We’ve turned the calendar to 2014, and with that comes time to file your annual tax returns. Remember last fall when Congress couldn’t figure out how to get along and they shut everything down for a couple of weeks? Well that debacle is now affecting your taxes, meaning federal returns can’t be filed until the end of January and refunds are definitely going to be delayed.
Generally, there are two schools of thought about tax time. One, you may dread the time-consuming filing process — and the writing of check(s) to the federal or state government for money you owe. On the other hand, some of you may be itching to file your return as soon as possible to receive your coveted tax refund check. If that’s the case, it’s important you plan accordingly.
Typically, the first tax returns of the year can be filed on January 21. However, due to that government shutdown back in October, the IRS will not start processing 2013 returns until January 31 this year. The government stated that this additional time would be needed to ensure IRS systems, applications and databases are updated, tested and ready for the approximate 150 million returns they plan to process.
Although the 10-day delay may not seem like the end of the world, for some it could mean the difference between having enough money to cover outstanding bills and incurring penalties for delinquent payments. If the delay in processing your return could pose a problem for your financial situation, consider turning to the Waldo General for help. We offer personal installment loans ranging from $100 to $3,000 so that you can borrow just enough to cover your car repairs, medical bills, rent or whatever it is you might need to stay on top of your finances. Plus, we make the process simple and easy with no collateral needed, no traditional credit check and no loan origination fees … just the money you need when you need it most.
If you’re one who likes to wait until the last minute to file your annual income taxes, keep in mind that the postponed initial filing date doesn’t mean there is an extension at the end of the filing period. Tax returns must still be postmarked by April 15 to avoid any penalties and interest owed. If you find yourself having to write a hefty check when that time comes, remember that Waldo General will be available to help ease your tax burden.