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5 tax changes you need to know about for the 2017 filing season
Source:
finance.yahoo.com
- Jan 28, 2017
It’s officially tax season, but before you start tracking down receipts and filling in income boxes, there are a few changes from last year that you need to know about.
Delay in getting refund
This year, early filers might see a slight delay in their tax refund. According to the IRS, the Protecting Americans from Tax Hikes (PATH) Act mandates the IRS hold refunds on tax returns claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC).
As a result, the IRS will start to release refunds on Feb. 15, 2017, which means the money won’t arrive in your bank account or on your debit card until the week of Feb. 27. Keep in mind that financial institutions do not process payments on weekends or holidays. The delay might be inconvenient, but it gives the IRS more time to detect and prevent tax fraud.
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Category: General Business
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