- March 21, 2022
Failing to file IRS tax Forms by the due date will attract penalties that could be an additional financial burden for the taxpayers. The penalty for not filing the tax returns is 5% of the unpaid taxes for each month. Tax filers have to pay penalties even for part of the month when the tax return is late. The penalty for not paying taxes could go up to 25% if the taxpayer has not filed them for five months or more. Thus it is mandatory to avoid tax delays to avoid additional financial burdens.
How to avoid IRS tax delays in the year 2022?
You don’t have to be a tax expert to reduce your chances of avoiding tax delays. You only have to avoid committing simple mistakes. Here are some steps to avoid IRs tax delays for the tax year 2022.
1. File the IRS tax Form online:
The IRS requests all its tax parents to file online returns rather than filing paper returns. This also helps you to achieve your refunds faster. Most online tax filers should choose direct tax deposits, generally receive their tax refunds within 21 days of their tax filing. On the other hand, tax filers who choose to paper file the returns will experience a delay in receiving refunds.
2. Collect all your tax Forms before filing:
This can be of great help in filing Forms like the W-2s or the 1099 tax Forms. Collect all tax Forms before starting the filing process. Failing to include a few of the Forms in the return will give a different result. When IRs compares it with its details on its file, it will reject the Form for insufficiency. You may have to file the returns again and suffer delays in refunds. If this crosses the deadline, you have to pay penalties as well.
3. Claim correct dependents while tax filing:
Make sure that the dependents that you are claiming in the tax return are not claiming themselves with their tax returns. If so, one of you has to make changes in the return, which could further escalate delays. Also, ensure the correct social security number for each of the dependents.
4. Sign the return:
Most tax filers fail to sign the tax return. Submitting an unsigned paper is equivalent to sending no returns at all. Such forms are not valid and the IRS will return them for signing. And by the time you send it back to the IRS, you get caught in a huge backlog.
5. File electronically and set up direct deposits:
Filing a paper tax return will extend the refund delay. Filing the tax returns electronically by setting up a direct deposit will help with fast refunds. Committing mistakes while filing electronically is vastly decreased, thus mitigating so much to and fro.
Bottom Line:
Filing early and e-filing the tax Forms are simple tricks to prevent IRS tax delays in 2022. Choosing to file online through Tax2efile is an intelligent step to get the Forms filed at a single shot. You also can get a stamped copy of the returns in your mail within minutes.
