Wednesday, May 22, 2013
As many people found out in 2013, filing your 2012 tax return got a little interesting. They found out the hard way that filing early really didn’t help anyone this year as returns were not processed by the IRS until after January 31st.
This was mostly due to the sweeping changes made in the tax code the previous year with all of the Bush-era tax cuts ending and the changes made by the passing of Obama’s health care initiative.
All of this had to be analyzed and added to the tax code which made the refund delay for many people. Of course, if you waited until after January 31st and filed in any usual manner, the tax refund schedule was normal for you. You still had the typical schedule for your return whether you chose standard or e-filing options.
What about 2014?
Thanks to the government shutdown, millions of Americans may experience delays once again on their tax refunds. The delay may be up to two weeks. This affects people who are used to filing their taxes early. Due to needing additional time to complete their tax-processing system, the Internal Revenue Service, (IRS), will not process returns until the twenty-eighth of January. www.easyincometaxfilingonline.com/tax-refund-schedule-dates/
Also, since a huge extension was given to those needing to file their return late, the schedule that many followed this year will not be the same next tax season and most will see the schedule from previous years which they had become used to.
E-filing still should get you your tax refund within 14-21 days while those filing by hand can expect the normal 4-6 week processing.
Now this situation could change quickly if there are any changes to the tax code so stay tuned and see what happenings in Congress or the White House could affect the IRS’ ability to process returns quickly like they did before 2013.
As far as any economic impact goes, the only impact may be to tax preparation services who may not open as early in the year as to avoid the same situation in telling customers they won’t get their refund as quickly as they hoped and yet still justifying their fees to customers.
Making Sure You Get Your Refund Fast
Besides the IRS's own obstacles to providing refunds, many times refunds are delayed because of mistakes made by the tax payer. Tax payers who use TurboTax Online have a very low instance of filing for refunds that get delayed because of missing information, or that get rejected for any reason.
The TurboTax online program takes your information and tests it against IRS rules and best practices, and all along the way of using TurboTax to create your tax return, you have a side by side companion who is watching out to make sure the return you file is accurate, and gets you the highest possible amount of money back from the government.
The Benefits of Filing Your Taxes with Turbo Tax
We recommend that you file your taxes with TurboTax as it will make the tax season so much easier. When filing with TurboTax they will ask you questions regarding your tax situation and will fill out all the correct IRS tax forms for you.
They will let you know which tax deductions and credits are applicable to you so you can keep the maximum amount of your money. You can even use their free tax refund calculator to see how much money you can expect to get back.