Critical IRS Issues That Could Delay Your Tax Refund
Did you know that the IRS issues more than 90% of tax refunds within 21 days. That’s pretty fast! This speed has improved significantly with the help of the internet and more people e-filing than ever before. The IRS says that the best way to ensure a fast refund is to:
- File electronically: Using e-file with direct deposit is the fastest option for taxpayers.
- Submit an error free return: The fewer the errors, the faster your refund. Filing electronically remains the best way to help ensure an error-free return because many tax software programs catch very common errors. Certain taxpayers, like those claiming the adoption credit, will still need to file paper tax returns so that they can submit required documentation. Paper returns take longer to process.
- Double check your personal information: Your refund will arrive more quickly if all the information on the return is correct. Double check your Social Security or taxpayer identification numbers, address, and bank and routing numbers if opting for direct deposit.
The most critical issues that delay taxpayer’s returns each year are:
- Submitting return via mail: If you choose to submit your return by mail, your refund will usually be issued within six to eight weeks from the date it is received. This is a big difference from the 3 weeks when filing electronically, so do what you can to e-file!
- Submitting incorrect information: Anything that requires the IRS to check or verify your information will automatically delay your refund. Social Security Numbers are critical – if you key in an incorrect number that does not match the Social Security Administration’s records, your refund will be delayed until this is resolved.
- Omitting Information: The IRS receives all of the income statements that you do. If you neglect to include all income on your tax return, you will encounter a delay. This is the case even if you do not receive the 1099 (or other income form). It is your responsibility to track down and submit this information.
- Computation Errors: Math errors are a very common reason why the IRS has to take more time with your return. So, double check your calculations, especially if you are not using online tax software.
- Forgetting to sign your return: Whether you submit your return by mail or e-file, you must sign and date your tax return. This is one of the most common errors made by taxpayers each year.
The IRS offers a very useful tool to check the status of your refund. The “Where’s My Refund” tool on IRS.gov and the IRS2Go smartphone app provide information about refund status about three days after the IRS acknowledges receipt of your e-filed return, or four weeks after you mailed a paper return.
Success Tax Relief is a full service tax firm located in Houston, Texas, with 30 years of experience managing a wide variety of tax problems for those in the Houston area as well as around the country. If your refund is delayed or you have been contacted by the IRS because of a problem with your return, give us a call at 1-877-825-1179 or contact us using our online form. We can work with you and the IRS to solve many tax problems.