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Patience Advised: New Jersey Residents Await Income Tax Refunds as Tax Season Nears End
Understanding Tax Refund Delays and Tools for Tracking Refund Status
According to northjersey.com as tax season approaches its conclusion residents of New Jersey eagerly await their income tax refunds but they are advised by experts to remain patient due to the variability in processing times. According to information from the New Jersey Division of Taxation electronic returns may require a minimum of four weeks to process while paper returns could take up to 12 weeks. To help alleviate the anticipation an online tool is available for individuals to check the status of their refunds by providing the required details.
Delays in tax refunds can arise from a variety of factors including the need for verification mathematical errors or incomplete information in the return. Furthermore if taxpayers used multiple forms to complete their returns processing may be further delayed. Meanwhile the Internal Revenue Service (IRS) states that federal tax refunds typically take 21 days from the filing date though paper returns may require six to eight weeks for processing. The IRS also provides an online tool for taxpayers to monitor the status of their refunds offering a means of tracking their progress.
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(PHOTO: Digital Benefits Hub)
Financial Experts Warn Against Overlooking the Implications of Tax Refunds
While the arrival of a tax refund may initially be seen as a positive outcome financial experts caution against viewing it solely in that light. They argue that a sizable refund often indicates an overpayment of taxes throughout the year meaning taxpayers could have had more money available in each paycheck. Suggestions for utilizing tax refunds include paying off debts contributing to retirement savings such as an IRA or bolstering savings through high-yield accounts or investments. As taxpayers consider how to best utilize their refunds the average refund size in the U.S., estimated at $3,244 by the IRS presents an opportunity for thoughtful financial planning and prudent decision-making.
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