7 Secrets About Tax Refunds
Tax season just ended, so now the thing on everyone’s mind is their tax refund.
How much will my refund be?
When will I get it?
Today, we will talk about some things that you may not know about tax refunds.
Secret #1
Has anyone ever told you that calling the IRS or visiting their office will speed up your tax refund?
It doesn’t. When you call the number they provide or go on to the “Where’s My Refund?” page, it doesn’t speed up your refund.
It gives you information, but it isn’t going to help you receive your refund faster.
Secret #2
Filing an earlier year’s return is not required to file a current year’s return. The best thing to do is file when you get your returns ready.
And if you’ve got some that are backlogged, you don’t have to get one done before you file others.
Secret #3
You cannot get a refund date by ordering or having someone order a tax transcript.
Ordering a copy of your transcript will not give you the timing of your refund, and it won’t speed up when you receive it.
Secret #4
The information on the “Where’s My Refund?” page may not have a refund date
yet. However, that doesn’t mean it’s incorrect.
Refunds can be delayed for many reasons, and the site only updates data once a day, usually overnight.
Secret #5
When you see information on that “Where’s My Refund?” page, and it shows the amount, and that amount is different from what you expect to be on the return, that also doesn’t mean that the IRS’s information is incorrect.
It could have been an adjustment made to your tax return after it was filed.
Secret #6
If your income changes this year, you may need to adjust your withholding or estimated payments for this year.
Taxpayers should continually check their withholding and adjust accordingly. Any type of life events like marriage, divorce, or the birth of a child may mean you need to change your withholding.
Secret #7
Calling a tax professional, like your tax return preparer or even tax attorneys like us, will not speed up your refund.
It’s not going to give you a better refund date. We can provide information. But the whole mechanism of getting a refund issued belongs to the IRS.
And we can’t speed that up for you.
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