Tax refunds could be delayed in 2022
The National Taxpayer Advocate recently released its annual report to Congress, according to CNBC. The tone of the report is steeped in concern about the effectiveness of tax season, which opened on January 24. Specifically, the organization suggests the possibility of tax refunds being delayed to 2022.
Possible tax refund delays. In its annual report to Congress, the National Taxpayer Advocate suggests that the 2022 tax season is shaping up to be messy. More than 6 million tax returns had not been processed by December and many taxpayers did not get refunds for up to nine months after filing. He added that filers with questions or concerns had trouble contacting the IRS, especially by phone.
How to avoid a late tax refund. Of course, there are ways to mitigate a late tax refund, and according to the IRS, the best way to do this is to file electronically and select direct deposit. If there are no errors, filers who do should get their refunds in about 21 days. Those who deposit by mail or wait for a paper check usually have more time to wait for their refund.
If you have all your ducks in a row during tax time, you have a better chance of not having to wait. Be sure to double-check your return before filing it and be sure to note any special circumstances.
Both the final stimulus check and the advanced child tax credit funds should be recorded on your tax return if you received them. The IRS sends letters to filers with special instructions, and if you file without it, you may experience a delay.
Be ready. If you’re considering using your tax refund as a down payment on your next vehicle, you might think time is running out, which is understandable with rising prices for new and used cars. If you’re waiting for your refund and already feeling the sting of buying a car with bad credit, take advantage of your waiting time to prepare for your upcoming car loan.
Gather your proof of income, residency, and a working phone, gather a list of personal references, and take the time to research vehicles in your price range. Remember that the amount of your down payment will depend on your situation, but the general rule is at least $1,000 or 10% of the selling price of the vehicle as the minimum amount.
Find the right lender. While you wait for your tax refund, the final piece of the car loan puzzle is finding a lender who can accommodate your credit situation. AT Auto Express Credit, we work with a nationwide network of financing dealers, and we want to put you in touch with one in your area. These dealers are registered with lenders who know how to handle many types of credit issues. To get started, all you have to do is complete our quick, no-obligation car loan application form.