It’s tax return season, meaning some American families will be entitled to tax refunds when it’s all said and done.
- That said, you might not always file your tax returns correctly, and that could impact your tax refund and how fast you get your tax refund.
- We’ve collected a number of tips to help you receive your tax refund on time.
Don’t file before you are ready — Filing your taxes early could cause a number of delays because the IRS won’t have all the necessary information needed, according to Forbes.
Keep an eye on the child tax credit information — Many American families who received the child tax credit payment throughout 2021 will see a smaller return, as I reported for the Deseret News. But there is some paperwork associated with the child tax credit that you’ll need to file with your tax return. So make sure you file that correctly when filling out your form.
Avoid entering incorrect information — This is a pretty simple one. But you should try to make sure all of the information should be accurate so that there aren’t any major delays, per Forbes.
Cryptocurrency is key — You’ll want to make sure that you declare your cryptocurrency earnings accurate. There are a number of tips on how to handle the virtual currency forms on the tax return.
What to remember: The IRS can have delays with sending out tax refunds. So even if your forms are perfect, there could be a delay.
- “In many areas, we are unable to deliver the amount of service and enforcement that our taxpayers and tax system deserves and needs,” IRS Commissioner Chuck Rettig said, per Marca. “This is frustrating for taxpayers, for IRS employees and for me.”