How Tax Consultants Can Help You Avoid Processing Delays to Get Your Refund ASAP
When it comes to getting a tax refund, most of us don’t want to wait around for it. This isn’t surprising, because many households put this money toward necessities or paying down debt. In addition to this, tax refunds aren’t just free money, they’re money that the government owes you for overpaying your taxes throughout the year! Unfortunately, it’s easy to make mistakes that could delay your refund. Keep reading to learn how to avoid these mistakes and how tax consultants can help you get your refund ASAP.
File your refund electronically
Whether you file on your own or with help from a tax consultant, your best option is to file electronically. The IRS estimates that most taxpayers who file electronically receive their refund within 21 days, especially if electronic filing is coupled with direct deposit.
Returns that aren’t filed electronically have to be manually reviewed, which can significantly delay refunds. In 2022, paper returns took up to six months to be reviewed and refunded.
E-filing also helps reduce the number of errors and identifies potential tax credits or deductions. However, you should still take time to review your return and make sure that there are no typos and that all the information included is accurate.
Make sure your routing and account numbers are correct
Direct deposit goes hand-in-hand with e-filing. You need to do both to be able to get your refund as soon as possible. Your refund can even be split across multiple accounts.
That’s why it’s important to make sure that the bank information you’ve provided the IRS with is correct. Incorrect routing numbers can delay a refund or even lead to it being deposited into the wrong account. Processing may also be delayed if the name on the account doesn’t match the name on your return.
Gather all of the appropriate documents
It’s important to make sure that you have all the appropriate documents, like W-2s and 1099s, and any documents that will be sued to support deductions and credits before filing your tax return. It may also be helpful to have the previous year’s tax return.
If you don’t have these documents, you might think that it’s ok to estimate your income or other important numbers, but when it comes to the IRS, you have to be precise. Estimating these numbers could lead you to file a tax return with a number that’s different from what the IRS knows you owe or should be returned. This kind of discrepancy will delay your return and refund for weeks or even longer.
If you’re not sure what documents you’ll need, you can use our tax preparation checklist to make sure you have everything you need.
Use the correct filing status
Filing statuses in the United States include single, married filing jointly, married filing separately, head of household, and qualifying widower with dependent child. The status that you file with will determine your standard deduction, eligibility for tax credits, and overall tax burden. If you file a tax return with the incorrect status, the best-case scenario is that you’ll have to file an amended return, delaying your refund. The worst-case scenario would be that the IRS suspects fraud and investigates.
It’s best to get your status right the first time. Tax consultants will help you make sure that you’re filing status is correct.
Double-check personal information
In addition to your personal information, you need to accurately list the name, date of birth, and social security number of each person you’ve claimed as a dependent on your tax return. The social security number and individual’s name on the tax return need to exactly match what is printed on their social security card.
Take a second look at your return
Double-check your return before filing it. It’s important to check your math, make sure your social security numbers are correct, all names are spelled correctly, and that your return is signed. Even small, common mistakes can delay processing and your refund.
Professional tax consultants can help you avoid these mistakes. They typically have systems in place that will find typos. However, it’s still important to make sure that all names on the return match the spelling on their social security card.
If you were recently married, you’ll also want to ensure that the name on your tax return is the same as what’s on your social security card. You don’t want to use your new last name if your social security doesn’t match yet!
Finally, make sure to sign your return! If you send an unsigned return to the IRS, you might as well not send a return at all, because it will be invalid. It will be returned to you to be signed, and by the time it’s sent back, you’ll have to go through the entire process all over again. Get your refund sooner by making sure there are no mistakes the first time!
Claim the correct dependents
A common issue that delays return processing and refunds are claiming dependents who have already filed their own return and claimed themselves as an exemption. This commonly happens in families with older kids, usually in college. The best way to avoid mistakes like these is to coordinate with your kids ahead of time. If you don’t coordinate beforehand, and your child files their return before you, your return will be rejected.
Let the Phoenix Tax Consultants help you get your refund ASAP
This is a lot to have to keep in mind when you’re just trying to figure out how much you owe or should be refunded. Make it simple by letting Phoenix Tax Consultants do the hard work! We’ll make sure that your tax return is error-free so you can get your refund as soon as possible.
When you let an expert tax consultant from the Phoenix Tax Consultants team handle your taxes, you can be sure that your tax preparation will be completed quickly and accurately. We also pride ourselves on our customer service, which is why we do our best to provide prompt replies to your questions, value-added planning, tax-saving recommendations, and more.
With more than 30 years of local tax preparation, tax planning, and audit experience, why would you trust anyone else with your tax preparation? Schedule an appointment today!