Last week’s blog went over smart ways to spend a tax refund. With the average tax refund being at over $2,000, you could set aside money to prepare for an emergency or resolve other financial issues in your life. The IRS will process most tax returns within three weeks. However, there are tax filing mistakes that may delay your refund.
- Inputting the wrong Social Security number. The IRS uses your Social Security number to verify your tax return. If you put the wrong Social Security number on your return, then your tax refund will be delayed. You may be able to avoid this error by e-filing your return. E-filing software may catch these types of errors before you submit your return to the IRS.
- Math and computational errors on your return. Your tax refund could be delayed if your return contains math or computational errors. If the numbers you put on your tax return do not match what is on your other documents, such as your W-2, then your refund may be delayed. Errors made while claiming deductions could also delay your return. Certain types of e-filing software may alert you to these mistakes before your return is completed.
- Providing the wrong direct deposit information. E-filing services allow you to direct deposit your refund into your bank account. However, your refund could be delayed if you provide the e-filing software with the wrong account or routing number. Your bank would not be able to process your refund. You may avoid this mistake by double or even triple-checking your direct deposit information.
- Omitting information from your return: Your refund could be delayed if certain information is missing. For instance, your return may not be processed if you did not include your Social Security number or other important identifying information. E-filing software may help you avoid these types of mistakes.
- Including the wrong names: If you misspell your name or the names of your dependents, the IRS could delay your refund. This can also be a problem for people who have recently married and changed their names.
Where Can I Get Help with My Taxes?
Kansas City has multiple Volunteer Income Tax Assistance programs (VITA programs) that help individuals file their taxes. However, these programs also have income requirements. We encourage you to review what we have written about VITA programs in Kansas City for this tax season.
If you have questions about options for resolving back taxes, then you should speak with a Kansas City bankruptcy attorney at The Sader Law Firm.