When a person filed their tax return, and the refund is due, sometimes there can be a delay in receiving the tax refund. In most cases, when a refund is delayed, it is because of an error made in the information on the return. To avoid the problem, one should know the common mistakes made on tax returns and how to correct them so that they provide the right information for tax preparation.
Here are some of the top ways that you can go about making sure that you correctly prepare and claim your tax refunds if your tax refund is late:
Wait for Tax Return
The first option is to wait for the IRS to receive your return. This is obviously the fastest option but also the most problematic. First, because you never actually receive the return, the government holds on to it for three years. After this time period, if you prove to them that the return was incorrectly filed, you may have your return sent back to you without an extension.
Incomplete Tax Return
An incomplete federal or state tax return means that the recovery is incomplete because of some mistakes. These errors may be in the federal tax return or the state tax return.
It is advisable to double-check your tax returns before filing the federal or state returns. You can do this by checking with the IRS or going online and checking for yourself. Most tax websites give you the option of viewing your tax returns online or by faxing or mailing in your federal and state tax returns. There are also many online resources to help you check for errors in federal tax returns and state tax returns.
Computation Error
One reason for a tax return is late is due to a computation error. This happens when the IRS receives a return that contains a computation error and does not match up the data entered on the form with the computer’s information. An example of this could be the refund being electronically sent to a bank account instead of the tax collector. While an obvious error, these types of errors are very common and often lead to incomplete tax forms.
Unpaid Due Tax
An incomplete federal or state tax return means that you have not paid the tax due or you paid the tax but forgot to remit it or make a partial payment.
Other Common Errors
A complete federal or state tax return should contain the filer’s federal and state tax returns, personal and organizational tax identification numbers, the tax amount paid or payable, and the receipt. This error can also appear in the social security number or on the filer’s driver’s license. An incomplete tax return means that you have not submitted all the required documents. You must file an additional tax return with the correct information and include the correct payment and other necessary documents.
Will I have to Pay Any Late Fees?
An incomplete tax return can lead to penalty fees being levied on the taxpayer. Along with the penalties come interest and other costs. If penalty fees are not collected, the IRS can also seize property and financial assets. The more errors found the more likely an individual will be fined.
Can the IRS remove my tax return errors?
If your tax returns have errors, it is best to ask the IRS to remove any errors. You can dispute this on your tax return and ask for an adjustment. In most cases, the adjustment will be granted and the IRS will make the necessary corrections.
In Closing
if your tax returns are not filed correctly, then the IRS can hold up your refund or levy your assets until you send the tax forms, including a new federal or state tax return, together with the other appropriate tax payments, to the IRS. In most cases, completing the return correctly will ensure that the IRS finds no errors.
Unfortunately, many of these individuals do not realize that they are not the only ones who can suffer consequences when their refund is held up. If you are one of the unlucky ones who has a late tax return, it is essential to understand the reasons behind this issue and know exactly what to do if your tax return is late.
