Tax Refund Chart Can Help You Guess When You’ll Receive Your Money In 2021

Hear that? It’s the sound of millions of taxpayers cheering across the country: the Internal Revenue Service (IRS) has announced the open of the tax filing season. That date is February 12, 2021.

If you want to get your refund as fast as possible, the IRS recommends that you e-file your tax return and use direct deposit (be sure to double-check those account numbers before you send your return). If you file by paper, it will take longer. According to the IRS, eight out of 10 taxpayers get their refunds by using direct deposit.

Assuming no delays, here are my best guesses for expected tax refunds based on filing dates and information from the IRS. I can’t stress enough that these are simply educated guesses. I like math and charts as much as the next girl, but there are a number of factors that could affect your tax refund (keep reading)

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refund chart
KPE

* No matter when you filed your tax return, if you claimed the EITC or the ACTC, don’t forget to take into consideration that hold date.

My numbers are based on an expected IRS receipt date beginning on the open of tax season, February 12, 2021, through the close of tax season on April 15, 2021. To keep the chart manageable, I’ve assumed the IRS received your e-filed tax return on the first business day of the week; that’s usually a Monday, but if there’s a holiday (like President’s Day), I’ve skipped ahead until Tuesday. The same logic holds true for issuing refunds. In reality, the IRS issues tax refunds throughout the week, so the date could move forward or backward depending on the day your return was received.

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Other sites may have different numbers but remember they’re just guessing, too: The IRS no longer makes their tax refund processing chart public.

Do not rely on any tax refund chart—this one included—for date-specific planning like a large purchase or a paying back a loan. 

Remember that if you claim the earned-income tax credit (EITC) and the additional child tax credit (ACTC), the IRS must wait until February 15 to begin issuing refunds to taxpayers who claim the EITC or the ACTC (that’s pretty close to the start date). Don’t forget to consider regular processing times for banks and factor in weekends and the President’s Day holiday. The IRS expects to see tax refunds begin reaching those claiming EITC and ACTC during the first week of March for those who file electronically with direct deposit and there are no issues with their tax returns.

If you want to get your tax refund as fast as possible, the IRS recommends that you e-file your tax return and use direct deposit. Keep in mind that if you e-file, the day that the IRS accepts your return may not be the day that you hit send or give the green light to your preparer. Check your e-filing confirmation for the actual date that the IRS accepts your return.

If you file by paper, it will take longer. Processing times can take more than four to six weeks in the best of times (and these are not the best of times) since the IRS has to manually input data. Don’t forget about postal holidays, too, when counting on the mail. There’s just one official postal holiday during tax season, Monday, February 15 (President’s Day), and one that follows just after tax season, Monday, May 31 (Memorial Day).

Even if you request direct deposit, you may still receive a paper check. Since 2014, the IRS has limited the number of refunds that can be deposited into a single account or applied to a prepaid debit card to three. Taxpayers who exceed the limit will instead receive a paper check. Additionally, the IRS will only issue a refund by direct deposit into an account in your own name, your spouse’s name or both if it’s a joint account. If there’s an issue with the account, the IRS will send a paper check.

If you’re looking for more information about the timing of your tax refund, don’t reach out to your tax professional. Instead, the IRS encourages you to use the “Get Refund Status” tool. Have your Social security number or ITIN, filing status and exact refund amount handy. Refund updates should appear 24 hours after your e-filing has been accepted or four weeks after you mailed your paper return. The IRS expect that the refund tool will be updated for those claiming EITC and ACTC, beginning on February 22, 2021. Otherwise, the IRS updates the site once per day, usually overnight, so there’s no need to check more than once during the day.

If you’re looking for tax information on the go, you can check your refund status with IRS2Go, the official mobile app of the IRS. The app includes a tax refund status tracker.

Remember that the IRS will not contact you by phone or by email regarding your refund. If you receive a call from someone claiming to be from the IRS or a debt collection agency regarding your tax refund, hang up immediately: it is a scam. Follow me on Twitter or LinkedIn. Check out my website

Kelly Phillips Erb

Kelly Phillips Erb Years ago, I found myself sitting in law school in Moot Court wearing an oversized itchy blue suit. It was a horrible experience. In a desperate attempt to avoid anything like that in the future, I enrolled in a tax course. I loved it. I signed up for another. Before I knew it, in addition to my JD, I earned an LL.M Taxation. While at law school, I interned at the estates attorney division of the IRS. At IRS, I participated in the review and audit of federal estate tax returns. At one such audit, opposing counsel read my report, looked at his file and said, “Gentlemen, she’s exactly right.” I nearly fainted. It was a short jump from there to practicing, teaching, writing and breathing tax. Just like that, Taxgirl® was born.

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Gregg Learning

Once the tax liability has been determined, we must consider the final three items in income tax preparation: tax credits, other taxes, and payments. When an overpayment occurs, the taxpayer has the option of receiving a refund or applying the amount of the overpayment to next year’s estimated tax.

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What Is Really The Tax Filing Season

The 2020 tax filing season is delayed until February 12, so the Internal Revenue Service can do additional programming and testing following the December tax law changes.

“If filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers,” the Internal Revenue Service said in a press release. “These changes ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.”

The filing season usually opens in late January when the IRS begins accepting and processing returns. Last year, the season started on January 27.“While I am disappointed that this year’s filing season will begin later than usual, I recognize that the IRS has faced extraordinary challenges throughout the COVID crisis,” Ways and Means Committee Chairman Richard E. Neal (D-MA) said in a statement on Friday.

The $900 billion stimulus deal and government-funding bill that passed together at the end of December included some key tax changes for the 2020 tax year.

Eligible taxpayers who didn’t receive the second round of stimulus payments included in the latest stimulus bill or didn’t receive the full amount they were entitled to can claim them on their 2020 tax returns. They can also claim the first round of payments. How the Child Tax Credit and the Earned Income Tax Credit are calculated for the 2020 tax year also changed under the stimulus deal.

Under the government-funding bill, medical expenses now must exceed only 7.5% of adjusted gross income to be taken as an itemized deduction. Before, that threshold was 10%.

Read more: Here’s what to do if you haven’t gotten your stimulus check

The IRS urges taxpayers to file electronically and use direct deposit as a payment method as soon as possible. The agency anticipates 9 out of 10 taxpayers will. receive their refund within 21 days if they file their returns electronically, used direct deposit, and no issues popped up with their return.

People eligible for free tax filing can begin their taxes now and the returns will be transmitted to the IRS on February 12. These are providers participating in the IRS Free File for 2021:

  • 1040Now
  • ezTaxReturn.com
  • FreeTaxReturn.com
  • FileYourTaxes.com
  • Intuit (TurboTax)
  • On-Line Taxes (OLT.com)
  • TaxAct
  • TaxHawk (FreeTaxUSA)
  • TaxSlayer

Read more:

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The 5 Best Tax and Financial Franchises You Can Open This Year

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With a delayed tax day, PPP loans and government bailouts, personal and finances have rarely been as confusing as they are in 2020. Helpful experts are vital right now, and these financial businesses can provide a much-needed boost to their environments.

Whether you already have your own tax service company or lack experience in the industry, one of the top five entries in the sector of our Franchise 500 can help you make a good investment … and help your clients make one, too.

1. Goosehead Insurance Agency LLC

  • Entrepreneur Franchise 500 Rank: 129
  • Franchising since: 2011
  • Initial investment: $41,500 to $116,500
  • Initial franchise fee: $25,000 to $60,000
  • New units in 2019: 111 units (+26.2 percent)

Goosehead Insurance Agency LLC manages a portfolio of A-rated insurance carriers, allowing its franchisees to focus on sales and new business. The company, which started franchising in 2011, has shown tremendous growth over the past three years in particular, adding 345 U.S. franchises (a 181.6 percent increase).

Related: The 5 Top-Ranked Franchises You Can Buy for as Little as 5 Figures

2. Jackson Hewitt Tax Service

  • Entrepreneur Franchise 500 Rank: 197
  • Franchising since: 1986
  • Initial investment: $45,130 to $110,255
  • Initial franchise fee: $15,000 to $25,000
  • New units in 2019: 33 units (+0.6 percent)

Jackson Hewitt Tax Service offers a mentorship program and has regional directors who can help franchisees create their business strategies. Its Walmart kiosks expand the company’s brand across the country, and the year-round tax service specializes in computerized federal and state preparation for individual returns.

3. Brightway Insurance

  • Entrepreneur Franchise 500 Rank: 254
  • Franchising since: 2007
  • Initial investment: $42,300 to $178,916
  • Initial franchise fee: $30,000 to $60,000
  • New units in 2019: 25 units (+15.1 percent)

Brightway Insurance prides itself on being accessible to those without experience in the field. “In fact,” states the company website, “half of all Brightway locations with Books of Business over $10 million are owned and operated by people with no prior insurance background.” The company has seen strong growth over the past three years, going from 123 units to 191 since 2016.

4. H&R Block

  • Entrepreneur Franchise 500 Rank: 306
  • Franchising since: 1956
  • Initial investment: $31,557 to $149,398
  • Initial franchise fee: $2,500
  • New units in 2019: -564 units (-5.2 percent)

Founded by brothers Henry and Richard Block in 1955, H&R Block has since prepared more than 600 million tax returns. The company offers an array of financial services to its customers as well as to potential franchisees — tax business owners can sell their business to H&R Block and work with the company on a personalized exit plan that offers competitive buyout packages.

Related: 10 Low-Cost Franchises You Can Start From Home Right Now

5. Fiesta Auto Insurance and Tax

  • Entrepreneur Franchise 500 Rank: 336
  • Franchising since: 2006
  • Initial investment: $67,052 to $120,599
  • Initial franchise fee: $10,000
  • New units in 2019: 11 units (+5.6 percent)

Fiesta Auto Insurance and Tax was originally founded to meet growing demand for auto insurance within underserved Hispanic and blue-collar communities in Southern California. In the past decade, the company has seen strong growth, tripling its number of units from 68 to 207 since 2010.

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Source: https://www.entrepreneur.com

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✪✪✪✪✪ http://www.theaudiopedia.com ✪✪✪✪✪ What is FRANCHISE TAX? What does FRANCHISE TAX mean? FRANCHISE TAX meaning – FRANCHISE TAX definition – FRANCHISE TAX explanation. Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/… license. A franchise tax is a government levy (tax) charged by some US states to certain business organizations such as corporations and partnerships with a nexus in the state. A franchise tax is not based on income. Rather, the typical franchise tax calculation is based on the net worth of or capital held by the entity. The franchise tax effectively charges corporations for the privilege of doing business in the state. Whether or not a business must pay a franchise tax to a state in which it does business can cause some confusion. Some states report using both the economic and physical presence tests, and in some states there are no written, public interpretations of their test at all.
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