Thursday 02/23/2017

Top Five IRS Refund Myths

Lynda Doland, CPA shares an article dispelling some common myths about your tax refund:

 

 

I recently read this article, which expanded on some common myths that taxpayers often believe. I encourage you to read the article and visit the IRS’s website for more information, but the myths are listed below:

  1. “All refunds get delayed.” FALSE! It is estimated that 90% of refunds will be processed by the IRS within 21 days.
  2. “You can call the IRS to get your refund faster.” FALSE! Contacting the IRS won’t change the timing of your refund’s arrival.
  3. “If you order a transcript, it will show when you are going to get your refund.” FALSE! Tax transcripts don’t show the refund date.
  4. “If you check ‘Where’s My Refund’ on the IRS website, it’ll show a deposit date for your refund.” FALSE! If you claim the EITC or ACTC, the IRS likely won’t have a date of your refund until the fourth week of February.
  5. “EITC and ACTC refunds will arrive on February 15th.” FALSE! These will likely arrive the fourth week of February.

For specific questions about filing your taxes, make sure you contact your CPA.

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