With the government shutdown still in effect, this could impact your tax refund especially those who plan on filing early.
The IRS has not announced the date to start filing returns for the 2018 tax year, and you may have to wait even longer to receive that refund.
Our 7News financial expert Jason Haswell says that the IRS is currently running at about 12% capacity, so the processing of the returns is going much slower than usual.
“Depending on how long this goes if we get deeper in tax season, it’s going to create a backlog because simply they don’t have the people to process the returns and distribute the refunds,” said Haswell.
He says this can cause issues with people who are still holding debt from the holidays or are waiting to use their refunds towards a big purchase.
“Potentially with the slowdown of those, it could slow down the economy the money flowing back in,” he said. “Again, you could have people holding debt longer on their credit cards from Christmas, so it could create some serious issues.”
He also says that the longer government shutdown continues, the IRS may have to push back their deadlines for filings.
The deadline to file your taxes is still set for April 15th, 2019.