We’re in tax return season, which means some American families will receive a tax refund.
- However, sometimes you might file your tax returns incorrectly, and that could result in a delayed refund.
- We’ve gathered a number of tax refund tips from Desert to ensure you receive your refund on time.
1. Don’t file before you are ready — Filing your taxes before you are ready could result in delays since the IRS may not have all the information they need, Forbes noted.
2. Keep an eye on the child tax credit information — The child tax credit payment for 2021 will be smaller for many American families, according to Deseret News. However, you will have to file some paperwork with your tax return in order to claim the child tax credit. Please make sure you fill out your tax return correctly.
3. Avoid entering incorrect information – It’s pretty straightforward. In any case, you should ensure that all the information is accurate in order to avoid any major delays, according to Forbes.
4. Cryptocurrency is key — Make sure you accurately report your cryptocurrency earnings (if you have any) to the IRS. There are some tips on how to deal with virtual currency forms for tax returns.
Keep in mind: The IRS can take some time to send out refunds. In other words, despite the fact that your forms are perfect, there can be a delay.
“In many areas, we are unable to deliver the amount of service and enforcement that our taxpayers and tax system deserves and needs,” said IRS Commissioner Chuck Rettig, according to Marca.
“This is frustrating for taxpayers, for IRS employees and for me.”