PLAIN & SIMPLE: If you are due a tax refund and your tax return includes the Earned Income Tax Credit (EITC) and/or the Additional Child Tax Credit (ACTC), then you will not receive your refund until on, or after, February 15, 2017.
According to the IRS, this action is driven by the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) that was enacted Dec. 18, 2015, and made several changes to the tax law to benefit taxpayers and their families. Section 201 of this new law mandates that no credit or refund for an overpayment for a taxable year shall be made to a taxpayer before Feb. 15 if the taxpayer claimed the Earned Income Tax Credit or Additional Child Tax Credit on the return.
Key points to take away from the IRS’s announcement are:
This is my introduction blog post. Over the years I have developed this strange obsession passion for personal and small business finance. Daily, I find myself reading or watching something related to finance. I think my passion for finance started at an early age when my parents opened up savings accounts for my brother and me. There wasn’t much in those accounts, but hey, they made us aware of finances early on. I even vaguely remember conversations with them about interest rates on savings accounts. I don’t recall if they actually used the words “interest rates”, but they explained to me that if I put a certain amount in a savings account and didn’t touch it, then the bank would give me a certain amount for letting the money sit there. That was all my 5-year-old mind needed to hear!
Ultimately, I hope to accomplish two things with this blog and would like to accomplish them with blog posts that are concise and simple to understand for all readers. Those two goals are to:
Although openly speaking about financial situations seems to be taboo, I hope my blog will allow people to talk more openly about their situations and make some changes. I’ve made some financial mistakes along the way (I still beat myself up about some of them) and simply wish someone had advised me sooner – I guess my overall purpose for this blog is to be that “someone” I wish I had.
I would like to end this introduction by saying that I do not consider myself to have all the answers when it comes to personal and small business finance. I am still learning in my 30s (very much open to learning as much as I can) and still making financial mistakes, but the mistakes seem to be less drastic than the ones I made in my 20s. With that being said, if you have any questions or feedback for any of my posts that can help me and others going forward, please do not hesitate to comment and let me know.
None of us is as smart as all of us – Japanese Proverb
I am a personal and small business finance enthusiast with a deep interest in making people's lives a little easier with financial tips and advice.