With tax season well underway millions of Americans are filing their returns, with many expecting a juicy refund.
Last year the average refund was over $3,100 but is expected to be lower this year with fewer tax credits and stimulus payments available to most.
If you are waiting for your refund it should be processed according to the normal IRS schedule this year, thanks to significant investments the IRS has made in hiring more agents and modernizing their systems.
But this also means more chance of an audit, so triple-check your filing this year to avoid mistakes and verify deductions.
While most filers will experience few issues with their return and on-time refund payments, there are many millions of Americans that do run into issues with their filing.
The main reasons are due to incorrect information being provided in their tax return, filing errors, additional IRS checks or they are subject to the PATH refund freeze.
In this case the best option is to check your tax transcript, use various online IRS tools and call the IRS (after 21 days). These can give you more insight into what is happening with your tax return processing.
Finally, remember that April 15th is the due date for regular filings or to request a filing extension (Maine and Massachusetts have 2 extra days due to state holidays).
Tracking that in this focused article – https://savingtoinvest.com/2024-child-tax-credit-updates-monthly-checks-reinstated/ – still not fully approved as pending Senate vote (no date has yet been set)
What about the expanded child tax credits which is going through Congress now?