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There’s no doubt the recent changes to the tax code have caused some confusion and uncertainty around the filing of 2017 taxes. Let’s face it, with all of the pressure to get the bill signed before the end of the year and the last minute juggling of key points, many folks just haven’t had the opportunity to digest it all. While it’s always best to work with your tax professional , the IRS has realize that there may be some need to clear up some common misbeliefs.
Myth 1: All Refunds Are Delayed
The IRS issues more than nine out of 10 refunds in less than 21 days. Eight in 10 taxpayers get their refunds faster by using e-file and direct deposit. It’s the safest, fastest way to receive a refund and is also easy to use. By law, certain refunds cannot be issued before mid-February and certain other returns may require additional review for a variety of reasons. In these instances, refunds may take a bit longer.
Myth 2: Filers Claiming EITC and/or ACTC, will receive their refund February 15th
By law, the IRS cannot issue EITC and ACTC refunds before mid-February. The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or debit cards starting Feb. 27, 2018, if these taxpayers chose direct deposit and there are no other issues with their tax return. The IRS must hold the entire refund, not just the part related to these credits.
Myth 3: A Tax Transcript is a “Secret Way” to Get a Refund Date
Ordering a tax transcript will not help you find out when you will get your refund. The IRS notes that the information on a transcript does not necessarily reflect the amount or timing of a refund. Transcripts can be used to validate past income and tax filing status for mortgage, student and small business loan applications. A great tool offered by the IRS is “Where’s My Refund?” which can be used to check refund status.
Myth 4: Calling the IRS or a Tax Professional Will Provide a Better Refund Date
Many people mistakenly think that talking to the IRS or calling their tax professional is the best way to find out when they will get their refund. In reality, the best way to check the status of a refund is online through the “Where’s My Refund?” The IRS updates the status of refunds once a day, usually overnight, so checking more than once a day will not produce new information.
Myth 5: Calling the IRS is the Most Convenient Way to Get Answers to Tax or Refund Questions
The IRS encourages people to check IRS.gov first before calling. The official IRS website – IRS.gov – provides many self-service tools for individuals, businesses and tax professionals.
Myth 6: The IRS will Call or Email Taxpayers about Their Refund
The IRS doesn’t initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. Recognize the telltale signs of a scam. See also: How to know it’s really the IRS calling or knocking on your door.