Tax refund loan products are staging a comeback in recent years, with various vendors rolling out enticing perks tied to your tax refund. Leading tax preparation services are introducing new offerings for tax refund loans this year, but it doesn’t stop there. From car dealerships to furniture stores, numerous places sweeten the deal if you…
The Protecting Americans from Tax Hikes (PATH) Act required the IRS to hold all refunds for returns claiming the earned income tax credit (EITC) and additional child tax credit (ACTC) until February 15. PATH ACT LAW! – By law, the IRS cannot issue refunds for people claiming the Earned Income Tax Credit (EITC) or Additional…
You may have submitted your tax return form weeks ago and you still do not have it in your bank account. Read on to learn about tracking your income tax return status and more. How Long Do I Have to Wait For My Refund? IRS usually has a 21-calendar-day policy in issuing refunds. However, this may take…
What Is the Usual Turnaround Time to Get a Tax Refund? The IRS sends the tax refund within 21 calendar days. Of course, the timeframe assumes your tax return is accurate and free of any red flags or errors. According to their website, the IRS processes the tax refund within the 21 calendar days timeframe approximately 9…
In preparation for the tax season, it is imperative that you have a strategy to complete your taxes quickly, accurately, and with as little hassle as possible… all while keeping the cost down. With those things in mind, here are eight tax filing tips to help keep you sane this tax season. 1. Start and Finish…
A new transcript format is now in place to better protect your information from identity theft. This new transcript partially masks the personally identifiable information of everyone listed on the tax return. All financial entries will remain fully visible to assist with tax preparation, tax representation, and income verification. The IRS is taking this action…
What You Need to Know About Filing as Head of Household Who Can File as Head of Household? To file as a head of household, you have to meet a few guidelines set by the IRS. To qualify, you have to be: Single: First, you have to be single or legally separated on the final day of…
The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty for any taxpayer who paid at least 85 percent of their…
Self-employed individuals, unlike employees, don’t have someone withholding Social Security or Medicare (FICA) taxes along with pre-payments toward their federal (and state, where applicable) income tax from their wages during the year. They are not being paid a wage; instead, a self-employed individual must keep a set of books showing income and expenses associated with…
The IRS has announced that the 2019 tax filing season will begin on January 28, 2019. Tax preparation companies will be participating in the controlled launch of the e-file system (HUB Testing) with the IRS between the dates of Monday, January 14 – Thursday, January 17 and Tuesday, January 22 – Friday, January 25. During…
