You May Be Paid Interest on Your Tax Refund!

    Some Federal tax refunds will be paid with interest this year. Does that sound strange? While most of this year has been strange, but there is a reason for this announcement from the Internal Revenue Service (IRS). For those who filed their Tax Return before the July 15 deadline and received a Tax Refund after April 15, the IRS will be giving interest on the refund amount. Why?

    This normally only happens if it takes over 45 days to release a refund after the Tax Return has been filed. In this case, the IRS is honoring the original April 15 tax deadline. Every day from April 15 to the day your tax refund is sent interest will be applied to that amount. That could be anywhere from 3%-5%. That interest may be sent separately and it is taxable income. This should be an encouragement to file on time and consult your Qualified Tax Professional to make sure you don’t miss the July 15 deadline.

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