The IRS issues most refunds for e-filed returns in less than 21 days of acceptance, but it is very possible that a taxpayer’s refund may take longer. Why is that, and how can you avoid unnecessary delays?
Tax returns and tax refunds are unique to each person. The first, and most important step, is to get your tax return, with the correct information, to the IRS on time. Only upon receipt can the IRS start reviewing your information. Do this as early as you can, depending on when you have received all your relevant paperwork and forms. The closer to Tax Day, the busier the IRS gets and the longer it may take to receive your refund.
Some tax returns need additional time to review, taking longer to process them. If you have particularly complicated tax returns, they will take more time. This can be the case for taxpayers who own multiple homes, have dependents, investments, or are sole proprietors. Are you claiming any children as dependents on your tax return? By law, the IRS cannot issue refunds for people claiming the earned income tax credit or additional child tax credit before mid-February.
It can take banks or other financial institutions time to post the refund to the taxpayer’s account. It can take even longer for a taxpayer to receive their refund check by mail. When you file your tax return, be sure to sign up for their direct deposit option to help speed up delivery.
As mentioned above, getting the correct information in the hands of the IRS on time is the first step. It is also the only step you have real control over. It can take even longer for the IRS to process a tax return that has errors. Let us help you get organized so that you can get your refund as quickly as possible! Contact Elevate Accounting Solutions today.