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Tax refunds

With tax season in full swing, some people are already thinking of their tax refund. That’s why today we debunk the most common myth about tax refunds and share some other important considerations you should keep in mind.

The Most Common Myth About Tax Refunds, Debunked

With tax season in full swing, some people are already thinking of their tax refund. That’s why today we debunk the most common myth about tax refunds and share some other important considerations you should keep in mind.  

The Most Common Myth About Tax Refunds, Debunked

One of the most common misconceptions about tax refunds is that if you receive a tax refund this year, that means you don’t have to adjust your withholding for 2021. This is false.

The truth is that it’s important to make adjustments now to avoid mistakes on your return next year.  

One of the most important things you should do from a tax standpoint is to adjust your tax withholding with your employer. You can do this easily using the Online Tax Withholding Estimator. This simple verification will help you determine whether your employer is withholding the right amount of tax.  

Other Important Considerations

Don’t forget to adjust your withholding if you get married, get a divorce, have a child, or adopt. All these life events impact your taxes.  

In some cases, your refund may be smaller than expected. This may happen for a variety of reasons. For example, you may have made a math errors, or you may owe taxes from past years o other federal non-tax obligations such as student loans and child support.

Contrary to what many people believe, actions like calling the IRS or ordering a tax transcript won’t help you get a more accurate date for your tax refund. If you want to check the status and date of your refund, the only reliable source is the online tool Where’s My Refund.

Need Help With Your Taxes? Contact the Experts at JT Tax Services

Do you need help filing your 2020 tax return? Do you want to learn more about Economic Impact Payments? At JT Tax Services, we give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.

We are located in Oxnard, California. Contact us today by email (info@jttaxservices.com), telephone (805-984-8890), or through our social media accounts on FacebookTwitter, and LinkedIn to schedule a consultation or to learn more about our services.

4 Common Myths About Tax Refunds, Debunked

4 Common Myths About Tax Refunds, Debunked

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.

We are located in Oxnard, California. Contact us by email, telephone or through our social media accounts on FacebookTwitter and LinkedIn to learn more about our services.

We will be closed Saturday, Sunday and Monday (July 2nd - 4th)
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