Tax refund money could be a great bonus after paying taxes, and who doesn't like extra money at the beginning of the year?
For a few people, the tax refund money could be helpful to receive at the beginning of the year. But in case of a delay, you can always contact a small business tax advisor, who can help you by charging you less.
Reasons behind Tax Return Delays
There are a few reasons behind tax refund delays, which could be any. Here we have covered the most common reasons behind delays:
- Filing of a paper return
The amount of tax returns filed electronically is relatively high compared to paper ones. The primary reason is that the paper returns are lengthy and take time to review. You may have done something wrong while filing your return.
- Filing of an Amended Return
If you receive an updated tax form or have changes after you file and process the return, you also should file an amended tax return. For example, if you are amending a tax return from the last three years of tax season, you can file it electronically.
- Filing of an injured spouse claim
If there's a reduction in tax refund amount to pay off the debts accrued by your spouse, you can file for an injured spouse claim to get a share of the refund by filing an injured spouse claim. However, one thing to note is that you should not be responsible for the debt.
- Application for Taxpayer Identification Number (ITIN) With Return
Taxpayers require a tax identification number to file taxes. It is usually the Social Security number which is enough. If you do not have a Social Security number, apply for an ITIN.
- Requesting a Tax Refund Withheld Using Form 1042-S
If you are not a U.S. Citizen but have U.S. income, you may need to use Form 1042-S.
Conclusion
We understand nothing is more frustrating than waiting on the delayed money you owe. It would be best if you did not worry as there are a few reasons in your control, and these can help you get a refund sooner. One thing to remember is that if you want to get a fast tax refund, always file electronically, set up a direct deposit method, and don't forget to double-check your tax returns for any errors before you file. It is better to get the help of
small business tax planning in Minneapolis if you are a small business because taking help is always better than getting stuck.