Government Shutdown: Will It Affect Your Tax Return? (POLL)

[ 0 ] April 8, 2011 |

A government shutdown still looms if lawmakers can’t reach a budget deal by midnight Friday to keep things running smoothly.

Democratic aides say parties still can’t agree over proposed birth control restrictions in the package, while Republicans differ over how much to cut from current spending levels, Reuters reports.

But let’s face it. Amidst talk of a possible government shutdown, the question everyone wants to ask is: “What will happen to my tax return in case of a government shutdown?”

The quick answer is: If you’re among the 70 percent of Americans who file electronically to meet the April 18 deadline, you should be fine. If you choose the paper route, you still have to be sure your tax forms are sent to the IRS and postmarked by April 18 or earlier, but if the government shuts down, there will be delays in processing refund checks for those taxpayers who didn’t file electronically. That’s good news if you take the technological route during tax season, not so much if you rely on snail mail. Another good reason to go digital this tax year!

Meanwhile, the IRS offers these filing tips to avoid last-minute tax preparation mistakes. genConnect financial expert Mike Langford also offers 6 tax preparation tips to keep your headaches at a minimum this tax season.

If and when you do get a refund this year? What will you do with it?

What will you do with your tax refund this year?

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For related stories:

6 Tax Preparation Tips to Make This Tax Season Easier, by Mike Langford

Tax Calculators, Child Tax Credit and Tax Cuts, Oh My!

Government Shutdown Imminent if Lawmakers Don’t Reach Budget Deal

Christiana Wyly: The Creative Potential of Money

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