Don’t Confuse Fact With Fiction Come Tax Time

Don’t Confuse Fact With Fiction Come Tax Time

Are you one of the tens of millions of people who have already done their taxes? Or, are you one of those taxpayers that like to wait till the very end? Either way, there are some important facts to keep in mind, whether for this year, or for next. There are plenty of so-called “tax facts” all over the Internet, but sometimes, those facts are actually fiction.

So here are some things you will want to keep in mind, especially if you still haven’t filed your taxes this year.

Not everyone has to file a tax return–this is a fact. Certain taxpayers don’t have to file a return because their gross income falls under the threshold of their age and filing status.

The 2018 filing deadline is not April 15–this is also a fact. April 15 falls on Sunday so that means you have till Monday, April 16, right? Actually, you get another extra day, because April 16 is Emancipation Day, which is a federal holiday. So you get two extra days this year.

All refunds will be late–this is fiction. Only certain refunds will be delayed. Anyone who has claimed the Earned Income Credit or the Additional Child tax Credit might’ve had to wait longer for his or her refund. However, now that February 15 has come and gone, the IRS can issues these refunds as soon as they process these returns.

New withholding tables don’t count for this year–this is fact. The new tables will count for your 2018 taxes, which you will file in 2019.

Call the IRS for help–this is fiction. While it’s true you can call the IRS for help, chances are you won’t receive much assistance. The agency only answers a small percentage of calls and they are upfront about that. The IRS always recommends using the IRS.gov website first.

For more help separating tax fact from fiction contact GROCO today.

We hope you found this article about “Don’t Confuse Fact With Fiction Come Tax Time” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

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Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

GROCO.com is a proud sponsor of The American Dreams Show.

The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.