24 Jan Why You Should Complete Your 1040 Tax Return ASAP
As one of the most respected tax specialists in Tampa, we are used to giving people advice about their taxes. But this year, one of the best pieces of advice we may give anyone is to file their taxes as soon as possible.
If for some reason you aren’t able to file your 1040 tax return quickly this year, then the only advice we can offer is to be patient.
As CNBC reports, “this tax season will be a hectic one.“
Usually, the IRS Is able to Issue tax refunds within 21 days of when most 1040s are filed. “This year it could take longer than that, for a few reasons,” CNBC says. “To start, the agency still had 6 million unprocessed individual 2020 returns as of December 23, 2021, comprised mainly of those with errors made by the taxpayer and those with Recovery Rebate Credit amounts being corrected by the IRS. That’s millions more than the typical yearly backlog.”
Additional reasons why you’ll want to file early, according to CNBC, include:
- Like many employers around the country, the IRS is short-staffed.
- Taxpayers submitted more than 2 million amended 2020 returns as of Jan. 1, 2022.
- The IRS is still processing some corrections for people who paid too much in unemployment insurance taxes in 2020.
- And, last but not least, there’s Covid. Not just the delays caused by employees being out sick or having to work from home or the need to accommodate for social distancing. As CNBC says, “Staff is dealing with Covid-related tax changes like the third economic impact payments and child tax credit payments. All of that takes time to verify.”
The 2022 Tax Season Has Begun
The Internal Revenue Service kicked off the 2022 tax filing season on Jan. 24 by urging tax payers to be sure their 1040 tax returns are accurate before filing as a way to speed refunds avoid delays. They also recommend that you file electronically to help speed refunds.