IRS clarifies 3 big tax myths regarding refunds & unpaid taxes

Here are three of the most persistent public myths the IRS encounters.

Myth 1: All refunds are delayed
No. The IRS issues more than 9 out of 10 refunds in less than 21 days. However, while most refunds are issued in less than three weeks, some may be delayed. “By law, the IRS cannot issue refunds for tax returns claiming the Earned Income Tax Credit or the Additional Child Tax Credit before mid-February.” Filing on-line and opting for direct deposit [vs. mailed paper] refunds are still the quickest options. E-filing is “the safest, fastest way to receive a refund.”

Myth 2: You should call the IRS
No. A call to the IRS likely won’t help you find out any new information about your refund. Instead, the IRS suggests using the official website or mobile app to check your status.┬áThe IRS website offers the same information as its telephone operators do, “so there is no need to call unless requested to do so by [our] refund tool.” Also, the website “provides many self-service tools for individuals, businesses and tax professionals,” the IRS notes.

Myth 3: The IRS will call or email you
No. If you receive a call, text or email from someone claiming to be from the IRS, it’s probably a scam. “The IRS doesn’t initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. Generally, the IRS will first mail a bill if taxes are owed.”

The IRS also won’t threaten to immediately bring in law enforcement to arrest you for not paying taxes, demand taxes be paid without giving you an opportunity to question or appeal the amount owed, nor would the IRS ask for credit or debit card numbers over the phone.

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Excerpt from CNBC article. Read full article here:
https://www.cnbc.com/2018/02/13/3-tax-myths-the-irs-wants-to-clear-up-for-you.html

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Let’s Talk 2018 Deadlines

Grab your calendar, or put date alerts on your phone! Deadline for submitting 2017 Federal Income Tax Returns is April 17, 2018 [because of a weekend, and a Monday holiday in Washington DC].

Due dates for State Income Tax Returns vary by state. Due date for New Mexico state income tax returns is April 17, 2018. Date to file NM State Income Tax Extension is also April 17, 2018, at which time income tax return then becomes due by October 15, 2018.

** NOTE: Extension of time to file is NOT an extension of time to pay. If certain amounts due on 2017 tax returns (both Federal and New Mexico State returns) have not been paid by April 17, penalties may apply. E-Filing deadline and due date for Federal Income Tax Returns is from early January to October 15, 2018. E-Filing is suspended as of that date.

Corporations (C-corp, LLC, S-corp, partnerships, and other entities similarly-structured) business owners are required to file their income tax returns on the 15th day of the third month after the end of the tax year. For calendar-year corporations, the return is due by March 15. Think of this deadline as required of entities who must issue Schedule K-1 to various individuals, so that those individuals have time to include the K-1 in their personal tax returns.

And then there are Non-Profits returns, completed on Form 990, 990-EZ, or 990-PF. These entities must file by the 15th day of the 5th month after the end of the organization’s accounting period. Thus, for a calendar year NP taxpayer, these forms are due by May 15 following year-end 2017.

How Do I File a Previous Year Tax Return?
Electronic filing is no longer available for Tax Years 2016 and earlier. Download, complete, print out, sign, and mail the tax forms to the IRS for the appropriate Tax Year.