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
If you haven’t already started getting ready to file your taxes, now is definitely the time. Yes, it is that time of year again. April 15th is just around the corner and that means tax filing time. Read top article!
Nobody likes to prepare tax returns. Okay, maybe accountants but that is about it. The key is to minimize the pain by having a plan and following it. The plan should be broken down into parts. Accomplish one part every other night, and will be done before you know it.
The first step to your plan is to get organized. Depending on the complexity of your tax return, this can be a quick task or a longer one. If you run a business and must file a Schedule C, you are going to need to allocate some serious time to getting your expenses and revenues together. If you don’t run a business, getting your tax documents together can be done in a few minutes since you should only need a W-2 and a few 1099s if you have dividend income or what have you.
It goes without saying that his has been a year for the ages from an economic perspective. I don’t mean that in a positive way. What if you just don’t have time to deal with your taxes right now as you try to keep everything together in your life? Well, you can file for an extension to file your return. The extension is automatically approved for six months. You want to send in Form 4868 on or before the tax deadline. visit http://www.taxreturn247.com.au today!
Although the extension to file a tax return is automatic, the deadline to actually pay the taxes you owe is still April 15th. This seems a bit strange since one must wonder how you are supposed to know what you owe before preparing your tax return, but who are we to question the government? Just eyeball it and send in the money you think will be owed. You can always get a refund if it is excessive.
Given the current economic climate, you might not have the money to pay your taxes. This is certainly understandable. You should still go ahead and file your tax return. Remember, the return is for 2015, not 2016. You might have a refund due from last year, which would be money you could use. You also might have had serious losses you can use to get a refund. Don’t just assume you’ll owe.
All is not lost if you do end up owing money for 2015. The IRS is fully aware that people are having problems. The agency will stay with you as long as you stay in the system, which means filing tax returns. The agency may put you on a payment plan or, if you are wiped out financially, the agency may just dismiss the entire tax you owe. The point is the IRS will not just go after what little you have set aside, so don’t worry about it.
Tax time can be a stressful period for millions of Americans in the best of times. These are not the best of times. Don’t let your taxes get you down. Cut the process up into bite sized chunks and take it one step at a time. You’ll be done with the dastardly task before you know it.
Now that the tax return period is over, at least for those who did not file for an extension, there is always the temptation to push away all the tax preparation documentation and move on into new things. However, before you toss aside your tax documentation, you need to know that the IRS expects you to file your documents for at least 3 years. This is because the IRS can audit your returns up to three years from when you filed them. However, if you had understated you income in any given year by over 25%, the IRS can audit you after 6 years of filing such an “erroneous” return.
Finally, if you had submitted a fraudulent tax return or did not file a tax return at all, the IRS can audit you indefinitely. Therefore, even if you filed your tax returns correctly, you should still keep your tax return documentation for at least three years, just in case. However, note that there are many States that require taxpayers to keep tax documentation for at least four years. Therefore, to be safe, it would be best to keep your tax support documentation for at least four years after filing returns.
However, there are still other documentations that you may need to keep for a longer period for various reasons:
For the rest of the support documentation such as paystubs, copies of your tax returns, fund distribution forms, investment records, bank statements, medical bills, and any other support receipts, you can file them for the four year period. When you can safely establish that you will not require them again, you can and should destroy the documentation (an option is to shred them) to protect your private information. However, it is always advisable to keep an electronic file of all your documents for future reference.