Tax Refunds & Advice

As you know by now, millions of Americans will be receiving an economic stimulus check from the IRS in the coming months. With that being said, there are several reasons as to why you may not find one of these checks in your mailbox by the end of summer. If you are like most taxpayers, you want to know if you will be receiving this rebate so that you can plan what to do with the money in advance.

Here are several reasons as to why you may not receive a check:

1. Do you have any federal tax debt? If so, you can expect the IRS to take this money out of the rebate that you would have received. For many, this means a considerably smaller check, or in some cases none at all.

2. If you make too much money you may not receive as big a check as you thought. Rebates begin to get smaller for single filers with a gross income in excess of $75,000, and joint filers with a combined income of more than $150,000.

3. On the other end of the spectrum, if you do not earn enough money you may be left out. If your income is less than $3,000 do not expect to receive a check. Luckily, you will be able to count all of your income including social security benefits. This should help many to reach the $3,000 threshold.

If any of these reasons hits home, there is a very good chance that you will not be receiving an economic stimulus check this summer. But remember, the odds are in your favor. More than 100 million taxpayers will be receiving anywhere from $300 to $1,200!

Did you attempt to file your own taxes just to find that this was a huge mistake? If so, there is still time to back out and get some help. Remember, just because you started the process on your own does not mean that you have to finish the same way. When it comes down to it, many people think that they are capable of filing their own taxes just to realize that they are unorganized and not ready to take on this task.

When all else fails and you are up against a tax filing deadline, it is time to call a professional. The worst thing that you could do would be to attempt to dig yourself out of the hole that you created. If you do this, there are several issues that you could run into. First off, when things are going bad there is a good chance that you are making mistakes. And when that happens there are many additional problems that are sure to come up. 

Secondly, when you continue to forge ahead instead of asking for help, you will begin to see the filing deadline closing in on you. In the end, you may not have time to call on a professional, which could force you into missing a deadline and in turn paying a late fee. Is that something you want to do?

If you cannot successfully complete your own taxes, you should rely on a professional who specializes in this area. In the end, you will be glad that you did. Not only will this ease your mind, but it will also ensure 100 percent accuracy. And when dealing with the IRS, accuracy is just about as important as it gets!