Income tax-filing season started on January 28 and the tentative government shutdown and reopen has tax returns on everyone’s mind, especially when the IRS is one of the agencies that is unfunded while our government is closed. Despite the uncertainty of a future shutdown, the IRS will still pay tax refunds, according to the White House.
Many American families rely on getting money back in their annual tax refund. The average refund was more than $2,890, according to the IRS. And, by some estimates, more than 70% of Americans expect to get money back.
Following these tips will help you to get your tax refund quicker.
Get your tax return filed ASAP
The faster you get your taxes filed, the sooner you’ll see your return. Filing as soon as the window opens lowers the risk of refund theft. Tax refund theft has been on the rise in recent years. A fraudster steals personal information and then uses it to file a fake tax return, taking the refund amount for themselves. Then, when the real taxpayer goes to file their return, they’ll get an error message saying they’ve already filed. It could take months for the IRS to verify your identity, sort out the fraud, and get you your actual tax refund. It’s better to file early and avoid the risk altogether.
File your taxes electronically
Paper tax returns are time consuming for the IRS to process. An employee at the agency has to manually input and process your records. The IRS estimates that it takes roughly two weeks to process an e-filed return – versus six weeks to process a paper tax return. Continue reading