Normally when you file your taxes whatever money is owed back to you is quickly repaid. The process of getting your money back has been made even quicker in recent years through the use of E-file and direct deposit of Federal tax rebates. But starting in 2015 Federal tax refunds for the 2014 fiscal year are going to take longer for Americans to receive. A lot longer.
The deadline to have your Federal taxes filed will remain April 15th, but under new directives issued to the IRS no refunds are to be issued before October 15th, 2015. This means that early filers who normally receive their refunds around the beginning of February will have to wait an additional 7 months longer than normal to get the money owed to them.
The directive to delay tax refunds is being championed by the Obama administration, which claims that the measure will save the Federal Government billions of dollars. Every year the Federal Government returns around 350 billion dollars of what it has collected. By withholding repayment until October the Government stands to save an estimated 30 billion dollars on borrowing costs and additional interest generated from the withheld funds.- Continue HERE, and spend wisely.