Tax Refund Advance – Your Answer to Tax Refund Delays

We’ve all been there – you file your taxes and eagerly await your refund so you can pay the bills or take a vacation.

• But how long should you expect to wait?
• And what if something delays it even longer?
• Most tax returns are processed quickly now, thanks to e-filing.
• The IRS tries to process most returns within three weeks.
• Many people get their refunds even sooner than that.

Today, it’s really on the taxpayer to avoid delays – small mistakes can make the IRS take a second look.

But what happens if your refund is delayed? Unfortunately, there’s yet to be a set timeline for how long a delay could last. It could be weeks or even months in some cases.

• A lot depends on how backed up the IRS is processing returns.
• It also matters how quickly you respond if they need more paperwork from you.
• And if you have to file an amended return, that will lengthen the wait, too.

If you’re in a situation where you need your refund money right away, taking out a tax refund advance could help, as it lets you access the funds from your anticipated refund upfront before the IRS even issues the payment. Then, when the IRS processes your return, they will use your actual refund amount to pay off the tax refund advance balance. It’s an option worth considering if facing potential delays.

Now, let’s dig deep to know why delays happen and get answers to all the questions related to tax refunds and tax refund loans.

Understanding Why Tax Refund Delays Happen

Several common issues can cause refund delays, so let’s take a closer look:

1. Filing Incomplete Information:

Filing incomplete or inaccurate information is one of the biggest culprits. Missing details like dependent SSNs or failing to include all W-2/1099 forms means the IRS must spend extra time tracking things down. Computation errors in areas like income amounts, deductions, or credits also trigger manual review by the IRS. Both issues can stall your refund substantially.

2. Mismatched Names:

Another red flag is a mismatch between the SSN and name on your return versus IRS records. Thanks to e-filing verification checks, this type of error usually gets flagged early. However, paper returns must be checked automatically, and mismatches cause delays.

3. Filing Too Early or Too Late:

Filling early or late in tax season can backfire, too. While you want your refund ASAP, being an extremely early filer risks delays from last-minute tax code changes. Later filing risks running up against year-end IRS congestion and even potential identity theft fraud.

4. Incorrect Bank Account or Mailing Address

Mistakes like incorrect direct deposit info also prolong the wait since the IRS has to cut a paper check after an electronic deposit fails. And that isn’t even factoring in potential tax refund advance delays from filing with the snail-like pace of paper returns versus e-filing.

5. Amending Returns or Filing an Extension

More complex situations like amending returns or requesting an extension extend refund timelines. You can amend minor errors later to avoid delaying your original refund.

Overall, being careful and accurate and using e-filing helps maximize refund speed. But delays are still possible. Some other issues that may elongate the refund wait time include:

• Being audited or selected for additional tax verification.
• Claiming available tax benefits, such as the Earned Income Tax Credit.
• Having past tax debts or other obligations owed to the IRS.

While most refunds are quick, filing accurately is always better to avoid refund delays. Double-checking your return for errors is worth the time. Understanding potential issues can help taxpayers file complete returns and get their money without unnecessary lag times.

Tips for Minimizing Tax Refund Delays:

You can minimize the delay of your tax return if you:

1. File Electronically

E-filing is by far the fastest way to get your refund. The IRS estimates cut processing time for e-filed returns in half compared to paper returns. Plus, it does error-checking at the time of filing.

2. Gather Documents Ahead of Time

Having all your tax documents, like W-2s and 1099s, assembled before starting your return reduces the risk of mistakes—missing info forces IRS follow-ups.

3. Check for Errors

Triple-check names, SSNs, bank details, and math on your return. Even minor errors trigger manual IRS reviews and delay refunds.

4. Consider Direct Deposit

Receiving your refund via direct deposit is two weeks faster than waiting for a paper check. But be careful entering bank account and routing numbers.

5. Avoid Filing Too Early or Late

Target the optimal window between mid-February and the April tax deadline to avoid slowdowns from new tax laws or end-of-season backlogs.

6. Think Twice Before Amending

Unless an amendment is essential, it may be better to accept minor IRS corrections to speed up your original refund. Amendments trigger repayment processing.

7. Be Proactive with the IRS

Respond quickly if further documentation is requested via correspondence exam to avoid getting stuck in processing limbo.

Follow these tips to reduce standard causes of refund delays outside average IRS timeframes.

Tips for Finding Out the Status of a Delayed Tax Refund:

Track Your Refund Online

Check the IRS’ Track My Refund tool, which updates nightly. It will show if your return is still being processed when you can expect a refund, or if it was sent.

Compare to Expected Timelines

If filing electronically and it’s been longer than three weeks or if paper and over six weeks, your refund may need extra review.

Contact the IRS Directly

If Track My Refund says to contact the IRS, call them at 800-829-1040 M-F, 7 am-7 pm. Provide the SSN/FILING status so they can research what’s causing the delay.

Common Delay Reasons Agents Can See

Typical issues include errors found, pending identity verification, a hold placed due to taxes owed, or needing more documentation from the filer.

Respond Quickly to Requests

If the IRS writes asking for more info like missing forms, respond right away to resolve issues preventing your refund.

Consider Filing an Amended Return

If errors are found on your original filing, file a 1040-X to correct and restart the refund process. Just be aware that it adds time.

Checking frequently and responding promptly are key to resolving refund delays as quickly as possible.

Consider a Tax Refund Advance

If needing refund money urgently, a tax refund advance provides immediate access while side-stepping IRS wait times. Just be sure it aligns with your plans.

Need Access to Your Tax Refund Quickly? Consider Our EasyMoney Loans

Our tax refund advance program is designed to provide the funds you need during tax season. Now, we will walk you through everything you need to know about applying for a tax refund advance through ATC Income Tax services.

What is an EasyMoney Loan?

Through EasyMoney Loan, we provide you with a short-term loan that you can take against an estimated portion of your tax refund. We offer these loans to supply you with immediate access to your refund while you wait for the IRS to process your return.

How EasyMoney Loans Work

1. Apply for a Tax Refund Advance: Contact ATC Income Tax to apply for an EasyMoney Loan.
2. Loan Approval: ATC Income Tax will determine the loan amount you qualify for based on your estimated tax refund amount.
3. Receive the Loan: We will transfer the loan directly to your bank account.
4. IRS Refund Processing: The IRS will process your tax return and issue your refund.
5. Loan Repayment: ATC Income Tax will automatically deduct the loan amount from your refund when it is received.
6. Remaining Refund: Any remaining refund amount will be deposited into your account.

Am I Eligible for an EasyMoney Loan?

To be eligible for an EasyMoney Loan from ATC Income Tax, you must meet the following criteria:

1. Minimum Tax Filing Requirements:

• You must be eligible for a tax refund.
• Your taxable income must exceed the standard deductions for your filing status.
• If you have dependents, the income threshold to file is lower.
• If you are self-employed, you may need to file a tax return even with a low net income.

2. Tax Return Status:

• Your tax return status (married, single, divorced, or qualifying surviving spouse) will determine your gross income requirements for filing.

3. Expected Tax Refund:

• Your expected tax refund amount will be a factor in your eligibility.

4. Verification Process:

• Your tax situation will be verified through Pathward’s underwriting standards.

5. Additional Information:

• Contact ATC Income Tax to learn more about specific eligibility requirements and to discuss your situation.

Meet the criteria and apply for an EasyMoney Loan for quick access to your tax refund.

How Much Can I Borrow with EasyMoney Loan?

The borrowing limit for EasyMoney Loans from ATC Income Tax depends on your expected tax refund. You can borrow between $1,250 and $6,000 in portions of 25%, 50%, or 75%.

For example,

• If you expect a tax refund of $3,000, you could borrow $750 with a 25% EasyMoney Loan,
• $1,500 with a 50% EasyMoney Loan,
• Or $2,250 with a 75% EasyMoney Loan.

Contact ATC Income Tax to learn about EasyMoney Loans and determine the right loan amount for you.

Applying for EasyMoney Loan:

1. Gather Your Documents:

• Completed W-2 forms and other sources of income (self-employment income, 1099s).
• ID card and social security number.
• Additional documents may be requested for verification.

2. Start Your Application with ATC Income Tax:

• Visit an ATC Income Tax office.
• Or call ATC Income Tax to speak with a tax preparer.

3. Verify Your Tax Situation:

• Tax preparers will review your W-2 and other income documents.
• ATC Income Tax can assist with preparing your tax return.

4. Choose Your EasyMoney Loan Amount:

• 25% Loan Advance
• 50% Loan Advance
• 75% Loan Advance

5. Review and Approval:

Review the loan terms, including loan amount, APR, repayment terms, and fees.

6. Receive Your Funds:

• Funds will be deposited directly into your bank account
• You can also receive a check for the loan amount

Tips:

Gather all necessary documents beforehand to streamline the application process.
Mention your preferred method of receiving funds during the application process.

Repaying Your EasyMoney Loan:

1. Automatic Deduction

After your tax refund is deposited into the joint account, ATC Income Tax will automatically deduct the borrowed amount and any applicable fees and send the remaining balance to you.

2. Transparency Throughout the Process

The repayment terms will be clearly outlined and agreed upon during the application. This ensures you are fully informed about the repayment process before proceeding with the loan.

3. No Additional Out-of-Pocket Expenses

ATC Income Tax will not charge any fees or expenses beyond the amount of your tax refund. You will not be responsible for additional costs to repay your EasyMoney Loan.

Benefits of EasyMoney Loans

• Fast Access to Funds: Receive your tax refund quickly, without waiting for the IRS.
• Flexible Loan Amounts: Choose to borrow 25%, 50%, or 75% of your expected refund.
• Low-Interest Rates: Enjoy competitive interest rates, especially for larger loans.

0% APR Option: Qualify for a 0% APR loan on amounts up to $1,500, plus a $500 ATC Bonus.

But We Need You to Think Twice About Tax Refund Advances

A refund advance sounds perfect for instant cash, but are there any downsides you should know about first? Let’s take a closer look at this:

On the plus side,

• A tax refund advance can get your refund amount within a day or two. No more waiting around for that IRS check to arrive.
• Since it uses your anticipated refund, no loan approval or credit check is needed either.

But here’s where it pays to pause.

• Getting your refund early usually means paying a fee, typically $30-$100. It may not be a huge deal, but that’s real money leaving your pocket that a regular refund wouldn’t deduct.
• There’s also risk involved. What if your actual refund amount comes in lower than estimated? Then you’d owe that difference back right away.

Final Words

Carefully consider if getting cash today is worth the potential downsides of tomorrow. If your refund seems uncertain as delays have no set time frame, or you may need help paying fees, other short-term loans may prove a safer option.

However, tax refunds in advance are one way to access refund money sooner. Just file accurately to help ensure the speediest refund possible.

At the end of the day, only you know your whole situation. Remember, with tax refund advances; it never hurts to think it through from all angles before signing up for that “instant” cash.