In today’s article, I am going to give you the top reasons why your tax refund might be delayed. Some of these reasons are things you might be able to stop doing to get your refund even faster; I’m going to teach you what those things are. This article is going to help save you time from being on the phone with IRS regarding your refund and also it’s going to give you peace of mind.
If you are filing your tax refund by paper or you have been in the past stop it take that paper and throw it out no more paper for you, rather do it electronically. It’s more secure, the IRS will love you, and you get your refund so much faster. How much faster? We are talking about a month faster if you do the electronic filing.
Once again no paper you do not want a paper check make sure that you had your bank account information entered and so that money can go directly into your bank account. Direct deposit is safe, simple, and secure. With that bank account though, make sure your spouse’s name either you or your spouse’s name is on that account. If your name is not on the account that’s where you’re going to run into issue; so make sure whatever account you set up or where you want that tax refund to go make sure your name is on it you’ll have no problem. Click here.
The reason is the IRS is holding those tax refunds in order to look at those credits extra carefully there’s been a lot of fraud over the years regarding the credits and they want to make sure that credit you are claiming is legitimate. That’s why they’re going to hold on to that money a little bit longer.
In a nutshell, what this is if you file a joint return and your spouse let’s say owes money to put student loans first-ever like to pass through student loans this is just one example then the tax refund expected to be received might be intercepted by the government or state agency and taking the pays off those student loans. The state, local, and federal governments do have that power to intercept your tax refund to pay off debt.
The last and final reason why your refund are being delayed is the IRS have to take extra time and be extra cautious to make sure that information on your return is correct before they can release the money to you and they just wanted more time to process your return and more times to review that is why it’s taking longer.
Unfortunately, the IRS in the past two years watch millions upon millions of dollars and so I think going forward they’re going to be even more careful and I just would anticipate refund taking longer and longer in the future so just be aware of that and realize that your tax refund could be delayed because of the fraud that we have to deal with at this point. Find out more at https://www.taxreturn247.com.au/how-it-works