Some parents may have a months-long delay in receiving their tax refund.
Because so many people have already filed their taxes this year, this year is a little different than the previous year… especially if you are a parent who received advanced child tax credit payments in the first place.
The Internal Revenue Service began sending monthly payments to people who qualified for the child tax credit last summer.
“It’s been significantly expanded for 2021.” Dr. David Ritter, an associate professor of accounting at Texas A&M Central Texas, stated the figure was “almost double what it was projected to be in 2020.”
These payments, combined with COVID stimulus checks, are making this year’s tax season a little more difficult than in previous years.
“In the past, you could simply obtain your tax forms, sort of put them together, and then proceed to file your returns.
In addition to the child tax credit and the stimulus check, there are a number of other factors that must be considered when filing your tax return, and if those factors are not taken into consideration, there is a high likelihood of a filing delay,” Nicholas Jones explained. Certification as a Certified Public Accountant (CPA).
Simply entering information improperly can result in your return requiring human verification by the Internal Revenue Service…a procedure that is already being held up due to the pandemic’s effect on the country.
“It used to take anywhere from 3 to 6 weeks for that to be addressed. Currently, we’re looking at 3 to 6 months for someone to manually process that return, and if you’re in desperate need of the money, there’s really no reason to rush with inaccurate information.” Jones expressed himself.
The good news is that there is assistance available, which is frequently free, to ensure that you do not overlook anything when completing your taxes.
“People who don’t make a lot of money should try to check into the Voluntary Income Tax Assistance or VITA program,” says the author. “Which is offered by virtually every municipality in the area,” Dr. Ritter explained.
Make sure all of your information is entered accurately and seek assistance if necessary, or you could be forced to wait months for your tax return as a result of a software error.