Refunds

Are you expecting a refund? Then there are some things you need to know:

• Earlier filing is good, but if your refund includes Earned Income Tax Credit (for low-income taxpayers, usually with children), the IRS does not typically fund these refunds until after February 15.
• BTS does NOT offer advance refund loans. Between the excessive paperwork, high fees, and low desire for this service, I have chosen not to participate in this type of program.
• Direct Deposit or Check? 
  • Direct Deposit
    • Always faster access to your money (typically about three weeks)
    • Always safer. With recent news reports of mailbox robberies, leaving negotiable checks in your mailbox for even a day is ill-advised.
    • Worried about the IRS having your banking information? Trust me, they already have it. You were required to submit your social security number when you set up the account so yes, they already know.
  • Check
    • Typically arrives about ten days later than direct deposit
    • A good choice for old school taxpayers or those who do not have a bank account
• Need your refund split? You can do that! The IRS will split your refund between up to three (3) different accounts.
• Is your refund smaller than last year or smaller than what you were expecting? Congress wants you to keep your money and spend it regularly as this stimulates the economy. As a result, withholding has been reduced. You may not have noticed it in your paycheck but compare a paystub from this year to one from last year at the same time. This is often why your refund shrinks.
• Wondering when you will receive your refund? Click Here to see if the IRS has processed it yet. 
• Finally, when you submit your information for preparation, make sure to verify your banking information. If you change bank accounts, I will not know that unless you tell me.