For many people, getting a tax return each year gives them a chance to catch up financially. For others, it might be an opportunity to put some money in savings for the year. Whatever situation you might find yourself in, it can be disappointing when you don’t get the tax return that you were hoping for. There are several reasons this might have happened to you. Mark Dicus & Company is here to talk about some of the reasons that you could have failed to get a tax return so that you can make the appropriate changes for next year.
Common Reasons Why Someone Might Not Get a Tax Return
Part of ensuring you get a tax return is going to be planning. You need to plan your finances throughout the year. Here are some reasons you may not have gotten the outcome that you wanted this year with your taxes:
– Unpaid Taxes: For many people that don’t get a tax return, the underlying reason for this is often that taxes were owed from previous years. In this case, the IRS will use the return you would have gotten to pay those unpaid debts to the government. The best way to avoid this problem is to make sure you’re paying any debts to the government as soon as possible.
– Withholdings: If you don’t have enough taxes withheld from each of your paychecks, it could be a withholdings problem that has kept you from getting a tax return. This doesn’t always result in no tax return. It can also leave you getting a smaller tax return than you had originally planned. Making adjustments to your W-4 so that more taxes are withheld from your paychecks can help you avoid this problem.
– Errors: If you are preparing your own taxes, you may have mad mistakes that are keeping you from getting a refund. At best, you have a delay in getting your return; at worst, you are not getting a tax return because of a mistake that was made. Common mistakes included improper documentation or inflating expenses.
– Owing Back Taxes: There are other obligations on top of owing taxes from other years like unpaid child support, outstanding debts, student loans and more. If these apply to you, the IRS could have used your tax return to cover these debts. You need to contact the creditor or agency necessary in coming up with a repayment plan that will help you avoid this issue in the future.
Bookkeepers, Accountants & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
If you haven’t gotten a tax return in past years and would like help preparing your taxes, you can turn to Mark Dicus & Company to help. We will ensure your taxes are being prepared properly and without any errors that could be keeping you from getting a return. We can help you put some planning in place that will help ensure you get tax returns in the future as well. Call us today!