The IRS is FINALLY releasing refunds held up by the PATH Act. Last year, despite the gov’t shutdown, they released most of these refunds on Feb 15th. This year, they’ve dragged their feet terribly and some of you STILL don’t have your refunds, but the IRS says they’re almost caught up. What’s their budget again? Oh yeah, they say not enough and then take their time getting refunds out. Coincidence? Once they do catch up, you should get both your IRS and state refunds in less than 2 weeks.
If you want to check the status of your refunds, I’ve put links near the top of our Tax page. You can also phone the IRS Refund Hotline (a computer, not a person, though sometimes it’s hard to tell when dealing with the IRS) at 800-829-1954. And, of course, you can call or email me.
Well, all that refund stuff sounds real nice, but for many of you (and me), refunds are a pipe dream, while payment vouchers are a reality. Keep in mind that you don’t have to pay until April 15th regardless of when you actually file your taxes. If you don’t pay them everything you owe, no worries, they’re really good at reminding you and we can assist in setting up a payment plan if you don’t think you’ll be able to pay it off before next year. They will charge interest beginning April 15th, but it’s not as outrageous (about 6%) as most credit cards.
And finally, I get asked all the time how long you should keep your tax returns and supporting documents. At least 5 years, unless you have an ongoing issue – then even longer! We have electronic copies of your tax returns going back to 2005, but we don’t usually keep all the supporting documents and you should, just in case…
Tax season is in full swing now. Please call or email us if you want to make an appointment or need help getting your documents over to us.