A global survey highlights that a lot of people have not yet claimed their income tax refund in 2020. It is found that fewer refunds have been issued this year than the previous year. Many financial experts have expressed that it may be due to the extension of the tax deadline.
Now people don’t need to file their tax return until July and hence they are delaying it for the last time. Moreover, it is also observed that the total number of income tax returns filed and processed this year has also decreased. In Wilx, Michigan, the total number of tax refunds has decreased by around 15 million.
According to financial experts, it is important for every person to know where to find my w2 form to file a claim for the best possible refund. One of the reasons for the delay in the claim of income tax refund is the lack of appropriate knowledge about the procedure.
Moreover, a lot of people who file their tax refund claims in the offline mode are not filing it due to the fear of coronavirus pandemic. But many financial experts have shared that people should claim their refund on time to prevent them from a tax identity theft.
In addition to this, claiming their tax refund on time also helps people to avoid paying a penalty fee for filing a tax return after the declared deadline. According to experts, the money people receive by claiming a tax refund can be utilized to fulfill their needs during this difficult time.
