When Should You Receive Your Tax Refund?
The top question on everyone’s mind at tax season is when will get my refund? After all, that’s the only incentive people really have to do their taxes. The problem is the answer is never set in stone. Despite claims from the IRS that just about everyone should receive their refund within 21 days of filing their return (if it’s filed electronically), that doesn’t always happen.
The nation’s top tax agency even offers a helpful “Where’s My Refund” page for taxpayers to track the progress, but when your refund is delayed there are times when this page doesn’t offer much help. The problem is there are several things that can delay your refund and sometimes you won’t know what’s going on until several weeks later when a letter from the IRS arrives in the mail explaining the situation.
So what can cause your refund to be delayed? This year, any one claiming the earned income credit and/or the Additional Child tax Credit will have to wait longer for their refunds, which won’t start being issued until Feb. 15, but likely won’t arrive till Feb. 27.
If your return has any errors, like math mistakes, or it is incomplete, like a missing signature or form, then your refund will likely be delayed until the IRS determines the issue and you get it resolved. In addition, if the IRS thinks you are trying to defraud the government your refund will certainly be delayed.
On the other hand, if you or your CPA has filed your return correctly, and electronically, then in almost all cases you won’t have to wait longer than the expected three weeks.
https://www.fool.com/retirement/2017/02/07/when-will-i-get-my-tax-refund.aspx
Organizing Tax Records This Summer Can Help You Keep Your Cool
Organizing Tax Records This Summer Can Help You Keep Your Cool Source: IRS.gov If the sweltering dog days of summer aren’t incentive enough to get out of the sun for awhile, here is another reason to head indoors: organizing your tax records. Devoting some time mid-year to putting your tax-related documents in order may not…
Crazy Tax Deductions
Crazy Tax Deductions Every year at tax time, people try to come up with items to deduct or write off on their tax return. Sometimes the IRS allows them, and sometimes they don’t. We’ve compiled a list of our favorite crazy tax deductions, some were successful and others were not. Crazy Tax Deductions that the…
Renting Your Vacation Home
Renting Your Vacation Home Source: IRS.gov Income that you receive for the rental of your vacation home must generally be reported on your federal income tax return. However, if you rent the property for only a short time each year, you may not be required to report the rental income. The IRS offers these tips…
Summer Job Tax Information for Students
Summer Job Tax Information for Students Source: IRS.gov When summer vacation begins, classroom learning ends for most students. Even so, summer doesn’t have to mean a complete break from learning. Students starting summer jobs have the opportunity to learn some important life lessons. Summer jobs offer students the opportunity to learn about the working world…