The two mistakes to avoid when filing for your IRS tax refund
The 2023 tax season is drawing to a close, the deadline is Tuesday 18 April. Here are two mistakes to avoid when requesting your IRS refund.
Tax season is drawing to a close.
As of January 23, the Internal Revenue Service (IRS) began to receive and process tax returns for the 2022 fiscal year with a 168 million of taxpayers expected to file a income declaration.
Nearly three months into the tax season, the agency is preparing to close the window for timely submission of tax documents, with the deadline to file your income tax return coming Tuesday 18 April.
However, there are states such as Alabama, Arkansas, California, Georgia, Mississippi, New York and Tennessee that extended their deadline due to a series of natural disasters. If you do not reside in one of the area approved for an automatic extension by the IRS, you can request an extension to delay the tax filing deadline to October 16, but you will have to pay any taxes due to avoid late penalties and interest accurring.
The Two Mistakes to Avoid When Filing for Your IRS Tax Refund
If your 2022 return is correct and you did it on time crossing your t’s and dotting your i’s, all that remains is to wait for the IRS to issue your tax refund.
In order to receive payment as soon as possible, the agency recommends avoiding two errors that will make your wait take longer: Requesting a refund via snail mail and carrying out the process in the traditional way, that is, filling out the physical paper forms and submitting them through the postal service.
The IRS recommends that you file electronically and request that the refund be deposited directly into a bank account will speed up the receipt of the your corresponding payment in a maximum of 21 days after your return has been processed.
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Avoid the 'reimbursement advances'
According to Carlos Guamán, an expert in finance and tax matters; it is also recommended to avoid the ‘refund advances’ offered by tax preparation companies, since the refund advance works like a loan, and therefore carries an commission in order to be able to process it.
“You are paying for your money, it is illogical, better give your account number and your bank routing number and they will deposit [your refund] directly. And it will almost arrive with the same speed and you’ll save money”, Guamán told Univisión.