Tax Facts Mixed With IRS Tax Fiction You Need To Know
Updated: Mar 31, 2022
The 2018 filing season kicked off on January 29, 2018. Before all is said and done, the Internal Revenue Service (IRS) anticipates processing nearly 155 million individual taxpayer returns. That’s a lot of taxpayers – and a lot of taxpayer questions. Below is a mix of fiction – myths that the IRS hopes to rebut – and facts from the Taxgirl files to help you navigate tax season:
Fact: Not all taxpayers need to file a tax return.
Just because you received income in 2017 doesn’t necessarily mean that you have to file a federal income tax return. You can figure whether you need to file by using the handy chart here. Since you won’t always have the chart at the ready, here’s your quick “cheat sheet” formula: Add your personal exemption to your standard deduction (remember to consider the increased standard deduction for those over age 65). You can find the 2017 numbers that you’ll use in 2018 here.
Fiction: All tax refunds are delayed.
By law, the IRS cannot issue refunds for tax returns claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) before February 15. Tax returns that do not claim the EITC or the ACTC are not affected by the law, although some tax returns may require additional review for a variety of reasons such as additional scrutiny to protect against tax-related identity theft.