Don’t Confuse Fact With Fiction Come Tax Time


Are you one of the tens of millions of people who have already done their taxes? Or, are you one of those taxpayers that like to wait till the very end? Either way, there are some important facts to keep in mind, whether for this year, or for next. There are plenty of so-called “tax facts” all over the Internet, but sometimes, those facts are actually fiction.

So here are some things you will want to keep in mind, especially if you still haven’t filed your taxes this year.

Not everyone has to file a tax return–this is a fact. Certain taxpayers don’t have to file a return because their gross income falls under the threshold of their age and filing status.

The 2018 filing deadline is not April 15–this is also a fact. April 15 falls on Sunday so that means you have till Monday, April 16, right? Actually, you get another extra day, because April 16 is Emancipation Day, which is a federal holiday. So you get two extra days this year.

All refunds will be late–this is fiction. Only certain refunds will be delayed. Anyone who has claimed the Earned Income Credit or the Additional Child tax Credit might’ve had to wait longer for his or her refund. However, now that February 15 has come and gone, the IRS can issues these refunds as soon as they process these returns.

New withholding tables don’t count for this year–this is fact. The new tables will count for your 2018 taxes, which you will file in 2019.

Call the IRS for help–this is fiction. While it’s true you can call the IRS for help,chances are you won’t receive much assistance. The agency only answers a small percentage of calls and they are upfront about that. TheIRS always recommends using the website first.

For more help separating tax fact from fiction contact GROCO today.

The post Don’t Confuse Fact With Fiction Come Tax Time first appeared on Advisors to the Ultra-Affluent – Groco.