Here at Polston Tax Resolutions and Accounting, we strive to educate our clients on everything tax-related, and sometimes that includes fake information. Lately, there’s been misleading information circulating throughout social media on how to speed up the refund process. In today’s Rod’s Blog, we’re going to debunk three of the major tax return myths, and offer some sensible tips instead.
MYTH: All Refunds Are Delayed
TRUTH: The only guaranteed delays this year are those pertaining to the Earned Income Tax Credit, and/or the Additional Child Tax Credit. Other returns may take longer for a variety of reasons (such as an error on your tax return). There are, however, a few steps taxpayers can take to speed up their return, such as filing electronically, or using direct deposit.
According to the IRS, some returns are delayed because they:
- Contain errors
- Are incomplete
- Are affected by identity theft or fraud
- Contain an EITC and/or ACTC Credit
- Include Form 8379 (Injured Spouse Allocation)
- Need further review in general.
Lastly, the President’s Day holiday may cause additional delays, since most financial institutions do not process payments on weekends or holidays.
MYTH: EITC and/or ACTC Refunds Delivered February 15
TRUTH: For those claiming an EITC and/or ACTC refund, the IRS cannot issue refunds before February 15. In addition, the IRS is required to hold the entire refund, not just the parts that pertain to the EITC and ACTC. According to the IRS, taxpayers claiming one or both credits should not expect to see their refund until the week of February 27, providing there are no processing issues.
MYTH: Calling the IRS (or Other Tax Professional) Will Ensure a Quicker Return
TRUTH: According to the IRS, calling will do absolutely nothing towards speeding up your refund. In fact, representatives won’t even check the status of your refund until at least 21 days after taxpayers file electronically, or 6 weeks after a paper return is mailed.
Additionally, calling and requesting a tax transcript will not affect the date of your refund. Tax transcripts are designed for use in assisting with tax preparation, and with obtaining a loan; they have nothing to do with the refund process.
The best source of information on of a refund’s status is the IRS itself. The IRS offers a “Where’s My Refund” service both online at IRS.gov, and as part of the IRS2Go Mobile App. Simply fill in your social security number and filing status, and you’ll receive your exact refund amount and the date of your return.
If you have additional questions, you can visit the “What to Expect for Refunds in 2017” or “Refunds FAQ” pages at IRS.gov, or you can give us a call here at Polston Tax Resolution and Accounting. We’re experts at all things tax related, and we’re more than happy to help! Be sure to browse our services page and fill out the form for a free and confidential consultation. Or give us a call at 884-841-9857. We’re open from 8am-5pm Central.