Reasons Your Tax Refund Could Be Delayed
You have worked hard all year, and tax return season is here. The last thing you would want is to have your refund delayed. The turnaround time for tax returns has sped up over the previous several years, but there are simple errors you could be making to delay your turn. Read on to learn why your refund might be delayed this year.
Why Is My Tax Refund Delayed? What Could Cause My Tax Refund To Be Delayed?
Submitting an Incomplete Return
It makes sense that if you complete an application without all the information, you’ll need to do it again. The same goes for your tax return. If you fail to put all of the required information, it will cause a delay in your return. Common mistakes include omitting your W-2 or 1099 forms. You should consider hiring a professional tax service to review your return for accuracy.
U.S. tax code can be very complicated, and the IRS will delay your return because of math errors. Common mistakes include taxable income and child care credit. Errors from taxes that you withhold or pay are more than likely going to delay your return. Using tax preparation software or having it done by a professional can avoid these mistakes.
Filing your return too early or late will cause a delay in getting your funds. If you wait until the last minute, you can also experience a long delay. Many others are trying to get their returns done at the last minute, and you’ll likely wait longer to get your money, especially if you are filing a paper return.
Inaccurate Direct Deposit Information
One of the quickest ways to get your refund is to file and use direct deposit electronically. However, always check your entry multiple times to ensure the correct numbers are listed. A small error can delay your tax return by several weeks or even months.
Using a Paper Return
Electronic returns are always going to be faster. It takes, on average, about half the time to receive your electronic refund compared to paper. Paper returns must be manually entered into a computer system, which could dramatically slow the turnaround time.
A tax return free of errors filed electronically and using direct deposit is the quickest way to get your return. Use the other suggestions above to ensure you get your money on time.
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