Tax Filing Information

It's tax season and filing taxes usually brings questions. For some the question is as straight forward as how do income taxes actually work? And for others it is about the process, such as now that I've filed when will I receive my refund?

How do income taxes work?

The tax process starts with income, and generally, most income received is taxable. A taxpayer’s gross income includes income from work, investments, interest, pensions, as well as other sources. The income from all these sources is added together to arrive at the taxpayer’s gross income.

From gross income, adjustments are subtracted. The result is the adjusted gross income.

From adjusted gross income, deductions are subtracted.

Once deductions have been subtracted, the result is taxable income. Taxable income leads to gross tax liability which is determined by your filing status and tax bracket.

When your income jumps to a higher tax bracket, you don't pay the higher rate on your entire income. You pay the higher rate only on the part that's in the new tax bracket.

Read the complete explanation with details at How Do Income Taxes Work? - Wealth Planning Corporation

When will I receive my refund?

If you have filed electronically, check the status of your return by using the IRS' "Where's My Refund?" tool which is available 24/7. It is easy and fast. The information is updated once daily. You will need the following information to check Social Security number, filing status, and exact refund amount.

For most filers refunds are issued in 21 calendar days. A few reasons for delayed refunds include incomplete or inaccurate returns, bank processing times, and Earned Income Tax Credit corrections. Visit the Refund FAQ's for more.

When are taxes due?

Remember for most taxpayers to file, pay taxes dues or request an extension the deadline is April 15, 2025.

Where can I find more information?

The IRS.gov has a wealth of information and free tools available to help all tax filers. There is also a Tax Time Guide for 2024 available online for your reference at IRS.gov