As a taxpayer, you may suffer from a tax refund delay in many cases. These include computational errors, incomplete tax returns, and incorrect deposit information. You may also observe refund delays in case of social security number mismatches, early or late tax filing returns, and tax return amendments.
However, there are ways that you can avoid these delays. Here are some of them:
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Keep copies of your prior tax records
Inaccuracies and incomplete information in returns cause many tax refund delays. Having and using information from prior years’ tax returns can help you minimize these as much as you can. Ideally, you should maintain copies of your prior tax records for at least three years.
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Be well prepared
If you’re not well prepared to file your tax return, you may experience delays in getting your tax refund. This is why you should strive to create a file of all necessary tax forms such as W-2s, as well as 1099s, and other mandatory forms. You should get these from the related institutions and banks throughout the month of January.
If you have received all the forms you need to file your taxes accurately and completely, you can attempt contacting your employers or the related institutions.
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E-filing
You can minimize the amount and extent of computing errors on your tax returns by electronically filing your taxes. Keep in mind that more than 90 percent of all tax returns filed nowadays are filed electronically.
It is much easier for the e-filing software to spot and check for errors. This is in contrast to paper returns which increase the likelihood of mistakes. Many, if not most tax professionals also have the ability to e-file returns.
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Direct Deposit
You also have the option of having your refund check deposited directly into the bank account of your choice. This reduces the chances of your refund check getting lost, stolen or undeliverable. However, you must check your bank’s routing number and account number to avoid that your refund be deposited in the wrong account.
In addition, the IRS requires you to indicate whether you had an individual health insurance plan throughout the course of the year in order to electronically file your return. You are also required to indicate if you qualify for an exemption or are under an individual mandate penalty.
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