Tax Refund Myths

    As the tax filing deadline draws closer, many Taxpayers begin to think about their expected Tax Refunds. The Internal Revenue Service (IRS) gets a few common myths every year regarding Tax Refunds.

    If I get a refund, then I don’t need to adjust my Withholding this year. A Taxpayer should always be prepared to change their Withholding. This is especially true if their Tax Refund was an unexpected amount. This could be because of the employer withholding too much or too little in 2019. Making a change now will improve the situation when filing next year. Talk to your Qualified Tax Professional to find out how.

    There is a secret to finding out my Tax Refund deposit date. No, there is not. Calling the IRS or your Tax Professional will not speed the process. The funds are usually sent after 21 days, but each situation is different. The IRS made a mistake on my Tax Refund. That might be the case, but there are other reasons why your Tax Refund might be smaller than expected. The IRS may hold an amount while it reviews a claim made on the Tax Return. The Taxpayer may owe state taxes, child support, or delinquent Federal student loans. They may owe Federal taxes for a previous year. If any of this applies then letters will be sent by the IRS to explain the changes. Otherwise, exercise some patience and your refund will arrive.

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