A typical blunder made by an individual is the incorrect filing of their income tax returns. The end of the financial year is crucial for salaried people as they have filed their income tax and wait for an assessment discount. With the introduction of electronically filing the returns, the time for the government handling all the procedure has accelerated enormously. Many income tax returns are prepared within three weeks or so provided everything is clear and has no blunders. The error usually lies from a person’s side where they make some unnecessary mistakes, making a delay in their tax refunds. Usually, people try to do all the filing and documentation by hand, and this leads to mistakes that are often overlooked. However, using a tax preparation software could be beneficial, and one of them for sure includes TurboTax. If you haven’t been familiar with this software, then you could take the guidance by dialing TurboTax helpline number at any time.
Let’s have a glimpse of the fundamental reasons due to which your tax refund process can be delayed.
Reason 1- When you prepare an incomplete tax return file
Not done on purpose, but many people often lack to provide the complete data which is fundamentally required for filing the tax returns. Even if one quantity or essential data is missing, it can inevitably lead to your tax refund process being delayed. Many times individuals make mistakes in providing forms such as W-2 or 1099 structures. It thus postpones the procedure of the government from preparing your income tax return data and discounts
Reason 2- Making computational errors
Accounting is related to numbers and transactions. Many times, individuals make small blunders while filing their tax returns. These are related to calculations or assembling the transactions. It is for these situations for which TurboTax has been designed. The software checks for any calculation mistakes and makes sure that you do not face the ITR delays because of computational blunders
Reason 3- Mismatch of Social Security Number( SSN)
A social security number is a 9 digit number given to the citizens of the US for tracking them for security purposes, and it also acts as an identification mark for taxation. If the name of the individual and SSN mismatches, then the e-documenting procedure and thereby the tax return process can be invariably delayed
Reason 4- Filing a tax return either very early or too late
You must never make to haste and should not even delay the procedure. Filing the tax returns at the right time and duration is always beneficial. Many times programs are being updated, making you victims of the changes in codes and systems. However, filing them at a later stage can succumb you to frauds and documentation errors
Reason 5- Incorrect Direct Deposit Information
If an individual is not able to provide the record details of the direct deposit and make errors, then for sure your ITR is bound to get delayed by months. You need to be clear about the transactions that you have made; the withdraws you have taken, and everything about the bank statements should be in clarity
Reason 6- Filing a manual return rather than an e-return
If you file your income tax returns on paper rather than electronically, then it could lead to taking more time for getting the refund. Where the e-returns are documented within three weeks, a paper return could take up to a month or so.
Reason 7- Making changes in the tax returns
If you have to make amendments in your tax returns after you have recorded the details, it could take up 8-12 weeks. It is always better that you cross-check all the details before filing the returns so that you don’t have to make amendments in the later stage.
No one likes their income tax refund process to be postponed. One can avoid making all the common blunders by switching to TurboTax software. Taking the guidance of the expert techies at TurboTax customer support number would be quite useful in these kinds of scenarios.