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Will Tax Preparers Lose Money This Year Due To The Late Tax Season?

For tax preparers, this government shutdown couldn’t have come at a worse time. Americans are not able to file their taxes early like they have in previous years. Americans will have to wait this year to file their taxes and the window to submit them just got even smaller. The new date for filing your taxes is February 21st 2014. This means a lot of work for tax preparers in a very short amount of time. For some small businesses tax companies that might mean less business. Is it possible small business tax preparation companies will lose money? Let’s look at the situation at hand.

Some small business tax prep companies only have a staff of 1-10 people most of the time and usually they have a larger window in order to prepare peoples taxes. Well, that’s all changed now due to the government shutdown. Tax preparers will have 2 less weeks to complete the same amount of taxes as the previous year or even possibly more. This is detrimental to small business companies because they only have limited staff. Same amount of work, less time to do it in. If small tax companies are smart, they will still prepare the taxes but have to wait to submit them.

Will people get a quicker refund if the use software to prepare their taxes?

Even if you e-file your taxes, the same waiting period stands for e-filing and paper filing. You can still prepare your taxes with the software and get ready to submit but you will have to wait two extra weeks to push that submit button.

Now, for users who have ever had their identity stolen and already have to wait an additional 6 weeks already, this means that you won’t be seeing your refunds returned till around March or April.

Is there any way to get my refund quicker?

Not really, the government has made it very clear that they have to work very hard to get ready for this upcoming season and won’t be ready till February 21st, and that’s if that date sticks. The date has already changed a couple of time and there is no guarantee. It is up to the government and how fast they can get themselves ready.

Your best bet is to just wait it out until February and submit your taxes then. Still get them prepared early but don’t get your hopes up about submitting them too soon.

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