Just as each tax return is unique and individual, so is each taxpayer’s refund. There are a few things taxpayers should keep in mind if they are waiting on their refund but hear or see on social media that other taxpayers have already received theirs.

Even though the IRS issues most refunds in less than 21 days, some tax returns require additional review and take longer to process than others. This may be necessary when a return has errors, is incomplete or is affected by identity theft or fraud. The IRS will contact taxpayers by mail when more information is needed to process a return. Please contact your tax adviser if you receive correspondence directly from the IRS.

The IRS reminds taxpayers that, by law, the IRS cannot issue refunds claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) before mid-February. This applies to the entire refund − even the portion not associated with the EITC or ACTC. The IRS expects most EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards by the first week of March, if the taxpayer chose direct deposit and there are no other issues with the tax return.

Refund information will generally be available within 24 hours after the IRS acknowledges receipt of an electronically filed return on the Where’s My Refund? ‎tool on IRS.gov and the IRS2Go phone app. These tools will be updated with projected deposit dates for most early EITC and ACTC refund filers by Feb. 22, so those filers will not see an update to their refund status date on Where’s My Refund? ‎or through their software packages until then. The IRS, tax preparers and tax software will not have additional information on refund dates. Where’s My Refund? is the best way to check the status of a refund.

If you have questions about delayed returns, please call or contact us directly!

Each taxpayer’s situation is unique, and it is impossible to list all the items one must bring in for a tax appointment for every type of tax situation.  When in doubt, bring the item in question to your tax appointment. The following is a good general list of the items to bring in with you for your scheduled tax appointment:

Prior Year Tax Return Copies.

If you are a new client, please bring copies of your last years federal and state income tax returns.  Performance Group will review them, and we may be able to amend any mistakes/omissions.

Personal & Dependent Information

  • Social Security or ITIN Numbers with date of births for anyone who’ll be on your tax return
  • Childcare payment records with licensed provider’s ID number(s)

Income Statements

  • Bring any & all W-2, 1098, 1099 & schedule K-1 forms
  • Purchase date & total investment for any stocks or property sold
  • List of investment related expenses
  • Education scholarships or fellowships

Itemized Deductions

If you are planning on itemizing your deductions (Schedule A) please compose a spreadsheet/list summarizing them.  Itemized deductions include:

  • Mortgage interest, real estate & personal property tax records
  • Casualty & theft losses
  • Amounts of state & local income tax paid in prior years
  • Records of cash donations to religious institutions, schools & other charities
  • Records on non-cash charitable donations
  • Job search/moving expenses

Retirement & Education

  • Records of any contributions to IRAs, HSAs & other retirement plans
  • Records of tuition and other higher education expenses (books, computers, etc)

Health Care 

  • Form 1095-A if you received health insurance from an Exchange (State or Federal)
  • Marketplace exemption certificate if you applied for and received an exemption from the Exchange

Stocks & Mutual Funds

If you sold stocks or mutual funds, please provide a spreadsheet/list showing:

  • The date(s) you purchased each item(s) sold
  • Total purchase price of each item sold.  Do not assume your cost information is provided on Form 1099.

Self-Employment or Rental Property

  • Please prepare a simple 1 page income statement which summarizes your:
  • Gross self employment income for the tax year and your applicable expenses categorized and summarized by the type of expense (i.e. advertising, equipment, supplies, etc)
  • Gross rental income you received during the tax year
  • Your applicable expenses categorized and summarized by the type of expense (i.e. advertising, mortgage interest, real estate taxes, repairs, maintenance, condo fees, etc).
  • Rental start date and original cost base for all properties
  • Business Use of Home

Finally, please bring any other official tax documents you received not mentioned above. When in doubt, bring it! 

Schedule Today!

“taxes near me?”

If you type “taxes near me” into google, you get about 3,530,000,000 search results. That means you have roughly 3-ish billion options at your fingertips. But only 1 Performance Group.

Choosing the right tax professional is crucial. In a world built around price, it is important to understand what you are paying for. Are you paying for advice, a service, or peace of mind? Hopefully the answer is all three!

At the Performance Group we specialize in tax preparation for individuals, farms, and small business owners. It is our mission to help families find financial independence and that is no part time job. So our operation is open year round in order to maximize both our client experience and our level of advisement. We are a trusted local business focused on the people of our community. Let us help you!

Schedule a call today with one of our trusted advisers !

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So my wife made me sit down and write a blog. Not because she’s mean. Not because she’s bossy. But because I asked her to.

No, I didn’t look at my wife and say “hey, make sure I write a blog today”. But I have on many occasions told my wife that I would do something with no real intention or direction. (I know I can’t be the only one!)

I have a new years resolution to try and write one blog every week for all of 2020. Not for me, not for my wife, not even for our business, but for our clients, our community, and most importantly all the other business owners who are scared to have a real voice.

When I say a voice — No, I do not mean your political affiliation — although most of us could do a better job to keep that to ourselves — I mean an opportunity to say what is really on your mind as a business owner.

Nothing ever goes according to plan when you are running a business. AND THAT IS OKAY!

If everything went right the first time it means you weren’t pushing the envelope enough OR you haven’t waited long enough for it to go wrong yet!

Like my dad has always told me, “Business is messy.” So sometimes you just have to buckle up, find your outlet, and enjoy the ride.

So hold on tight!

Yours Truly,

Sean Kirby