Will Your Tax Refund Be Delayed?
It’s only January, but because the calendar has turned to 2015, that means the tax season is officially here. While most people don’t file their taxes in January, there are a few early birds who go after the first worms of the year, so-to-speak. Although it’s often a good idea to make sure the IRS, and your tax preparer, has all the new tax laws in place before you file your taxes, it sounds like filing early this year could be a good idea.
That’s because for those who want to get their refund back quickly the longer they wait to file could mean the longer they wait to get that refund. Of course, in any year most people who wait to file will have to wait longer to get their refund. The more returns the IRS has to check the longer it’s going to take, so naturally if you wait to file, chances are you’ll wait longer to see the money in your account.
However, it appears that this year the wait could be even longer than normal, that’s because according to recent reports, budget cuts at the IRS could really slow things down. While IRS Commissioner, John Koskinen assures the country that everyone’s return will indeed get processed, he also says that with the agencies limited resources this year, including employees, that the IRS will most likely not be able to provide filers with refunds as quickly as they have in the past.
However, the commissioner did not give an estimated timetable for how long people might have to wait to see their refunds, only that it could take longer. The IRS is feeling the pinch in resources after Congress cut its budget by $346 million for the coming year, which ends in September.
Whatever the case, you can contact GROCO anytime you are ready to start preparing your tax return this season. Just call us today at 1-877-CPA-2006, or click here to get in touch with us online.
Budgeting For Your Business
Budgeting For Your Business “Your business opportunities improve with the use of a budget, a powerful tool which assists you in achieving your financial goals.” Introduction: A well-designed budget helps you: Predict income and expenses Control cash flow Communicate financial goals As an entrepreneur, you may not have the time or financial expertise to establish…
Deducting Start-Up Expenses: An Open Or Shut Case
Deducting Start-Up Expenses Starting a business typically takes more than a little know-how. More often than not, it requires cold, hard cash. However, there is some good news — you may qualify for a little help from Uncle Sam in the form of a tax deduction for some of your start- up costs. The costs,…
Putting Kids to the Test
Putting Kids to the Test by Elizabeth Bowden-David This past week, my father-in-law called up my husband to give him an earnest admonition. Referring to Cicero, he said: “Understand that is it your duty to give your children a better education than you had.” I’m not sure what prompted him to remind us of this…
Survive the Recession by Starting Your Own Business
Survive the Recession by Starting Your Own Business Are you an entrepreneur at heart? Many Americans idolize the American Dream; the “get rich quick” mentality. But, how many make it happen? Starting a business requires hard work, and even then it is not guaranteed that it will succeed. In fact, in the US, only 51%…