The PATH Act of 2015 requires the IRS to hold 2016 refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until February 15. The IRS must hold the entire refund even the portion not associated with the EITC and ACTC until at least February 15. The IRS cautions that these refunds likely won’t arrive in bank accounts or debit cards until the week of February 27 if there are no processing issues with the tax return and the taxpayer chose direct deposit.
Your quarterly estimated tax payment is due soon.
First Quarter 2017 taxes due by April 18, 2017.
Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough.Read More