Have you heard the news that Wal-Mart’s sales are down? Did you know that the super retailer is blaming delayed tax return checks for the slump?
This time of year is normally booming with purchases as Americans take advantage of their tax return checks and buy bigger ticket items they haven’t otherwise had the cash for.
IRS a week or more behind schedule
At the beginning of January, the IRS announced that as a result of the changes passed by congress under the American Taxpayer Relief Act, that the 2013 tax filing season would be delayed.
They said they would begin processing returns on Jan 30 instead of the 22. Those claiming education tax credits will have to wait until Feb 18 to file.
Delays in the processing of tax returns has put the IRS a week and in some instances even further behind schedule compared to previous years. As a result income tax returns may be delayed. As the IRS processes returns individuals expecting a refund check should still expect to see their funds within the standard 21 days.
If you were planning on using your income tax return for things such as paying off bills or a vacation, it is safe to say that you may be forced to put those plans off a little bit just to be safe.
The best way to get your refund
One way to ensure you will get your income tax return the fastest is to e-file your return through a software company like TurboTax. Taking advantage of not having to mail a paper return in, as well as receiving your refund via direct deposit rather than a paper check will be the fastest way to get your money.
Filing for mortgage interest credits starts the beginning of March
If you plan to take credits for mortgage interest, residential energy, general purpose business, energy efficient home, or depreciation of property you may have to wait longer in some cases to file your return. The IRS has already started accepting returns with some of these credit forms, however some forms aren’t expected to be accepted until the beginning of March.
If you have any questions regarding the filing of your income tax return or any changes to existing tax laws it is always wise to seek the advice of a qualified tax professional. TurboTax has professionals standing by to answer your tax questions.