In most cases where tax refunds are delayed, it is because of taxpayer error. Double and triple checking your returns is a must. This ensures that your information is correctly inputted and that you should have no issues in receiving your refund.
Filing Too Early
It is best to file your taxes after February 1st, but before the deadline of April 18th in 2016. Filing early means that your return may be delayed in being received as the IRS updates its tax software.
Incorrect Social Security Number
Your social security number is a unique number. If it does not match the records that the government has for you, it will delay the processing of your return and you receiving your refund.
Document Error
Anytime that a computation error occurs it can delay your return from being processed. In turn, this causes your refund to be delayed. When submitting information electronically, do not close the screen until you can visually see that the documents have been sent properly.
Incorrect Banking Information
It is important that you include your bank account information for both payments and refunds correctly. Both your bank’s routing number and your actual account number are needed.
Backlog of Returns being processed
As it gets closer to April, the IRS is flooded with tax returns. It can take 3 or even 4 months to receive a tax refund if you wait until the very last minute to file.
It does help to have someone else check your return before filing. They can check to make sure the numbers inputted are correct. Some tax preparation software programs will alert you of some incorrect entries, but not all of them.
Image credit: Isidor Hefter