April 22, 2023The majority of taxpayers know that filing their taxes early on can be more rewarding, reducing the time they have to wait before getting refunds and tax credits. With that said, many people have their refunds delayed even after filing their taxes on time, sometimes because said refunds are being held by the IRS. In this blog post, our certified tax preparers explain the reasons why the IRS may choose to hold a taxpayer's refunds.
Tax Refund: What Is It?A tax refund is a credit balance or a tax credit that the taxpayer gets in certain cases, namely when the amount on their taxes is lower than the amount that's been retained on their tax year expenses. The Internal Revenue Service (IRS) gives back the credit that's been withheld by a third party.
How Long Does It Take To Get an IRS Refund?If you file your taxes on time, your refunds will be promptly delivered to you. After filing your physical or electronic taxes, the IRS takes a week to verify your information, followed by a twenty-one (21) day period before the refunds are transferred back to you. To get your refunds in a timely manner, your tax returns must be free of errors or omissions.
Why Aren't I Getting My Refunds on Time?If 21 days have passed since you filed your tax return and you still have no news on your refund, there might be some errors in your tax calculation or inaccurate information in any of the items related to the credits you qualify for. In some cases, taxpayers become victims of identity theft or fraud, so a third party is the one receiving the payments. These are all factors to consider while going over your case.
Why Is My Refund Lower than the Amount on My Tax Return?If the amount you get sits below the number indicated on your tax return, the IRS has likely kept a part of your refund money to cover a pending debt. You can contact an IRS agent to check if you have to cover a tax debt or any pending payments attached to children/ex-spouse allowances, unemployment, etc. You can also ask a tax preparer to walk you through the process as you clear out your debts.
Contact Our Tax Preparers and Get Your Refund without a HitchUnited Tax & Accounting Group has the best tax preparation services to help you and your company as you plan your taxes. We make the process simple for you, even if you're not fluent in the English language, helping you make the best of your refunds without missing any deadline. We also provide a reliable at-home tax preparation service to meet the expectation of every taxpayer in Florida. Our technology can easily keep tabs on your tax credits, and an impeccably professional track record allows us to satisfy our clients' needs when it comes to accounting and tax preparation.
Hire a team who has tried hundreds of cases & successfully obtained favorable results for thousands of clients.