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IRS Updates and Company News You Can Use
The Very Latest "News You Can Use"
FAST & EASY REFUND UPDATES
- Taxpayers can use Where's My Refund? to start checking on the status of their return within 24 hours after the IRS acknowledges receipt of an electronically filed return or four weeks after the taxpayer mails a paper return. The tool's tracker displays progress through three phases: (a) Return Received; (b) Refund Approved; and (c) Refund Sent.
- To use it a taxpayer must enter their Social Security number, their filing status and the exact whole dollar amount of their anticipated refund. The IRS updates "Where's My Refund? once a day, usually overnight, so there's no need to check more frequently.
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REFUND TIMING
-The time between the IRS issuing the refund and the bank posting it to an account since many banks do not process payments on weekends or holidays. The IRS will contact taxpayers by mail if more information is needed to process a return. While most tax refunds are issued within 21 days, some may take longer because the return requires additional review.
- Calling the IRS won't expedite a tax refund. The information available on Where's My Refund? is the same information available to IRS telephone assistors.
There are several reasons a tax refund may take long:
* The return includes a claim for the Earned Income Tax Credit or Additional Child Tax Credit
* The return could have been chosen for the taxpayer to ID verify
* The return could be affected by identity theft or fraud.
* The return may include errors or be incomplete.
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IGNORE REFUND MYTHS OR WHAT YOU HEARD
Some people mistakenly believe they can expedite their refund by ordering a tax transcript, calling the IRS or calling their tax preparer. Ordering a tax transcript will not help a taxpayer get their refund faster or find out when they'll get their refund. At the end of the day, as long as your tax preparer has done their due diligence in filing your tax return, the timing is and will always be in the hands of the IRS. No amount of pressure on your tax company will result in a quicker response. Be patient ... and trust your tax company!
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Tax Deductions & Credits To Consider For Tax Season 2024
The closest things to magic words when it comes to taxes are deductions and credits. Both help you keep more money in your pocket instead of Uncle Sam’s, but in slightly different ways.
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Tax deductions help lower the amount of your income that can actually be taxed. Some deductions are only available if you itemize your deductions, while others are still available even if you decide to take the standard deduction.
Tax credits, on the other hand, are dollar amounts actually subtracted from your tax bill, and there are two types: refundable and nonrefundable. If a credit is greater than the amount you owe and it’s a refundable credit, the difference is paid to you as a refund. Score! If it’s a nonrefundable credit, your tax bill will be reduced to zero, but you won’t get a refund.
Still a win!