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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As Employers Cut Coronavirus Hazard Pay, What About A Living Wage?

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As more Americans emerge from their homes and resume their day-to-day routines, there is a new casualty stemming from the coronavirus — hazard pay.

To understand why, first we need to go back in time. When the highly contagious virus first gripped the nation, there was a prevailing sense by business owners that essential workers should be compensated for continuing to show up to work, particularly as much of America was staying at home. As a result, many employers opted to increase the pay of those continuing to work in the risky environment of the early days of the pandemic, deploying a practice commonly referred to as hazard pay.

But despite the fact that companies were lauded for paying more to their employees, it didn’t change the fact that many of the those individuals who are deemed essential workers, such as grocery cashiers, transit worker, package handlers, and food workers are often paid an hourly pay rate that makes affordable living difficult. So while the marginal increase in pay was a welcome development for workers who often struggle to make ends meet, there was always a sense that the hazard pay may be only temporary.

As states reopen, increasing numbers of companies are ending their practices of hazard pay. Some of the larger companies are in the process of phasing out the raises by the end of May, with the plan to return to pre-pandemic wages in June. For example, in mid-March Amazon increased pay for its warehouse workers by $2 and doubled overtime compensation, but the Seattle-based company plans to end the supplemental pay at the end of the month. Rite Aid ended its additional $2 pay on May 16th and other retailers such as Kroger, Starbucks and Target all plan on sunsetting their additional pay at the end of May — in some cases giving final bonuses to employees in lieu of continued hazard pay.

But even as the supplemental pay disappears, the higher risk conditions that necessitated them continue. While some states have seen a reduction of coronavirus cases, there are many states that have maintained a high number of infections even as states accelerate their reopening. The expectation that cases may rise over the summer as people loosen social distancing practices is also a risk. And then there is the research that shows that the chance of contracting the virus is higher depending on your amount of exposure – which is something front line workers might not be able to avoid.

But perhaps the most enduring risk for the employees who have received hazard pay is that many of them don’t earn a living wage in the first place. Researchers at MIT calculate that national living wage — the earnings that are needed to meet a family of four’s basic needs (two working adults and two children) — is $16.54 per hour, or $68,808 per year. But that number is much greater in urban areas, and cities like NYC ($93,851) and San Francisco ($94,741) require significantly higher living wages. For those earning only the federal minimum wage of $7.25 per hour, making a living wage is almost impossible.

While many companies pay workers higher than the federal minimum wage due to higher local pay standards as an as a consequence of the tight pre-pandemic labor market, the fact remains that most ‘essential’ American workers are woefully underpaid. In fact, some are so underpaid that they can’t even earn a living wage to keep their families supported while they risk their own lives.

Which is why now is the time to ask the question, why roll back the hazard pay at all? Understandably many employers are struggling in the faltering U.S. economy, but with over $1.3 trillion of worker income having disappeared since the start of the pandemic, more and more workers risk falling through economic safety nets. By cutting back, especially at a time of greater need, employers risk increasing the financial hazard of their employees, at the same time their work remains physically hazardous.

So perhaps rather than claw back hazard pay and further deepen an already historic level of income inequality in America, now is a time for employers to sustain the hazard pay they implemented early in the pandemic and convert it to a living wage raise for their employees. In a time when many people think the pandemic is changing things for the worse, this kind of support for front line workers would be one thing that could change for the better.

And that’s the kind of healthy change that can even be done without a vaccine.

Follow me on Twitter or LinkedIn. Check out my website.

As the founder of Applied Optimism, a business and community design lab, I help leaders of all types catalyze the shared purpose, knowledge, and wonder of their customers to strengthen and achieve their organization’s objectives. My 20 years of experience with global corporate and philanthropic organizations has made me passionate about the ways leaders apply optimistic and inclusive solutions to their most difficult challenges.

Source: https://www.forbes.com

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A proposed increase to the minimum wage “will have to go onto the back-burner for the next 12 months at the very least,” according to 6PR’s Oliver Peterson. The Australian is reporting “hundreds of thousands of low paid workers could have wage rises delayed for up to six months after the Fair Work Commission revealed it was looking at deferring minimum wage increases for stressed companies operating under the JobKeeper scheme. Mr Peterson said “the nation simply cannot afford an increase to the minimum wage right now” especially given “our minimum wage is the highest in the industrial world”.
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