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Tax Refunds: Why I Recommend My Clients to Get a Tax Refund (Instead of

https://www.youtube.com/watch?v=roXCKnxbwAc
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Debunking common myths about federal tax refunds

https://www.irs.gov/newsroom/debunking-common-myths-about-federal-tax-refunds
Before calling, taxpayers should wait for the letter to understand why the change occurred. Myth: Getting a refund this year means there's no need to adjust withholding for tax year 2024. Fact: To avoid a surprise next year, taxpayers should make changes now to their tax withholding. The Tax Withholding Estimator tool can help taxpayers

IRS dispels new and common myths about tax refunds; key information

https://www.irs.gov/newsroom/irs-dispels-new-and-common-myths-about-tax-refunds-key-information-available-to-help-people
People with unprocessed 2020 tax returns, should enter $0 (zero dollars) for last year's AGI on their 2021 tax return when electronically filing. Myth 3: Taxpayers can get a refund date by ordering a tax transcript. Ordering a tax transcript will not inform taxpayers of the timing of their tax refund, nor will it speed up a refund being processed.

Tax Refunds: Why I Recommend My Clients to Get a Tax Refund (Instead of

https://www.youtube.com/watch?v=KWGqE-lEbKw
Tax Refunds: Why I Recommend My Clients to Get a Tax Refund (Instead of Owing The IRS) | Tax Info#Tax_Refunds #housingmarket #housingmarketupdate #stockmarke

If You Haven't Received Your Tax Refund Yet, Don't Panic

https://www.cnet.com/personal-finance/taxes/if-you-havent-received-your-tax-refund-yet-dont-panic/
Filing your return online instead of through the mail is more important than ever this year to avoid refund delays, the IRS says. Instead of a paper tax return, use one of these free online tax

OIC Refund Offset Interim Guidance from IRS - Good News for Clients

https://askfrost.com/news/oic-refund-offset-interim-guidance-from-irs-good-news-for-clients
On October 28, 2021, the IRS issued interim guidance on refund recoupments, clarifying its revised policy for employees of the Specialty Collection Offer in Compromise (SCOIC) which is projected to encourage more taxpayers to pursue a fresh start via the offer in compromise (OIC) route.ยน In the memorandum, the IRS (1) explains how taxpayers may retain their tax refunds upon acceptance of

Tax Refund From the IRS? Financial Advisors Offer Tips on What to Do

https://www.barrons.com/advisor/articles/tax-refund-irs-tips-what-to-do-financial-advisors-f6d5b22b
Dreamstime. It's tax refund time, and thanks to inflation adjustments, many Americans may get more back from Uncle Sam than they were anticipating. As of early April, tax refunds averaged $3,011

When to Worry if Your Tax Refund Is Delayed | Taxes | U.S. News

https://money.usnews.com/money/personal-finance/taxes/articles/when-to-worry-if-your-tax-refund-is-delayed
Key Takeaways. If you file your income tax return electronically and opt for direct deposit, you'll usually get your refund within 21 days. It can take longer to get your refund if you file a

IRS Continues to Warn Tax Pros and Taxpayers About New Tax Refund Scam

https://accountants.intuit.com/taxprocenter/tax-law-and-news/irs-continues-to-warn-tax-pros-and-taxpayers-about-new-tax-refund-scam/
If you have clients affected by a scam, here are the official ways to return an erroneous refund to the IRS: Taxpayers who receive the refunds should follow the steps outlined by Tax Topic Number 161, Returning an Erroneous Refund. The tax topic contains full details, including mailing addresses should there be a need to return paper checks. By

Helpful tips for effectively receiving a tax refund for taxpayers

https://www.irs.gov/individuals/international-taxpayers/helpful-tips-for-effectively-receiving-a-tax-refund-for-taxpayers-living-abroad
If you do not have a U.S. account, or do not choose to receive your refund via direct deposit, a check will be mailed to the address you provided on your tax return. To help ensure your refund check is mailed to the correct mailing address, you should carefully review and follow the Name and Address section in the instructions to the

Tax Refund: Why i Recommend My Clients To Get a Tax Refund

https://finarnav.com/tax-refund-why-i-recommend/
The IRS so here's what I recommend to my clients I tell them that they should aim to get a tax refund and I actually say the same thing to my I say the same thing to my friends. Family and I do the same thing as well personally so I believe that it's better to get a tax refund than owing money to the IRS here's.

Is It Better to Owe Taxes or Receive an IRS Tax Refund Check?

https://www.clearpoint.org/blog/is-it-better-to-owe-taxes-or-receive-an-irs-tax-refund-check/
Most clients respond that it is better to get a tax refund check than to owe taxes at the end of the year. My advice, however, is different. I think that paying taxes at the end of the year can actually be better than receiving a federal tax refund. The reason is that a "refund" (by definition) is the result of an overpayment.

Explaining Tax Refund Delays to Your Clients

https://ultimatetax.com/blog/explaining-tax-refund-delays-to-your-clients/
When the IRS releases the taxpayer's return, the money first goes to the bank to pay off the loan, and the balance is sent to the client. The client is happy they got their return early, and you get some good public relations and client loyalty. 2. Refund-Paid Fees. The other benefit is your ability to collect your fees directly from the tax

Held or Stopped Refunds - Taxpayer Advocate Service

https://www.taxpayeradvocate.irs.gov/get-help/refunds/held-or-stopped-refunds/
You may get a letter or notice from the IRS saying there's a problem with your tax return or your refund will be delayed. There are many reasons why the IRS may be holding your refund. You have unfiled or missing tax returns for prior tax years. The check was held or returned due to a problem with the name or address.

What Does It Mean if My IRS Tax Refund Is Under Review - MSN

https://www.msn.com/en-us/money/taxes/what-does-it-mean-if-my-irs-tax-refund-is-under-review/ar-BB1ic0GB
Reasons Why Your Taxes Are Under Review. When the IRS officially places your return under review, you'll receive a CP05 notice. This will immediately put your refund processing on delay until the

Where's My Refund? | Internal Revenue Service

https://www.irs.gov/wheres-my-refund
Where's My Refund shows your refund status: Return Received - We received your return and are processing it. Refund Approved - We approved your refund and are preparing to issue it by the date shown. Refund Sent - We sent the refund to your bank or to you in the mail. It may take 5 days for it to show in your bank account or several weeks

IRS Where's My Refund - Internal Revenue Service

https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp
Enter the SSN or ITIN shown on your tax return. Select the tax year for which you are seeking refund status. Select the filing status shown on your tax return. Enter the exact whole dollar refund amount shown on your tax return. Note: For security reasons, we recommend that you close your browser after you have finished accessing your refund

What to Do When the IRS Changes Your Tax Return Check Amount?

https://finance.zacks.com/irs-changes-tax-return-check-amount-8049.html
If you cannot afford to pay the tax in full, contact the IRS or make arrangements using the IRS's online payment agreement application. If you get a notice from the IRS indicating that your refund

Why is my refund being mailed instead of direct deposited? I ... - Intuit

https://ttlc.intuit.com/community/retirement/discussion/why-is-my-refund-being-mailed-instead-of-direct-deposited-i-didn-t-have-an-offset-and-didn-t-have-to/00/2893560
Sometimes a tax refund is not able to be deposited into an account for various reasons. If the account is closed or the wrong direct deposit information is on the tax form, or the person's name is different from their account, the financial institution will refused those funds and the IRS has to then mail a check to the recipient.

15 things you need to know when clients owe taxes to the IRS

https://www.journalofaccountancy.com/newsletters/2016/feb/when-clients-owe-taxes-to-irs.html
15. The annual interest and penalty cost of an installment agreement is about 6%. The IRS currently charges a 3% interest rate on underpayments. If your client gets into an installment agreement, the failure to pay penalty is 0.25% per month, or 3% per year.

Refunds | Internal Revenue Service

https://www.irs.gov/refunds
Phone help. Where's My Refund has the latest information on your return. If you don't have internet access, you may call the automated refund hotline at 800-829-1954 for a current-year refund or 866-464-2050 for an amended return. If you think we made a mistake with your refund, check Where's My Refund or your online account for details.

Where's My Client's Refund? - TaxAct

https://www.taxact.com/support/25688/2023/wheres-my-clients-refund
The IRS Where's My Refund system updates every 24 hours (usually overnight), so there is no need to check the site more than once a day. States - Where's My Refund? Choose a state to download TaxAct 2021 Professional 1120 State Edition customized for any state. Contains all tools & features for smart tax professionals.

Back Taxes & Refunds: IRS Fresh Start Insights

https://clearstarttax.com/will-i-get-a-refund-if-i-owe-back-taxes/
Reduced Refund: If you owe back taxes, the IRS will deduct the amount you owe from your refund. For instance, if you were expecting a $2,000 refund but owe $500 in back taxes, you'll receive a $1,500 refund. Multiple Debts: If you have multiple debts, the IRS will apply the refund to the debts in the order prescribed by law.

What Happens When You Overpay Taxes? - Intuit TurboTax Blog

https://blog.turbotax.intuit.com/life/overpaid-tax-52790/
Generally speaking, it's better to overpay your taxes rather than underpay. A tax overpayment will result in a refund at the end of the year, which means your taxes are paid in full, and you receive the difference as a refund. The problem with underpaying your taxes is that you'll still owe taxes at the end of the year.

Tax Season Refund Frequently Asked Questions

https://www.irs.gov/refunds/tax-season-refund-frequently-asked-questions
The IRS expects most EITC/Additional CTC related refunds to be available in taxpayer bank accounts or on debit cards by February 27, if they chose direct deposit and there are no other issues with the tax return. However, some taxpayers may see their refunds a few days earlier. Check Where's My Refund for your personalized refund date.

Topic no. 203, Reduced refund | Internal Revenue Service

https://www.irs.gov/taxtopics/tc203
Send Form 8379 to the Service Center where you filed your original return and allow at least 8 weeks for the IRS to process your request. The IRS will compute the injured spouse's share of the joint refund. If you lived in a community property state during the tax year, the IRS will divide the joint refund based upon state community property law.

Online account for individuals | Internal Revenue Service

https://www.irs.gov/payments/online-account-for-individuals
Access your individual account information including balance, payments, tax records and more. Sign in to your online account. If you're a new user, have your photo identification ready. More information about identity verification is available on the sign-in page.