The IRS and Refund Delays
Have you filed your taxes yet?
Last month, the Treasury Department officials said that the IRS has so many challenges this year that tax refunds could be delayed. They’ve had budget cuts and a greater workload due to stimulus checks from the last two years. Their staff has decreased 25% and they ended the year 2021 with more than 25 million tax returns left to process. However, there are steps you can take to avoid delays in receiving your refund.
File electronically: it’s faster, more accurate and secure. Choose direct deposit and, if there are no issues with your return, you should receive your refund within 21 days. If you’re going to seek the help of a CPA or professional tax preparer, make an appointment now. Start organizing your paperwork. Gather last year’s tax return and W-2s from employers or 1099 forms if you’re an independent contractor or freelancer. Your income must match what’s reported on the year-end statements. If you received unemployment benefits, you’ll receive Form 1099-G from the state and you’ll be required to pay taxes on them.
Carefully complete all forms. Check and double-check name spelling, taxpayer ID numbers, dates of birth, addresses, and bank account information, and you’ll need Social security numbers for all dependents prior to filing. Find all credits and deductions for which you’re eligible. Most errors occur with family-related credits and deductions. So double check your entries and your math. Finally, pray for our government when you submit your form.
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