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While many tax preparers such as H&R Block and Jackson Hewitt offer loans or advances with favorable terms-including not charging for loan origination fees or interest if they prepared your tax return-most of these programs deadlines occurred mid to late February and are no longer available, says Daniel Fan, senior managing director and head of wealth planning at First Foundation Advisors in Irvine, California. You should plan on budgeting extra money for any fees and the interest you will be paying, depending on how long it will take for you to repay the loan and when you will receive your tax refund. You may be able to get a tax refund advance, but examine your budget to see if taking out a loan is your best option.
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“There aren’t real options to push a refund sooner and there are even fewer options than there were before the covid delays with the IRS,” he says.
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People need to allow more time for their return to be processed and plan for delays, says Benjamin Peeler, partner-in-charge of IRS tax controversy services at Eide Bailly, a Fargo, North Dakota-based certified public accounting and business advisory firm. Ideally, it’s best to be patient and hold out for your refund for as long as you can. If you were counting on a tax refund by April or May, you may be anxiously awaiting your return and wondering if there are other options to access necessary funds.
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Options for People Expecting a Faster Refund The IRS has processed more than 91 million individual returns for tax year 2020 as of April 22, 2021, and more than 68 million refunds have already been issued to taxpayers.īut the agency is still holding more than 29 million returns for manual processing, including more than 5 million 20 returns that were completed on paper. Your return is affected by fraud or identity theft.To help avoid fraudulent claims for these credits, the IRS doesn’t issue refunds for tax returns claiming these credits until mid-February each year. You are claiming the earned income tax credit (EITC) or additional child tax credit.But there may still be delays for reasons including: In normal years, most tax refunds filed electronically are issued within 21 days. This in turn can delay the issuing of refunds. The IRS says that several services are affected by these issues, including a slowdown of reviewing newly filed tax returns- even if they’re filed electronically.
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This created a backlog of unprocessed paper 2019 tax returns the IRS is still catching up on-and that’s not even counting the high volume of 2020 tax returns being submitted. In 2020, the IRS closed its offices due to the pandemic.
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