As hundreds of thousands of Nevadans prepare to file their taxes, the Internal Revenue Service is entering the season with a significantly reduced workforce, down roughly 27% compared to previous years.
Despite the staffing shortage, experts say most taxpayers are unlikely to experience major delays, particularly those filing simple returns. However, more complex filings could take longer to process.
The IRS states that taxpayers who file electronically and choose direct deposit can typically expect refunds within about three weeks. Paper returns may take a month or longer, and even minor errors, such as a misspelled name or incorrect Social Security number, can slow processing times.
This year, filers are also navigating hundreds of changes to the tax code. Among the most notable for Nevadans are the elimination of taxes on tips and overtime earnings.
Average refunds are higher so far this season, at around $3,600. Still, financial experts caution that a larger refund does not necessarily mean a financial gain; it reflects over-withholding throughout the year.
Experts recommend filing electronically, selecting direct deposit, and carefully reviewing returns before submission to avoid delays. Adjusting tax withholding may also help keep more income throughout the year.
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