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Sustainable Living Center Oregon

Certain Tax Refunds to be delayed, but you can get Next Day Tax Cash Tomorrow

The 2020 Tax Filing Season

Most of the 2020 tax forms and schedules are ready for the 2020 Tax Year tax returns (January 1 – December 31, 2020) due by April 15, 2021 and they can be e-filed via eFile.com between early January 2021 and October 15, 2021. Tax Year 2018 (January 1 – December 31, 2018) can be e-Filed now and until Oct. 15, 2019.

Reasons for Delay: If You Claim Certain Credits

If you file early and claim the earned income tax credit (EITC) or the additional child tax credit (ACTC), you will have to wait a bit for a refund. According to the law, the IRS has to wait until Feb. 15 to issue a refund to taxpayers who claimed either of those credits. President’s Day and bank processing times can slow down your refund further. For 2019, the first refunds (if you claimed the EITC or ACTC) aren’t available in a taxpayer’s bank accounts until Feb. 27, 2019.

1_taxThis hold on your refund may get in the way of your budgeting, but there is nothing to be nervous about. The hold is not a result of mistakes or problems with your return. The IRS simply takes the extra time to confirm that everyone who claimed the credit could rightfully do so.

direct2Call for more details if you live near

South of Memphis in Tennessee …. 931-840-8401 mrtaxofamerica@bellsouth.net   ….. Pick up Cash at Walmarts in Columbia, Spring Hill, Lewisburg, Hohenwald, or Lawrenceburg

South of Memphis in Missippissi  …. (662) 837-1301 moffitttaxservice@yahoo.com…. Get Cash Next Day Tax Cash at any Walmart in …. Ripley …. New Albany …  Corinth …. Holly Springs …. Booneville

Northern Arizona …. Call 928-241-0184 rquiktax@citlink.net…. Get Cash Next Day at Walmarts in Winslow or Taylor

Eastern South Dakota …. 970-270-4064 moffitttaxservice@yahoo.com…. Get Cash Next Day Tax Cash at Walmart in Wahpeton

EL Paso ….  (915) 755-1040 foxyladyjb56@gmail.com…. Get Cash Next Day at any of the 16 Walmart’s in El Paso

rates

You can get Cash at Walmart the Next Day.  This is a loan, not your refund.  Your refund will be sent to the bank making the loan for repayment of the loan. You must have your W2’s to receive a loan.

If you claimed those credits and you have been waiting weeks, you can check the status with IRS of your refund  CLICK HERE to download the app to check your status.

Reason for Delay: Filing Early or Late

Your refund could also face a delay if you file early in the tax season because this is a high traffic time for the IRS. The same is true at the end of tax season. The majority of taxpayers file either as soon as they can or wait until close to the tax day deadline (April 2019). Going through a high volume of returns will take time.

Reason for Delay: the PATH act

Congress passed the PATH Act in 2015.  The PATH Act includes some good news for those looking to claim the Additional Child Tax Credit (ACTC). This refundable credit allows eligible families a significant break on their taxes — up to 15% of the income they earned above an initial threshold of $3,000. For example:

If a family earned $40,000, the possible 15% refund would be applied to $37,000 (the amount left after the $3,000 threshold).

While expiring tax laws would have raised this threshold to $10,000 (potentially lowering the available refund amount), the PATH Act keeps the threshold at $3,000 permanently.

Similarly, the PATH Act permanently increases the income phase-out threshold for the Earned Income Tax Credit (EITC) by $5,000 for those who are married or filing jointly. This means that couples who earned a few thousand dollars more than would have been originally allowed may now be eligible to receive the full EITC for their income bracket.

The Trade-Off: A Delay in Some Tax Refunds

Most people claiming the EITC and ACTC can expect an overall tax refund. However, the PATH Act stipulates that the IRS must withhold refunds for filers who claim these tax credits until February 15.

So if you file before February 15, you’re owed a tax refund and you’re claiming either the ACTC or EITC, your entire refund will be withheld until at least the February 15 deadline. This delay allows the IRS time to match information from individual tax returns with information on the W-2 forms from employers, which are sent to the IRS by January 31, as a way of preventing identity theft and fraud.

Additional Changes to the EITC

The PATH Act made a few additional changes to the Earned Income Tax Credit (EITC) that may affect your tax returns. While you’ve always needed a valid Social Security number (SSN) to claim the EITC, the old tax law allowed you to retroactively claim the credit, even for those years when you did not yet have an SSN.

The PATH Act changed this, so you can no longer claim the EITC retroactively for years when you did not have a valid SSN. If you were counting on those retroactive refunds to bolster your tax return, you may be looking at a smaller refund than expected.

Provisions in the PATH Act make it even more important that you ensure you meet the requirements for the EITC before trying to claim it.

The IRS now penalizes a taxpayer for erroneously claiming the EITC.

The penalty may be based on your tax liability, with the EITC adjustment removed from your return.

Mistakenly or erroneously claiming the EITC might also bar you from claiming the credit for up to 10 years in the future.

Reason for Delay: New Security Measures

Identity theft is a big threat in today’s world. To combat the threat, the IRS maintains strict security standards. Some security measures will cause the IRS to increase processing time for returns (and refunds).

If the IRS suspects that someone has attempted to steal your identity (by filing a fake return), this could hold up your return. You would then have to wait until the IRS completes any investigating and until it can ensure that you are who you say you are.

Reason for Delay: Must File as Head of Household/Married with Children

Head of Household …… Generally, you may claim head of household filing status on your tax return only if you are unmarried and pay more than 50% of the costs of keeping up a home for yourself and your dependent(s) or other qualifying individuals

Unmarried partners may be able to use the “head of household” filing status if they support a child dependent. If your child lives with you and your partner, one of you may file as head of household to claim the child tax credit, but only if you’ve provided at least 50% of the financial support for the child.

There could potentially be more than one household per home. If there is more than one household and each taxpayer paid more than 50% of their respective households, it is possible to have more than one taxpayer meet the head of household filing status even if they live at the same place.  IRS may delay the refund until these points are proven.

You must have a qualifying child or a dependent with a valid Social Security Number.  However, a custodial parent may be eligible to claim head of household filing status based on a child even if he or she released a claim to exemption for the child.

The qualifying child must be unmarried, under 19 years old/24 years old and full-time student/disable.

Live with the taxpayer in the United State for more than 6 months.

How to get cash if you cannot wait?

A paperless option for taxpayers to pick up cash at Walmart.

WARNING … This is a loan, not the taxpayer’s refund.  The taxpayer’s refund will be sent to the bank making the loan for repayment of the loan. You must have your W2’s.   If your employer uses ADP  payroll service, your W2s may be online.

Simply Log in to my.adp.com  A free ADP® Mobile Solutions app. Download the free app

Walmart Direct2Cash offers customers a convenient and secure way to receive cash when compared to checks. Too often, a government issued tax refund checks are subject to theft, fraud, and mishandling, which can create weeks or even months of delay before customers can receive their funds. Walmart Direct2Cash is a secure, one-stop cash pickup transaction that reduces the potential for a variety of check-related problems.

direct2How It Works

Go to a Next Day Tax Office (Same Day until Jan 20)) and make an application.

  1. MUST HAVE W2’S, Current Picture ID, Social Security Cards, mobile phone, and a copy of 2017 (last year tax return)
  2. Select Loan Amount $501 to $5999.  Loan fee based on loan amount.
  3. The taxpayer must provide a mobile phone number for text messaging or email address at the time of application.
  4. The Taxpayer receives a Walmart reference number and email from the bank that the loan has been approved.
  5. Must present the same current picture ID that is on file to Walmart
  6. An additional $7 Walmart Direct2Cash fee will be charged and deducted when the taxpayer.  Available at all participating Walmart locations for disbursements up to $6,000.  If the taxpayer does not want to pay the extra $7 fee, the taxpayer may have a check print in the office at no additional expense.

For more details

To find you how much Cash you can receive at Walmart … CLICK HERE

Information

This entry was posted on December 22, 2018 by .