If you’ve logged on to any sort of social media lately, you may have seen posts, articles, blogs, or videos about tax returns and common actions you can take to “get your refund sooner”, “get more in return”, etc. These claims are myths regarding tax returns. We mentioned some things to look out for when choosing a tax preparer in our previous blog, now we tackle some myths behind your returns.
Here are four common myths:
- Delayed Refunds
Per the IRS website, over 90% of returns are issued in less than 21 days! There are always exceptions to this which can include, Earned Income Tax Credit (EITC), or Additional Child Tax Credit (ACTC). However, these are usually only held until mid-February. Other reasons for any delays are simply for security reasons such as building of security to protect from identity theft and refund fraud.
- If I call the IRS or my Tax Preparer, I’ll get an official refund date.
The best way to stay updated on the status of your return is to access “Where’s My Refund?”, or through your Mobile App.
- If I order a Tax Transcript, I’ll know my refund date for sure.
The information on a transcript does not reflect the timing on your refund. You can refer to this transcript for mortgages, student and small business loan applications, and help with tax prep. For a status update, always refer to “Where’s My Refund?”.
- “Where’s My Refund” is wrong, it doesn’t have my deposit date.
Projected deposit dates for EITC & ACTC are a few days after Feb. 15 and they will not see a refund date until then. Refunds will not start arriving into cards or accounts until Feb. 27 if there are no issues with the processing and banking. Delays can sometimes depend on banks and the processing or large quantities of people receiving refunds. Keep in mind that President’s Day weekend may also cause delays because some banks to not process payments on holidays and weekends.
For this full article as well as many great resources from the IRS, please visit the IRS Website.
As always, Business Resource Partners is here to assist with all of your tax prep needs! We have a staff that is more than qualified to prepare your 2016 taxes and we would love to service you or your business.
Please call us at (321) 236-2771 or visit us at 310 Almond Street Clermont FL 34711.
