As the end of the year approaches, you may be thinking about filing your taxes. You may have also noticed that the IRS is running a bit behind lately on sending tax refunds. How can you do your best to help prevent this from happening to you? While the IRS’ timeline depends on countless factors, there are a few things that you can do to make sure that your taxes run as smoothly as possible. Here are a few things to consider that may prevent a tax refund delay.
1. Submit Your Taxes Early
The easiest way to receive tax refunds early is by submitting your tax return early. If you’d like to submit taxes as early as possible this year, you can do so right after your company’s W2s are completed. Many employers have electronic W2 forms ready to send out as soon as December’s payroll is set. When you return to the office after the holidays, check-in with your accounting department about when they plan to release W2s. Remember, employers are required to send this form to you by January 31 or the next business day if the 31st falls on a weekend. As soon as you receive your Form W2, you can begin the filing process. Generally, the IRS begins processing tax returns in mid-February, and you could receive your refund (if you’re eligible for one) any time after that date.
2. Double-Check Your Math
While this may go without saying, incorrect calculations on a return can cause significant delays on your return. In the past, when returns were done by hand, it was important to double-check the math on every page of the return. That conscientiousness is just as important today when most individuals and businesses use electronic filing software to complete their returns. While the software itself will do most of the calculations, you still need to double-check your return for errant keystrokes, extra digits, or incorrectly filled boxes. Most electronic filing services offer a PDF preview of your completed return before it is electronically sent to the IRS. Make sure to take a few minutes to look over the return and confirm that everything is correct.
3. Ask for Your Return as a Direct Deposit
According to the IRS, providing your banking information for a direct deposit is one of the best practices you can use to receive your tax refund on time. Most electronic filing software will allow you to input your bank information for quicker returns. With the direct deposit option, the IRS doesn’t have to go through the steps of processing your return, preparing a check, and sending it through the mail. By cutting out these extra steps, you’re much more likely to receive your tax return in a timely manner.
Maximize Your Potential Tax Benefits
If you need guidance understanding your complete financial picture before taxes are due, reach out to a financial advisor at SageSpring Wealth Partners. We can help provide an analysis of your income streams and let you know if there are any tax credits you may qualify for. While tax season can be confusing, we’re happy to answer your financial questions to help you make informed choices while you’re filing. Contact SageSpring today to schedule a consultation!
