The Income Tax Waiting Game - When To Stop Playing

When you choose to file your income tax online or with the help of an accountant, you are usually given an estimate of how much you can expect to receive in terms of income tax. When that money doesn’t come as quickly as you might hope, however, you may start to worry. You might fear that there was a problem with your return or some other issue. Instead of panicking, know that there are things you can do, other than just waiting it out, to get answers and ease your mind.  

File Correctly

You can eliminate a lot of needless worry ahead of time by making sure you file your tax return correctly and accurately. If you’re filing yourself, resist the temptation to be dishonest. Also check and double-check your forms and records to increase the likelihood of an error-free tax return. When your tax documents are submitted without error, you probably won’t have to wait around on your income tax. And, even if you do, you’ll have an honest conscious and no need to worry.

If your taxes are complicated or you just don’t think you can handle them on your own, hire someone to do it for you. The cost of hiring an accountant is usually nothing compared to the relief of knowing your taxes were done professionally and accurately.

Where’s My Refund?

Once your taxes have been filed, you’re usually given an estimate of when you can expect your tax refund. This is always a rough estimate though so don’t panic if you don’t get your money on the exact estimated date.

Another good reason not to panic is that you can actually track the progress of your refund using the IRS’ Where’s My Refund? feature. The website is updated overnight, so you can check it once a day to find out the status of your refund and when you can expect it.

Potential Witholdings

Barring an error on your return, there are some legitimate reasons that you may not have received your tax refund. Depending on where you live, taxes can be withheld (sometimes permanently) if you owe any of the following:

l  Unpaid child support

l  Past tax debt

l  Student loan debt

l  Unpaid state taxes

If one of these issues is holding up your return, you’ll receive a notification from the IRS. Unfortunately, if your refund isn’t given because of a legitimate withholding reason, there’s really nothing you can do.

When to Stop Waiting

What should you do if you filed correctly, there’s no reason you know of to withhold your taxes, and you still haven’t gotten your refund? Well, first of all, you should keep waiting. The IRS is busy and short-staffed.

You should stop just waiting, however, if you haven’t heard anything about a month or so after you’ve filed. If that happens, check the aforementioned IRS refund tool. If it says your check has been sent, but you haven’t gotten it, request a replacement check.

If it hasn’t been sent and you don’t know why, then you’ll need to contact the IRS directly to find out what the problem (and the hold up!) is. Usually, though, the IRS will have already been in contact with you.

As you can see, Tax refunds can and do get held up, but be patient and take action when necessary, and everything should turn out okay

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