I know, I know, tax season is over, it should be time to move on. But please, allow me one more week.
This is because even though we are a week removed from the regular tax-season deadline (don’t get me started on extensions yet), that doesn’t mean that everyone’s questions have been answered. And most of those questions now revolve around getting their refund. So first, I must assure you that we have no secret means of getting a refund processed faster or of giving you a specific date on when you can expect it. As a rule, refunds are paid within three weeks of filing your return, but there are various reasons why this could be held up. And if the IRS determines that it needs more information before issuing a refund, note of that would come by mail, so yes, it can become easy for the days to start to pile up. The agency does have a tool, however, that can at least let you know where things stand for you on its Where’s My Refund webpage. Using this tool, you can track where your refund status stands and know where you are in the process. As a bit of warning, it is only updated once a day, so don’t make it all too frequent of a website visit. And just two further notes on refunds before we move on to the future: First, if you find you received a refund that was smaller than expected, don’t fret about it much, the IRS will send you a letter explaining the situation. They will not just arbitrarily change the number on you. Lastly, it is worth giving some thought as to what any refund means. This generally means you have paid more in taxes through the year than you owed. And sure, getting that refund money in one chunk feels great when it happens but you may want to think about adjusting your withholding or estimated payments to get a little bit more in your pocket throughout the year. Or if your situation is going to change this year, you may want to make adjustments so that you do not end up owing the government money come next tax year. For yes, this may be the time of year when most no longer want to think about taxes, but it’s also a moment when you still have the time to make slight moves that can take place over the rest of the year and add up enough to still make a difference come next year. Warmly, Josh Bousquet Connect to Us ~ Facebook ~ Twitter
0 Comments
Some things never seen to go ‘great,’ and that is how tax season always feels around here. This is not a bad thing but is more just the nature of the beast. Across the country, there are so many of us who earned some money who then feel the pressure of a government mandate … one that it is almost impossible not to worry about a possible bill at the end of it (and just how much it could be for). Because of all that, it is impossible for our work to always feel ‘great’ because everyone is in the midst of a stressful time and sometimes we have to be the bearers of bad news.
At the same time, though, that is part of what makes it the most fulfilling. We are happy to be the people who can help our clients through these stressful times and are honored that even if we sometimes must deliver bad news, we can do so in a way that leaves someone knowing we are still giving them the best possible outcome. This comes with a level of trust that we do not take for granted. So, I just wanted to take a moment this week to say thank you to everyone who worked with us this tax season. Even if an extension means it is not over yet), even if it doesn’t always feel ‘great,’ it is still a pleasure that we get to perform this service alongside you and hope to continue doing so well into the future. Warmly, Josh Bousquet Connect to Us ~ Facebook ~ Twitter I feel that I must present this blog with an initial warning: there is nothing earthshattering included herein.
In fact, I’ll even tag that with a second warning: there is a lot of nerdy information included. But hey, I find it pretty interesting. With that being said, this all refers to an article that reports on some of the numbers behind the current tax season until early April. Much of the point of the reporting was comparing 2024 numbers to 2023’s, and really, there aren’t a whole lot of differences. The biggest difference was in the number of visits to the IRS.gov website, which was up 19% this year as compared to 2023. Of course, it isn’t super surprising that the amount of people gaining confidence in using the interest is on the rise. The fact that it increased by such a large percentage, however, is still a bit jarring. Like has internet usage really increased by 1/5 in the last year? Hopefully a takeaway from this will be the IRS further commits itself to its digital presence and what taxpayers and tax preparers can do online. This has definitely been an area where the agency has lagged. And even if in the other numbers there aren’t a whole lot of takeaways, I think it’s worth still reminding ourselves about how big these numbers are. Starting right at the top, at the time of these numbers there had already been 80 million returns processed. Take a moment to think about just how big that number is and how much work the IRS is really required to do. And that’s before the end-of-season push followed by everyone who gets an extension. Of those returns, about 55 million of them received a refund. So it is probably also worth pointing out that even though the idea of paying taxes weighs on the mind of many, most people who file taxes actually get some money back. And now when you add all those refunds together, we come to the biggest number that is difficult to fully appreciate. The total amount refunded at this point was $169,411,000,000. Look at how many zeroes that is. That means this amount is in the billions. And not just a few billions, but almost 170 of them. So when one tries to contact the IRS and is sometimes amazed at how slow (or impossible) that can feel like … well, the agency should still do better and people deserve it to better, but at least when looking at some of these numbers, maybe we can understand a little more. Warmly, Josh Bousquet Connect to Us ~ Facebook ~ Twitter I could start off this post telling you how the tax deadline is approaching and you would shake your head in the most time-honored “oh, I know” tradition. And yes, the calendar has turned to April so how quickly the 15th is coming is well known. There is another deadline coming, though, and it is not nearly as obvious.
For see, if you own the IRS money and do not file your taxes on time, the agency will hop on that and immediately start charging you fees and interest. If you do not owe the IRS money, though, and do not file your taxes, the agency is not going to track you down so that it can hand you a check. And it’s not as if the IRS doesn’t know it owes people money. The agency gives you three years to file your taxes if you are in this situation. That means it has been sending out notices for those who have not filed for tax year 2020. And the IRS estimates that there is more than $1 billion out there for that year which has not been claimed. Yeah, billion … with a B. So yeah, they know they owe people money. But it’s not as if there are some secret ways that must be followed to get this money. All that must be done is to file a tax return (you have until May 17 to do so). And at that point, even if the IRS hasn’t tracked you down, they will get you that check. It is April then, so yes, tax deadlines are coming. And if this is now a new one that you are aware of, you may want to jump on it before your time goes away to get what amounts to essentially free money. Warmly, Josh Bousquet Connect to Us ~ Facebook ~ Twitter |
Archives
October 2024
Categories
All
|
Website by Odeh Media Group
Copyright ©2024 TSBAS.com, All Rights Reserved |
The Small Business Accounting Solution, Inc
50 South 1st Avenue, Coatesville PA 19320 (844) 208-2937 |