Well into filing season and with a third of returns received, the IRS reported that the average amount of refund taxpayers receive is $3,401, which is an increase of $411 from last year.
This increase of 13.7 percent compared to 2021 is not accompanied by a speed in the processing of returns, since the Tax Agency has recognized that it is facing delays and is even hiring staff to eliminate bottlenecks that may arise.
If your tax return has no errors or obstacles, you can expect your refund in about 21 days if you filed electronically and chose direct deposit.
If you submitted the return in e-File, you will be able to check the status of the return 24 hours later, and if you submitted it on paper you will have to wait at least four weeks. The IRS said that as of March 11, it had received 54.7 million tax returns and processed 53 million.
ERRORS TO AVOID IN THE TAX RETURN
One of the factors that can delay the processing of tax returns and refunds is math errors. A sure way to avoid them is to file the tax return electronically or e-file. Since the programs do the calculations, you will avoid delays.
▪ Check this information carefully so there are no errors: Social Security number, the person's name on the statement must match the name on the Social Security card.
▪ Enter your marital status correctly for tax return purposes. ▪ Check several times if the number of the bank account to which the refund is going is correct.
▪ Check to see if you signed your tax return and included your spouse's signature where applicable. Declarations without signatures are not valid.
Remember, once you receive the refund, you can use it to pay off higher-interest credit card debt. These may go even higher because the Federal Reserve plans to raise interest rates. Also, with inflation rising and the cost of living rising, leave more money in your monthly budget to cover necessary expenses.