Shopping Cart
Your Cart is Empty
There was an error with PayPalClick here to try again
CelebrateThank you for your business!You should be receiving an order confirmation from Paypal shortly.Exit Shopping Cart

K&D Tax & Bookkeeping Services Inc

Experienced Tax Professionals

Notary Public

Howard Beach, NY



Some families can't bank on a tax refund before Feb. 27

Posted on December 27, 2016 at 6:55 PM

Here's a new financial detour: Families on tight budgets need to hold the line when it comes to spending on after-holiday sales, if they typically plan to pay the extra bills with an early tax refund.


Don't bank on that strategy in 2017.


Taxpayers who receive the Earned Income Tax Credit or the Additional Child Tax Credit will face longer delays in 2017 and will not be able to access their refunds until the week of Feb. 27 at the earliest.


Initially, we heard reports about a switch that would delay those refunds until Feb. 15 but another 12 days has been added to that process, based on the latest reports.


Taxpayers who do not claim either of those credits would not be impacted by these delays.


As part of a strategy to tackle fraud, the Protecting Americans from Tax Hikes Act of 2015 — known as the PATH Act — put into place some extra hurdles when it comes to refunds associated with the Earned Income Tax Credit and the Additional Child Tax Credit to make it tougher for crooks to file fake returns using those credits to get a generous tax refund.


The new federal law says that tax refunds with these credits cannot be available before Feb. 15. No exceptions. But the delay will realistically stretch out to Feb. 27, according to tax experts.


The refunds will be released by IRS on Feb. 15. However, there is processing time involved in verifying account information with financial institutions, according to Marshall Hunt, certified public accountant and director of tax policy for the Accounting Aid Society's tax assistance program in metro Detroit.


On top of that, President's Day is on Feb 20 — a federal holiday — and the holiday plus weekends would mean that the earliest refunds for those with these credits would not hit bank accounts until the week of Feb. 27, Hunt said. He noted that the timing will be about the same if someone opts to have a check mailed.


For many lower-income people, we're talking about waiting longer for thousands of dollars.


The maximum amount of the Earned Income Tax Credit is $6,269 for those with three or more qualifying children. The top amounts drop to $3,373 for those with one qualifying child and up to $506 for those with no qualifying children in 2016.


The Earned Income Tax Credit is for people who are working but have limited incomes. To be eligible, one's total income for 2016 must not exceed $47,955 if single with three or more qualifying children or $53,505 if married filing jointly.


The income limit is $39,296 if single with one qualifying child or $44,846 if married filing jointly with one child.


The income limit is $14,880 if single — or $20,430 if married filing jointly — with no qualifying children.


The Additional Child Tax Credit may bring a tax refund even if a tax filer doesn't owe any tax. However, if you are able to claim the full amount of the Child Tax Credit, a maximum of $1,000 for each qualifying child in 2016, to offset income tax you will not be eligible for the Additional Child Tax Credit.


Cash-strapped consumers often file very early in the tax season to obtain sizable refund checks in early February to cover the rent or other bills.


Electronic filing of federal tax returns is expected to start Jan. 23.


It's important, of course, to not be tempted to fill the gap by falling for some offers for loan product — such as a loan on a tax refund that is based on a year-end pay stub.


Loan fees are costly and you could actually end up in the strange spot of being loaned more money than you receive for the tax refund. Why? Going on the last year's pay stub could lead to inaccurate information for calculating a tax refund. Regardless, the original loan must be repaid.


More W-2s to have a 16-digit code to fight tax fraud


See for information about accessing free tax help.


If your income is below around $60,000 a year or so, you can do your own taxes for free on your own computer by going to H&R Block provides its software free of charge through That service begins in January.


Another early tip: If you used an Individual Taxpayer Identification Number in the past, make sure you find out whether that number expires as of Dec. 31. Processing delays are likely for filers with expired Individual Tax Identification Numbers. So you can renew your ITIN now if it expired and you plan to use it on a U.S. tax return. See


An Individual Taxpayer Identification Number is used by someone who needs a taxpayer identification number but is not eligible for a Social Security number.


The IRS notes there are two reasons an ITIN would expire on Dec. 31. First, if you have not used your ITIN on a U.S. tax return at least once for tax years 2013, 2014 or 2015. Or second, if your ITIN has the two middle digits listed as 78 or 79.


Once you file a return, you can track the status of your federal tax refund online via You need a Social Security number or Individual Taxpayer Identification number, the exact amount of the refund and the filing status of the refund to use the IRS "Where's My Refund?" tool.


John Koskinen, Internal Revenue Service Commissioner, said in a media call in November that tax filers and tax professionals should still file the returns with the earned income credit and additional child tax credit early in the season.


“They should file as they normally do, so they don’t add to any delay already in the system,” Koskinen said.

Categories: Professionalisim

Post a Comment


Oops, you forgot something.


The words you entered did not match the given text. Please try again.


Reply Danielnip
11:32 PM on June 8, 2020 
write my essay online application essay
order custom essay online custom essay writing company
custom essays for sale
Reply Bobbysab
10:18 AM on June 9, 2020 
cialis soft online ordering cialis online generic
homemade cialis is there a generic cialis
buy cialis soft by check
Reply Bobbysab
2:27 AM on June 10, 2020 
compare cost of viagra and cialis tadalafil
cialis 20 mg every other day cialis 5 mg funziona
cialis 2.5 mg opinioni
Reply Danielnip
3:51 AM on June 11, 2020 
write my essay for cheap college essay
urgent custom essays hire essay writer
custom admission essay
Reply OutFize
11:26 AM on June 11, 2020 
Generique Cialis Viagra - Buy Cialis Isotretinoin Cheap Internet With Free Shipping Over Night Buy Cialis Cialis Farmaco Da Banco
Reply Bobbysab
6:46 PM on June 12, 2020 
cialis bestellen via internet online cialis
free samples viagra cialis cialis pills
buy cialis soft c o d
Reply Danielnip
12:41 AM on June 13, 2020 
online custom essays write an essay for me
fast custom essays write my college essay
quality custom essay
Reply Bobbysab
2:29 AM on June 13, 2020 
wo cialis kaufen erfahrungen tadalafil cialis
2cialis levitra sales viagra price cialis
comprar viagra e cialis
Reply Danielnip
3:24 PM on June 13, 2020 
writing essays custom college essay
professional essay writers review us essay writers
college application essay writers
Reply Bobbysab
6:01 PM on June 13, 2020 
cheap generic cialis uk online cialis generico
spinal injury and cialis cheap cialis
where to order cialis in mexico
Reply Bobbysab
1:46 AM on June 14, 2020 
cialis generique internet tadalafil without a doctor's prescription
cialis im internet bestellen erfahrungen tadalafil without a doctor's prescription
what is better viagra or cialis
Reply exhaugh
10:03 AM on June 14, 2020 
efectos de la viagra en la mujer Cialis Generic Priligy Tablets Cialis Oral Jelly Kamagra Congestion Nasale
Reply Bobbysab
5:37 PM on June 14, 2020 
cialis vs viagra user reviews cialis generic
how long does a cialis 5mg last generic cialis
online pharmacy cialis reviews
Reply Bobbysab
10:34 AM on June 15, 2020 
cialis 10mg rezeptfrei kaufen cialis without doctor prescription
brand vs generic cialis cialis medication
comprar cialis navarr
Reply jundawl
2:13 AM on June 16, 2020 
Priligy De Gp - buy viagra cialis online Canadian Pharmacy No Prescription buy cialis in canada Achat Lioresal Novartis
Reply Bobbysab
2:52 AM on June 16, 2020 
cialis and alpha agonists cialis buy
acquistare cialis 5 mg generico price cialis
cialis online free overnight delivery
Reply Bobbysab
10:57 AM on June 16, 2020 
purchasing online generic cialis tadalafil generic cialis 20mg
cialis professional description cialis 20mg
viagra cialis cod
Reply Bobbysab
7:03 PM on June 16, 2020 
cialis on line purchase generic online cialis
cialis cialis discount cialis
cialis 5 mg argentina
Reply Bobbysab
2:53 AM on June 17, 2020 
vendita cialis cialis 20mg
costo de cialis 5 mg viagra cialis
can cialis 20 mg be taken daily
Reply Bobbysab
11:09 AM on June 17, 2020 
cialis buitenland cialis generic
best cialis prices tadalafil without a doctor's prescription
cialis herbal