Americans have started filing their income taxes in preparation for the upcoming April deadline. When millions of people are handling a complicated issue like taxes, there are bound to be a few misunderstandings that pop up. Some of these misunderstandings are so commonplace that they have become widely accepted by a large portion of taxpayers.
The Internal Revenue Service recently released a list of a few misconceptions that many citizens hold about filing taxes. Its list also included the actual facts behind these widespread tax-season myths.
Myth: Almost all taxpayers’ refunds are delayed
Fact: It is true that some tax refunds will be delayed, but this issue actually affects only 10 percent of taxpayers. Approximately 90 percent of tax refunds will be issued by the IRS within 21 days of receiving a tax return.
Myth: You can figure out your refund date by ordering a transcript
Fact: Requesting a tax transcript will not provide taxpayers with a date for their refund. In fact, the IRS specifically notes that a transcript’s information does not necessarily indicate the amount or timing of your refund. The “Where’s My Refund?” feature on the IRS website is the best way to check the status of one’s tax refund.
Myth: The IRS will contact you when your refund is ready
Fact: The IRS hardly ever contacts taxpayers regarding their refund. Remember, if the IRS does contact you, it will never ask you for personal information or financial details. If you have received a call, text, email or letter from a party claiming to be the IRS requesting personal details, it may well be a scam.