One of the challenging lessons in life is that patience is a virtue. As we welcome the New Year, we are immediately reminded tax season is rapidly approaching. In the next few weeks, Fort Lauderdale residents will be receiving important documents in the mail from their employers, banks, pension and investment firms. If you are hoping to receive a refund in April, you may need to wait a little longer. The IRS recently announced many tax refunds will be delayed compared to previous years.
Beware of New Tax Laws
Countless people in Fort Lauderdale look forward to receiving a refund from Uncle Sam. Many file their taxes as early as possible to take advantage of their refunds. However, before you start making plans to purchase a new car or book that dream vacation, two important factors could delay the process. Effective in 2017, a new tax law will require the IRS to hold refunds for many early filers who claim the earned income tax credit and additional child tax credit. The new law also requires the government to hold the entire refund until at least February 15 instead of just a portion for those specific tax credits.
The Consequences of Identity Theft and Fraud
Identity theft is one of the fastest growing crimes in Fort Lauderdale. Although technology is meant to make life better and easier, more thieves and criminals are using highly sophisticated methods to steal money and personal information from unsuspecting victims–particularly the elderly. The IRS and Florida tax authorities have implemented new safeguards designed to review tax returns more thoroughly to prevent fraud. While it may result in the delay of your tax refund, the benefits certainly outweigh its inconvenience.
Solutions to Prevent Tax Refund Delays
In today’s digital world, everything must be done faster. But when it comes to filing your taxes in Fort Lauderdale, it is better to be safe than sorry. The most obvious solution to prevent a delay of your tax refund is to file your return as soon as possible. But there are also other steps your tax preparer can help. One effective strategy is to adjust your tax withholding for the remainder of 2016. It allows more people to receive a smaller refund immediately. It is also important for you and your tax preparer to stay on top of the latest tax law changes. For those who have income outside of their wages and salary, they will need to pay quarterly taxes. So far, the IRS has issued 102 million tax refunds throughout the nation. According to Forbes Magazine, the average refund is slightly more than $2,700. If you follow the proper procedures, you should expect to receive a refund within three weeks or less.
How a Fort Lauderdale Tax Lawyer Can Help
Attorneys Ira L. Zuckerman and Lauren J. Mata bring more than 30 years of combined experienced in tax law. Fort Lauderdale is home to countless people currently struggling with back taxes, IRS audit, tax liens, bank levies and wage garnishments. The legal team at Zuckerman & Mata, LLC is committed to helping clients resolve their tax problems by providing sound legal solutions. To learn more, contact their law office today and schedule a consultation to discuss your case.