitable organizations, which remains at 14 cents per mile.
2022 has introduced all kinds of challenges worldwide. One of the main challenges America has been facing this year is inflated gas prices. The American average price for fuel is $4-$5 per gallon. Nationwide, all drivers must deal with the inflated prices to be on the road.
Out of generosity, the IRS adjusted the optional standard mileage rate for taxpayers. According to Chuck Rettig, the IRS Commissioner, the IRS made this increase to shine a light on the challenging circumstance of high gas prices. This change is unique because the IRS consistently updates these rates yearly. Any previous business travel costs should be calculated using the former rates before the increase. This information can be found in Notice 2022-03.
The IRS is not only generous but also flexible. If taxpayers would like an alternative to the business travel reimbursement, they can calculate the vehicle cost instead of the optional standard mileage rates. If you have questions, call us or visit www.irs.gov for more information.
The tool will provide three phases in which to track to refund:
- Return received
- Refund approved
- Refund sent
When the status changes from received to approved, the IRS is ready to send your refund via your chosen method. Keep in mind that the tool is updated once a day, so set a reminder for yourself to check it and stay on top of your refund.