If you’re expecting a tax refund based on filing for the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) on your income tax return, you might not get it as soon as you expect this year. Due to a new law, the IRS will be waiting until February 15 before they’ll begin making direct deposits or mailing tax refunds. In practical terms, even for those who file in late January, the earliest most will get their refunds will be the week of February 27.
Many people depend on their refunds to pay for major expenses or debt they’ve incurred over the holidays. Starting this year, it’s important to plan for the delay in getting your refund and expecting to pay for those expenses out of existing resources. Tips for coping with the delay can be found HERE.
“The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.”