Tax refunds may become scarcer as the filing deadline for taxes approaches for a few reasons:
- High volume of tax filings: As the deadline approaches, there is usually a surge in the number of tax filings, which can lead to processing delays and slower distribution of tax refunds.
- IRS staffing shortages: The IRS may face staffing shortages during peak tax season, which can further slowdown the processing of tax refunds.
- Increased fraud prevention measures: To prevent tax fraud, the IRS may implement stricter verification measures during peak tax season, which can lead to longer processing times for tax refunds.
- Late filers: Taxpayers who file their taxes closer to the deadline may have to wait longer for their refunds, as the IRS prioritizes processing returns in the order they are received.
Overall, while tax refunds may be scarcer as the filing deadline approaches, it’s important to file taxes as soon as possible to avoid any potential delays in receiving a refund.