Taxes made easy for newlyweds and new parents
Sponsor Content: Tax advice for recently married couples and new parents filing in 2022
As we work our way through the 2022 tax season (during which we're filing returns for the 2021 tax year), Americans are being urged to submit their taxes electronically. The reason? Paper returns take a lot longer to process than those filed electronically. Filers who want to see their refunds hit their bank accounts sooner should avoid paper returns at all costs.
This especially holds true this year. Right now, the IRS is sitting on a massive backlog of unprocessed tax returns — a good 20 million. Many of those returns are from previous tax years, which means some filers may already be waiting a long time to get their money.
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If you've yet to have an older tax return processed, you may be growing increasingly frustrated by the day. But there's a bit of good news in that regard. The IRS just announced plans to hire 10,000 new workers to get caught up on its backlog. And so the agency could end up pumping out tax refunds for old returns sooner than anticipated.
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The downside of filing on paper
People who have been filing taxes on paper for years may be used to that setup and resistant to change. But there are many drawbacks associated with filing a paper return — such as having to wait longer for your refund.
But that's not all. With a paper return, you're more likely to make a mistake on your taxes because you won't have software to prevent math errors. And mistakes on your tax return could delay your refund.