• Ann Wood

Don’t Delay in Filing Taxes

Given the news about operational issues at the IRS and existing aggravation from the ongoing pandemic, we find it frustrating, but more important than ever to file taxes as early as possible. This will allow you to be eligible to receive refunds quicker, and also gives you more time to pay tax bills. The earlier you start, the more time you have to plan for tax payments so that you can have a less stressful tax season.

The tax filing deadline this year is April 18, 2022. Treasury officials do not anticipate an extended deadline. On top of this, the IRS is heading into the busiest time of year with a workforce that has been decreasing significantly.


What does this mean for taxpayers? To improve the odds of a faster tax return and refund processing, taxpayers should consider taking some preparatory steps for the upcoming tax season. This includes filing your taxes digitally and providing direct deposit information instead of receiving paper checks for your returns.


Officials have said that electronic filing may become your biggest asset when filing taxes. Paper returns often remained unprocessed, due to the mail backlog that has since increased since the beginning of the pandemic. For taxpayers, this means delayed refunds and incorrect penalties for late fees.


In addition, it is important to check the IRS website when faced with tax-related challenges this season, as they have been experiencing low levels of customer service from flooded phone lines.


Most importantly, taxpayers should double check the accuracy of their tax returns before filing. Mistakes that need additional reviews may move more slowly this tax season due to the existing backlog.


To ensure that your tax filing runs smoothly, consider filing electronically and earlier than usual to avoid the potential mishaps. By preparing early, you have time to avoid mistakes that could lead to further delay. You may also want to consider hiring a tax professional to help ensure the accuracy of your filing.




Sources:

https://www.washingtonpost.com/us-policy/2022/01/10/treasury-irs-filing-season/

https://apple.news/A-R69MkctQ0GDAiM_qMJx4Q

https://money.usnews.com/money/personal-finance/articles/the-benefits-of-filing-taxes-early

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