It’s an exciting feeling when you’ve finished preparing your tax return and discovered you’ll be getting money back. However, waiting to receive it can be frustrating. Filing taxes is a complex process and there’s a great deal of misinformation that’s spread around, making it even more confusing. The following information helps to correct some of those misunderstandings.

3 Common Myths About Getting a Tax Refund

1. It’s Best to Call for a Refund Date

Many people think it’s easiest to find out when they’ll get their refund by calling the IRS or their tax preparer. The truth is that there isn’t any advantage to talking to a live person on the phone. They won’t have access to the most updated information on your refund.

Instead, track your tax return with the IRS’s Where’s My Refund? tool. This updates daily and will provide the most accurate details regarding your refund date. 

2. The Online Status Website Isn’t Always Accurate 

A number of taxpayers believe the Where’s My Refund? tool is inaccurate when it doesn’t show a refund date or it displays a different refund amount than expected.

In reality, if there isn’t a deposit date yet, this simply means the refund isn’t done processing. The IRS may need to obtain more information from you or they might be taking more time to evaluate your return because of what you claimed.

Additionally, your refund can be larger or smaller than what you submitted depending on whether or not the IRS makes any changes. 

3. Ordering a Tax Transcript Expedites Refunds

Tax transcripts are available to help with tax preparation, providing validation of past income, information on deductions and credits you’ve previously claimed, and depreciation schedules.

They don’t contain any insight into refund processing. Thus, ordering one will not help you get your money faster. In general, most taxpayers receive their refunds within 21 days of filing their tax return if it is done electronically and direct deposit is enabled.

If you need assistance completing your tax return this year, turn to the professionals at PMC Tax Services LLC. Based in Lincoln, NE, they’ve been committed to helping residents across the state successfully navigate tax season and maximize their refund for more than 30 years. Call (402) 467-5529 to set up an appointment or visit their website to learn more about the services they offer.