Yesterday, July 15, was the final day to file and pay your taxes. This means that there is a lot of people already eager to know when they’ll get their tax refund. If that’s your situation, keep reading to learn more about five tax refunds myths you should be aware of.
1. Getting a Refund Means You Don’t Need to Adjust Your Withholding for 2020
False. Getting a refund doesn’t mean that your withholdings are 100 percent correct. In fact, you should make adjustments to ensure that neither too much nor too little tax is being withheld from your paycheck. Increased accuracy is always desirable. Use the Tax Withholding Estimator provided by the IRS to determine the right amount.
2. Calling the IRS is the Best Way to Find Out When a Refund Will be Issued
Actually, the best way to check the status of your refund is using the online tool Where’s My Refund, either on the IRS website or on the mobile app IRS2GO. IRS assistors don’t have any special information, neither can they speed up the delivery of your refund. Don’t call the IRS unless the online tool specifically directs you to do so.
3. Ordering a Tax Transcript is a Good Way to Get a Refund Date
Plain and simple, a tax transcript has no impact whatsoever on your refund, nor can it accelerate its delivery.
4. Where’s My Refund Is Wrong Because There’s no Deposit Date Yet/ the Amount Is Smaller Than Expected
There are several reasons why Where’s My Refund doesn’t display a deposit date. Some returns take more time to process for a variety of reasons:
- The return includes errors
- Incomplete information
- Identity theft or fraud
- Includes a Form 8379, Injured Spouse Allocation, which could take up to 14 weeks to process
If the amount you get on Where’s My Refund is less than expected, these are some of the possible reasons:
- Taxpayer math errors or calculation mistakes
- Owing federal or state taxes, child support, student loans or other federal non-tax obligations
- A portion of the refund is held while IRS reviews an item claimed on the return
Get Help From the Experts at JT Tax Services
The world of taxes is besieged by myths and other outdated or otherwise unreliable advice. That’s why is important to get help from a tax expert who can guide you with professionalism providing trustworthy information.
At JT Tax Services we have the experience, the knowledge and the drive to assist you. With our advice, you can file your taxes with the peace of mind that comes with knowing that you are limiting your liability while staying compliant with federal and state tax regulations.