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5 Top Myths And 5 Top Facts About Tax Refunds

MoneyTipsIt can be difficult to tell myth from fact when it comes to tax refunds. The IRS would like to help you by clarifying some tax return myths, and we are happy to help the IRS achieve their goal. Let's start by clearing up the 5 top myths about tax returns as listed by the IRS. Myth 1. Everyone's Refund Will Be Delayed – Some refunds will indeed be delayed because of the IRS crackdown on fraud related to the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC). Others will be delayed for typical reasons, including incorrect information, failure to sign forms, forgetting IRS ID PINs, or other submission errors. However, there is no blanket delay that will affect all taxpayers. Myth 2. Calling Tax Professionals or the IRS is the Best Way to Check Refund Status – The best way to verify your refund status is through the "Where's My Refund?" portion of the IRS website. Information is updated daily. The same information is available at the IRS2Go app for mobile devices. Myth 3. Ordering a Tax Transcript is a "Secret Way" to Find Out Your Refund Date – All that ordering a tax transcript will do is get you a tax transcript. Transcripts have nothing to do with your refund date. Myth 4. "Where's my Refund?" Isn't Working Because It Has No Deposit Date – Patience, everyone. Where's My Refund may not show a deposit date yet if you're checking too early. Your tax form has to be processed first and your refund must be approved before a date can be assigned. Myth 5. Delayed Refunds Claiming EITC/ACTC Will Be Delivered on February 15 – That's the first date of release for those refunds. It may take a few weeks for them to be received in bank accounts or mailboxes. Enough with the myths; how about some facts? Fact 1. The Average Refund Is Almost $2,800 – According to year-end IRS statistics, the last two filing seasons (2015 and 2016) had very similar average refunds — $2,787 for 2015 and $2,860 for 2016. Fact 2. Total Refunds Are Over $300 Billion – Total refunds reached $317.6 billion in 2016, topping 2015's refund total of $306.1 billion. Fact 3. Approximately Eight in Ten Refunds Are Delivered by Direct Deposit – Over 88 million of the 111 million refunds in 2016 were processed via Direct Deposit. The average direct deposit refund of $2,995 was slightly higher than the overall average refund. Fact 4. The IRS Stopped Almost $6.8 Billion in Fraudulent Refunds in 2015 – At the end of 2015, the IRS reported that identity theft filters had prevented almost $6.8 billion in fraudulent tax returns. 2016 filing season statistics are not available, but by early March, Forbes reported that nearly $200 million in fraudulent returns had been prevented. Fact 5. The Majority of Tax Filers Receive a Refund – Out of over 152 million individual tax returns filed in 2016, 111 million refunds were issued. That is roughly the same 77% of taxpayers as in the previous year. Think about that last fact: over three-quarters of Americans paid the government too much and received the excess back as refunds in the next year. If your withholding is correctly balanced, you shouldn't owe the government anything at all. In other words, there's one sure way to have refund money in your pocket as soon as possible – don't overpay them in the first place. File Simple Federal Returns for FREE. Photo ©iStockphoto.com/gustavofrazao Originally Posted at: https://www.moneytips.com/5-top-myths-and-5-top-facts-about-tax-refundsTax Return TranscriptsIRS2Go 101IRS Reveals The Top Tax Scams Of 2017

5 Top Myths And 5 Top Facts About Tax Refunds

MoneyTips

It can be difficult to tell myth from fact when it comes to tax refunds. The IRS would like to help you by clarifying some tax return myths, and we are happy to help the IRS achieve their goal. Let's start by clearing up the 5 top myths about tax returns as listed by the IRS. Myth 1. Everyone's Refund Will Be Delayed – Some refunds will indeed be delayed because of the IRS crackdown on fraud related to the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC). Others will be delayed for typical reasons, including incorrect information, failure to sign forms, forgetting IRS ID PINs, or other submission errors. However, there is no blan...

Setting Up a Social Media Calendar for Your Small Business

Social media marketing is powerful, but can become a time sink if you let it.  And face it, none of us have unlimited resources -- we have to use the time and staff we have wisely.

Setting...

19 Mistakes College Grads Make When Finding Their First Apartments

Finding your first apartment after college is a big undertaking — it can be hard to know where to start when you’re staring at a stack of listings and the money from your new job is burning a hole in your pocket. And you’re new to all this, so you’re bound to make some mistakes along the way.

But we can help. Take a look at some of these common slip-ups so you can do your best to avoid them as you search for a new place to hang your cap (and gown … see what we did there?).

1. Starting Your Search Too Early

“Generally, the best time to start looking for an apartment is no more than three weeks before your move-in date,” said Margaret Fanney, a licensed real estate agent at Triplemint in New York City. But once it’s time to start your search, you want to make you aren’t …

2. … Underestimating How Much Everything Costs

Whether you lived in student housing and paid on a semester basis, or you are moving to a different state (or even different city) post-graduation, getting your first apartment can be a big financial adjustment.

You can use the time before graduation to research how much apartments are in the areas you’re considering and what costs you might pay for additional amenities.

3. Not Planning for Expenses Beyond Rent

Most people think about the monthly rent check (or charge, if your landlord lets you pay rent by credit card), but that’s not the only expense you’ll face living on your own. Think about other necessities like laundry detergent, toilet paper and groceries. And remember, there are ways to save on your daily expenses — like making this delicious 16-cent breakfast.

4. Leaving Student Loan Payments Out of Your Budget

“Monthly payments for student loans are often overlooked … because student loans come with a six-month grace period before you have to start making payments,” said Brandon Yahn, founder of Student Loans Guy.

5. Forgetting About Credit

Most landlords look at a version of your credit report as part of the application process. Things like credit cards or loans (ahem … student loans) are impacting your credit. Depending on how far into the world of credit you’ve ventured, your credit file may be pretty thin. Not sure? Now’s the time to find out — take a look at a free summary of your credit report on Credit.com.

6. Not Gathering What You’ll Need

“Graduates usually rush to find an apartment without contemplating on the requirements for renting an apartment,” Kobi Lahav, managing director of Mdrn. Residential in New York City, said. “They don’t have any offer letters ready, pay stubs or bank statements.”

7. Not Talking With Your Guarantors About Their Essential Paperwork

Once you’ve gathered all your paperwork, it’s important to also remind any guarantors of what they’ll need, as “springing it all on [them] at the last minute is guaranteed to cause delays and frustrations,” Fanney said.

8. Not Brushing Up on Terminology

“[Recent graduates] don’t typically know the difference in rental versus condo versus co-op building,” Greg Moers, a licensed real estate agent at Triplemint, said. “They tend to just shop for what looks awesome and do not take into consideration the process involved with putting together a board package and the cost.”

To get you started, check out this guide that deciphers 16 confusing mortgage terms.

9. Choosing the Wrong Roommates

Fanney suggests comparing schedules and lifestyles to see if living with a particular person is really a good idea.

“You should already be thinking about things like each person’s tolerance for mess and budget, but now that you have your first full-time jobs, you’ll have to make sure the lifestyles can coexist peacefully.”

10. Not Getting Roommate Agreements in Writing

Even if you’re living with your best friend, it’s important to write out responsibilities and agreements you’ve made about the living situation. You’ll also want to outline how bills will be paid and who is responsible for what. Hopefully you’ll never need to reference this for any reason, but you’ll be glad to have it all in writing if things go bad.

11. Not Considering Apartments With Fees

We know, all those fees are the worst. But some of these upfront costs, while painful at the time you see the money coming out of your account, may mean paying less over time.

According to Chelsea Werner, a Bold New York real estate expert, many of the no-fee apartments just add fees to your monthly rent. And, if that’s the case, “although you will pay less upfront, over time it will even out, as you will be paying more per month.”

12. Forgetting to Meet Potential Neighbors

“In college, your neighbors were probably other college students, but that probably won’t be the case now,” Fanney said. “Don’t let that stop you from getting to know your neighbors and finding ones you can trust.”

13. Not Factoring in the Landlord

“It’s sometimes better to pay a premium to be with a better landlord than to pay less and be with a bad landlord that doesn’t fix anything and is hard to reach,” Lahav said.

14. Skimming Over the Lease

In a time when we all just click “next” anytime we install an update on one of our devices, it’s easy to flip to the end of the agreement and sign on the dotted line. But it’s essential you know what you’re agreeing to and negotiate things that you’re not quite on board with.

15. Not Knowing Your Tenant Rights

Tenants (and even applicants) have federal laws protecting them. And, in many cases, there are state laws that help protect you too, so you’ll want to do your research and find out what legal rights you have ahead of time.

16. Passing on Renters Insurance

Renters insurance may seem like one more expense, but just like car insurance, having it may ultimately save you money in the event of a problem. You can read about the little-known ways renters insurance could save you money here.

17. Only Looking at the Bottom Line

“Graduates are very price-sensitive, so they will usually go with the cheaper apartment as their rule of thumb,” Lahav said. “However … they don’t realize that sometimes a cheap deal is not the best deal for them.”

18. Holding Out for Perfection

Apartment hunting can be a lot like a relationship — you start out with a list of ideal qualities, but the odds of finding someone (or some place) that meets all these may not be realistic.

“Regardless of your budget, there is no perfect apartment,” Werner said. “Renting is all about tradeoffs.”

19. Forgetting About What Comes Next

“When looking for an apartment, people have a tendency to not think about a rental as more than a one-year commitment,” Werner said. But, unless you have reason to move, you probably won’t want to go through the hassle. So, that’s why Werner said it’s a good idea to “think about how that unit will fit your life in the next few years.”

Related Articles

This article originally appeared on Credit.com.

Your Financial Ignorance Could End Up Costing You Thousands

None of us like to make mistakes, even though they’re frequently part of the learning process. Still, if you could avoid making mistakes, especially with your money, you’d probably prefer to do so rather than wasting your hard-earned dollars on bad decision making.

If that’s you, take heed. Here’s your chance to learn from others and avoid their mistakes.

A recent study by the National Financial Educators Council (NFEC) found that 28.8% of Americans aged 65 or older said their personal lack of knowledge about personal finances caused them to lose $30,000 or more in their lifetimes.

NFEC asked participants across age groups, “Across your entire lifetime, about how much money do you think you have lost because you lacked knowledge about personal finances?” Across all age groups, respondents said their lack of financial knowledge had cost an average of $9,724.83, with nearly a quarter of respondents reporting a loss of $30,000 or more.

The survey didn’t ask participants how they lost their money, or what bad decisions they made that led them to part with their cash, but the problem frequently boils down to one thing — people thinking they know more than they actually do. Case in point: Another recent study by Sallie Mae, “Majoring in Money: How American College Students Are Managing Their Finances,” looked at the financial habits of college students between the ages of 18 and 24, including the methods they use to pay for purchases, their knowledge and use of credit, and their money management skills.

Of those surveyed, 65% thought their money management skills were good or excellent. In reality, only 31% of these respondents answered three basic financial questions correctly. The questions were on how interest accumulates, how repayment behavior affects the cost of credit over time and how credit terms affect the cost of credit over time. (You can take a financial capability survey on the NFEC site to see how you compare nationally.)

Whatever your age, making financial decisions on assumptions or only part of the facts can lead to frustration and economic loss. But if you’re in your teens or 20s, chances are you haven’t made any major financial missteps, and can potentially avoid them altogether.

Let’s take a look at some of the key areas of the study and address how you can avoid making mistakes that could end up costing you thousands over your lifetime.

Paying Bills On Time

A large majority of respondents to the Sallie Mae survey said they pay their bills on time — a whopping 77%. Not paying bills on time can result in late payment fees. If they go unpaid long enough, there can be a snowball effect when they end up in collections. Suddenly, that unpaid phone bill is hurting your credit scores, which means it will cost you more in interest when you apply for things like credit cards, auto loans or a mortgage.

If you struggle to pay your bills on time, you’ll want to look at exactly why. Is it because you don’t have enough money to make the payments when they come due? You’ll be well served by reviewing your spending habits, creating a monthly budget and sticking to it. Are you just forgetful? Automating your bill payments can help tremendously.

Setting Aside Savings

A surprising 55% of college students reported setting aside savings every month. Having a financial safety net is important in the event of an emergency — your car breaks down, you break your leg and can’t work, you lose your job. Having an emergency fund or savings account is an important first step when it comes to financial security, so take a look at your budget and figure out how you can start saving small, eventually setting aside enough income to live on for three to six months if needed.

Tracking Your Spending

We’ve already mentioned it twice, but we’ll say it again: Having a budget is important if you want to stay in control of your finances, and tracking your spending is an important part of the budgeting process. More than half of college students surveyed (56%) said they track their spending, and you should too. There are lots of helpful apps available to help make it easier.

Having a Paying Job

If you’re in college and aren’t working, you may want to reconsider that choice. 65% of students surveyed said they had a paying job, and there are numerous studies that show students who work tend to manage their time better. Working also gives you the opportunity to manage your money better. Think of the nest egg you could put away if you don’t need the extra spending money.

Getting a Credit Card …

The majority of students surveyed (59%) said their No. 1 reason for getting a credit card was to begin building credit, and that makes a lot of sense. A credit card, wisely used, is one of the best ways to establish credit. There are lots of good credit cards for students that offer added incentives for making good grades and paying bills on time. There are also secured credit cards if you can’t qualify for a standard card, or you can ask a parent or guardian to become an authorized user on one of their cards to help you establish credit.

… & Managing It Well

According to the survey, 36% of respondents said they never charge a purchase without having the money to pay the bill when it arrives, while 23% said they have rarely done so. On the flip side, 25% said they sometimes do this, and another 15% said they do it frequently.

If you’re charging too much on your credit cards because you just need that latest gadget, keep in mind you’re only making life harder for your future self by racking up debt. If you’re charging too much because you’re using your credit card as an emergency fund for unexpected bills, you may want to consider the additional costs you’re incurring to pay off that debt. Putting a little money aside and earning interest on it is a much better alternative financially.

… By Paying Off Balances Every Month

The absolute best way to ensure you don’t get into credit card debt (and to boost your credit scores as much as possible) is to pay off your credit card balances every month. The survey found that 63% of the students surveyed pay off their balances in full each month. These students also tend to have lower average monthly balances — $825 compared to $1,635 among those who pay only the minimum amount due.

Carrying $1,500 in debt every month on a credit card with an APR of 15.99% can cost you more than $200 a year in interest. You can use this handy credit card payoff calculator tool to see how long it will take you to pay down your debt.

Paying Your Student Loans on Time

Just like making credit card payments on time (and in full, if you can) making student loan payments on time can have a significant positive impact on your credit scores, meaning you’ll qualify for better interest rates on better products with better perks. If you’re already behind on your student loan payments, it’s a good idea to contact your servicer right away and sort out how you can get back in good standing. Don’t let your student loans go into default because you’re afraid to admit you need help.

Being Aware of Your Credit Standing

Of the college students surveyed, 67% said they were aware of credit reports, and about half had viewed theirs (you can get two of your credit scores, absolutely free, on Credit.com).

The survey also found that those who had experience with credit were far more likely to have viewed their credit report than those without credit experience. For example, 66% of students with credit cards reported having viewed their credit report, compared with 27% of those who did not have a credit card.

Seeking Professional Help

Making financial decisions isn’t always easy, particularly when you’ve run into trouble. That’s why it’s always a good idea to consider professional help, whether for tax preparation, investing decisions or getting debt under control. Paying a reputable person for expertise and assistance can end up saving money in the long run.

Reading the Fine Print

Life is full of agreements, and many of those include legally binding contracts. Most are on the up-and-up, but it’s still a good idea to fully read any agreement you sign and understand the terms completely. If you don’t, this is another case in which you may want to seek professional help to save yourself frustration and possibly money further down the road.

These are the basics to setting yourself up to succeed financially. Of course, there will be hiccups along the way, but by staying on top of your finances and asking lots of questions, you’ll be able to avoid some of the common mistakes many people make.

Related Articles

This article originally appeared on Credit.com.

Got the Worst Credit? These Cards Can Help You Rebuild It

Chances are, your credit isn’t actually the worst. According to data furnished to Credit.com by TransUnion, only a very tiny portion of the U.S.’s scoreable population has the lowest VantageScore possible. Of course, escaping the dreaded 300 won’t get your credit out of the woods. Any score below 600 is considered, well, bad, and even a score in the 650 to 699 range will cost you in interest.

Still, there’s no need to despair: Nothing lasts forever, including a terrible credit score. You’ve just got to take steps to rebuild it. Paying down high balances, shoring up delinquencies, paying collection accounts and disputing errors on your credit report are great places to start. (The further you get from 300, the better. You can track your progress using Credit.com’s free credit report summary.)

After that, consider getting a new credit card. It sounds counterintuitive, we know, but that plastic can be instrumental when it comes to reestablishing a solid payment history. Just be sure to pay all your bills on time and keep balances as low as possible.

Here are five cards designed to help people with bad credit rebuild their scores. (See card agreements for full terms and conditions.)

1. OpenSky Secured Visa Credit Card

Annual Fee: $35

Purchase Annual Percentage Rate (APR): Variable 18.14%

Why It’s a Good Option: Yes, secured credit cards are designed for people with bad credit, but most still require a credit check, and there’s no guarantee you’ll be approved. The OpenSky Secured Visa Credit Card foregoes pulling your credit and doesn’t require a checking account either, so if your finances are really damaged, you may want to take up their offer. OpenSky reports to all three credit bureaus, so you’re covered there. And there’s a wide range for a security deposit: You can put down as little as $200 and up to $3,000.

Beyond that, the terms of the card are decent, especially given that there’s no credit check. (There are certainly secured credit cards out there touting higher APRs and annual fees.) One drawback worth mentioning: There’s no built-in way to upgrade to an unsecured credit card, so you’ll have to improve your scores and apply elsewhere.

2. Discover it Secured

Annual Fee: $0

Purchase APR: Variable 23.74%

Why It’s a Good Option: Back in Dec. 2016, Discover announced that Chapter 7 bankruptcy would no longer automatically disqualify Discover it Secured applicants, so someone with that big blemish on their credit report could conceivably get approved. That’s great news for people with bad credit, because this card is pretty tops, as far as secured credit cards go.

There’s no annual fee, account reviews begin at seven months to determine whether to refund your deposit (a minimum of $200 is required to open an account), and there’s even a rewards program. Cardholders earn 2% cash back at restaurants and gas stations on up to $1,000 in combined purchases each quarter, and 1% cash back on everything else. Plus, Discover is currently matching all the cash back you earn at the end of your first year.

Other Big Perks: Discover reports to all three credit bureaus, waives the late fee on your first missed payment and won’t impose a penalty APR if you miss a bill. Just be sure to pay your balances off in full: That APR is on the high side and will quickly negate any rewards you do earn.

3. First Progress Platinum Select MasterCard Secured Credit Card

Annual Fee: $39

Purchase APR: Variable 14.99%

Why it’s a Good Option: There’s no credit history or minimum credit score required for approval — so long as you don’t have a pending bankruptcy. First Progress reports to all three major credit bureaus, offers a flexible deposit range ($200 to $3,000) and features a reasonable annual fee and low APR. Again, the potential drawbacks are that you don’t have a built-in option to upgrade and the card isn’t currently available in Arkansas, Iowa, New York or Wisconsin.

4. primor Secured Visa Gold Card

Annual Fee: $49

Purchase APR: Fixed 9.99%

Why It’s a Good Option: This card touts guaranteed approval so long as your monthly income exceeds your monthly expenses by $100 or more. Plus, while that $49 annual fee can be bested, you’ll be hard-pressed to find a secured credit card with an APR lower than primor’s. There’s no penalty APR either, though you’ll still want to pay your bills on time and ideally in full. Your card use will be reported to all three credit bureaus, and you can put down a deposit of $200 to $5,000. There are no built-in upgrades with an unsecured credit card, however.

5. CreditOne Bank Visa

Annual Fee: $0 to $75, the first year; $0 to $99 thereafter, based on your credit

Purchase APR: Variable 15.90% to 24.40%

Why It’s a Good Option: OK, if you’ve got really bad credit, you’re probably going to pay a high annual fee and receive a high APR with the CreditOne Bank Visa. But it’s an unsecured credit card, meaning you won’t have to put down a deposit that serves as your credit limit. Plus, it’ll let you pre-qualify without incurring an inquiry (which would damage your already-hurt credit score), so it’s worth considering if you don’t want to go the secured-credit-card route. There are also rewards — 1% cash back on eligible purchases, including gas, groceries, mobile phone, internet, cable and satellite TV services. Just be extra careful about paying your balances off in full, and prepare for a fee when looking to get a higher credit limit, as one may apply.

Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.

Related Articles

This article originally appeared on Credit.com.

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