How To Get Faster Returns During This Tax Season

• The IRS began its 2021 tax season return on January 24, 2022.
• The IRS may not disperse tax returns in 21 days, as there is currently a backlog.
• Certain steps listed below can be taken to increase the chances of a faster return.

On January 24, 2022, the Internal Revenue Service (IRS) began accepting and processing 2021 income tax returns. During this period, individuals can begin their individual tax returns and can hope for a chance to receive their returns within 21 days. However, the IRS anticipates this is unlikely due to a backlog. Fortunately, some steps can improve the chances of faster returns.

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Cause of Slower Return this Tax Season 

Besides the current backlog the IRS is experiencing, a couple of reasons have contributed to the tax returns taking longer than usual to be processed. 

Human Error

Human error is one of the leading causes of long wait times to receive tax returns. When these tax forms are filled out incorrectly, it takes more time as an employee must review the filed contents. The main cause of these manual reviews is the incorrect information regarding stimulus checks and Child Tax Credit payments. Therefore, when filing your tax returns, review your information in detail, and ensure the values filled out are accurate. 

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Identity Theft

Another reason some are having their tax returns delayed is because of the risk of identity theft. For example, suppose the IRS suspects that there is fraudulent activity occurring. In that case, they stop the tax return process until they receive confirmation from the filer themselves that their information is accurate, theirs, and they are the ones who filed the taxes.

Steps to Get Faster Returns

The factors above indicate the factors behind the IRS slowing down and not getting tax returns done quickly. However, certain steps can be taken to ensure faster returns.

File Information Correctly

The IRS uses tax software to identify certain returns that may require further investigation. When information is filled out incorrectly, it may trigger a manual review, which will delay the duration of the tax return and lower your chances of faster returns. Thus, it is crucial to double-check the information to ensure its accuracy when filing returns. 

Sign up for Direct Deposit

Another factor that could play a role in receiving faster returns is by signing up for a direct deposit. When a direct deposit is not available, the IRS has to mail a physical check, which may take longer to process, resulting in longer waiting periods. Signing up for direct deposit eliminates the process of receiving a physical copy of the money you are depositing and will deposit the funds into your account instantly. 

If you do not have a direct deposit account, open an account with CapWay today. Our bank account has no hidden fees, and you can sign up for direct deposit. If you wish to open your account today, click here to get started. 

Keep All Relevant IRS Documents

Another cause for the delay in returns being released is the lack of relevant documentation. In late December 2021, the IRS started sending out letters regarding Advance Child Tax Credits. The IRS stated not to lose/get rid of these documents as they will be helpful and needed when filing tax returns. 

Furthermore, if the amounts filed out do not coincide with the values stated on these letters, it will trigger a manual review, hindering the tax return process and reducing your chances of faster returns. 

Deadline to File Taxes for Tax Season

Typically, the filing season ends on Friday, April 15; however, as there is a D.C. state holiday on that date, tax filing deadlines have been extended to April 18 for most states. For Maine and Massachusetts, the deadline is April 19 as Patriots Day is on the Monday taxes are due. 

Although the tax preparers have until mid-April, it is better to file sooner than later. As mentioned earlier, due to the backlog the IRS currently has, there is no guarantee the tax returns will be reimbursed within 21 days. 

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By filing your taxes sooner, you may receive faster returns once the backlog has been cleared up. Furthermore, it is recommended that you file your tax return on time, as if it is not done by the deadline, you are subject to interest on outstanding taxes and penalties. If you are unsure how to file taxes or need help, the IRS has a Volunteer Income Tax Assistance program, which helps people prepare their tax returns. 

If you wish to know whether you qualify for the Volunteer Income Tax Assistance, click here.

Like other government agencies, the IRS has its own set of problems, mainly its current backlog. By poorly filling out your tax return, you hinder your tax process, contribute to the backlog, and ensure your tax return to make more than 21 days. However, following the steps mentioned above regarding how to expedite the tax return process would give you a higher chance of receiving faster returns during this tax season.

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