The IRS issues most refunds in fewer than 21 days for taxpayers who file electronically and choose direct deposit. However, some returns have errors or need more review and may take longer to process. The IRS works hard to get refunds to taxpayers quickly, but taxpayers shouldn’t rely on getting a refund by a certain date.
Things that can delay a refund:
- The return has errors, is incomplete or is affected by identity theft or fraud.
- The return needs a correction to the child tax credit or recovery rebate credit amount.
- The return has a claim filed for an earned income tax credit, additional child tax credit, or includes a Form 8379, Injured Spouse Allocation PDF.
- The time it takes a taxpayer’s bank or credit union to post the refund to the taxpayer’s account.
The IRS will contact taxpayers by mail if it needs more information to process their returns.
The fastest way to get a tax refund is by filing electronically and choosing direct deposit.
Taxpayers can check the status of their refund online.
To check the status of a refund, taxpayers should use the Where’s My Refund? tool on IRS.gov. If taxpayers file electronically, they should wait twenty-four hours before checking the status of their refund. If taxpayers file a paper return, they should wait four weeks before checking the status.
Loeffler Financial Group, along with the IRS representatives on the phone and at Taxpayer Assistance Centers can only research the status of a refund if:
- It’s been 21 days or more since the taxpayer filed the return electronically.
- It’s been six weeks or more since the taxpayer mailed the return.
- The Where’s My Refund? tool tells the taxpayer to contact the IRS.
It’s that time of year again. TAX SEASON.
Loeffler Financial Group is celebrating their 20th Tax Season this year! That’s right 20 years! What first started out in Craig Loeffler’s living room, has now become a successful full service accounting, wealth management and tax preparation!
TAX PREPARER.
Many individuals and small businesses question if they should do their own taxes or seek a tax accountant. You can certainly do your own taxes, however, 2020 brought a lot of change, and experts said a preparer is the way to go.
If someone, for example, got laid off, and they went and started their own business, there are deductions they may not be aware of. Software is good, but you have to know what to put in and where to put things.
Loeffler Financial has experienced tax preparers that take continual education courses to stay up-to-date with the latest tax laws and changes.
TAXES DURING A PANDEMIC.
2020 was a challenging year with the COVID-19 pandemic. Our firm keeps it easy and simple to file your taxes on time, YOUR way. We offer in person appointments, virtual zoom appointments, and our streamlined drop-off services that we have offered for numerous years! We have proper safety protocol to keep our clients, and staff as healthy and safe as possible. We sanitize and wipe down in between each tax appointment. We also provide glass shields and work at a 50% capacity which includes staff and clients in the building.
TAXPAYER CHECKLISTS AND FORM DOCUMENTS.
To help make things easier for you this tax season we have provided our Taxpayer Checklist, along with our Engagement Letter, so you can easily download these forms and fill them out before your scheduled appointment, and/or before you drop off your tax files. This also helps to make sure you have included all necessary documents to keep your tax return moving without any delays!
RENTAL PROPERTIES AND/OR SMALL BUSINESS TAX DOCUMENTS.
Have rental properties or small businesses? Those forms are included below for you as well!
WORK SMARTER, NOT HARDER.
This tax season we have you ready and prepared to make your tax filing smooth and easy!
With Tax Season among us, The Internal Revenue Service is reminding taxpayers that organizing tax records is an important first step for getting ready to prepare and file their 2020 tax return.
Taxpayers should keep all necessary records, such as W-2s, 1099s, receipts, canceled checks, mortgage statements, and other documents that support an item of income, or a deduction or credit, appearing on their tax return.
Taxpayers should develop a system that keeps all their important information together, which could include a software program for electronic records or a filing cabinet for paper documents in labeled folders. Having records readily at hand makes preparing a tax return easier.
To avoid refund delays, taxpayers should be sure to gather all year-end income documents so they can file a complete and accurate 2020 tax return.
Most taxpayers will receive income documents near the end of January including:
- Forms W-2, Wage and Tax Statement
- Form 1099-MISC, Miscellaneous Income
- Form 1099-INT, Interest Income
- Form 1099-NEC, Nonemployee Compensation
- Form 1099-G, Certain Government Payments; like unemployment compensation or state tax refund
- Form 1095-A, Health Insurance Marketplace Statements
Remember unemployment compensation is taxable
Millions of Americans received unemployment compensation in 2020, many of them for the first time. This compensation is taxable and must be included as gross income on their tax return.
Taxpayers can expect to receive a Form 1099-G showing their unemployment income. Taxpayers can elect to have federal taxes withheld from their unemployment benefits or make estimated tax payments, but many do not take these options. In that case, taxes on those benefits will be paid when the 2020 tax return is filed. Therefore, taxpayers who did not have tax withheld from their payments may see a smaller refund than expected or even have a tax bill.
Individuals who receive a Form 1099-G for unemployment compensation they did not receive should contact their state tax agency and request a corrected Form 1099-G. States should not issue Forms 1099-Gs to taxpayers they know to be victims of identity theft involving unemployment compensation.
Taxpayers who are victims of identity theft involving unemployment compensation should not file an identity theft affidavit with the IRS.
Why to file with an Accountant
The best way to file a complete and accurate return is finding a trusted tax professional. They can help navigate your tax return seamlessly and help you maximize the most out of your tax return. Our trusted experts at Loeffler Financial Group continually take courses and seminars to learn the ever changes tax laws. Covid-19 and the vast amount of unemployment has made this years tax filing a little more tricky. Loeffler Financial Group is here for you for all your financial needs and will help educate you on your individual or business circumstances and needs.
Book now!
Book your virtual appointment today, or take advantage of our contactless drop-off services we offer!
Contact us today at 717-393-7366 or email info@loefflerfinancial.com.
Come see the difference!
(Credits IRS.gov)