It’s Tax Time: What to Remember

It’s Tax Time: What to Remember
says it expects to issue most refunds within three weeks for electronically filed returns (refunds for paper returns can take several weeks longer).
The agency said that it expected filers who claim those credits to receive refunds no earlier than
Feb. 27, if they choose direct deposit and there are no other problems with their returns.
The deduction previously applied to medical expenses over 10 percent of adjusted gross income,
but the law lowered the bar to 7.5 percent for those two years.
The advances — often issued on a debit card — are generally safer than the notorious refund anticipation loans
that such services offered in the past, which were often larded with high interest charges and fees, said Chi Chi Wu, a lawyer with the National Consumer Law Center.
This year, for instance, Jackson Hewitt and H&R Block are promoting advances of up to $3,200 (in
Jackson Hewitt’s case) or $3,000 (H&R Block), depending on the size of the expected refund.
While much attention has been paid to the federal tax overhaul, most provisions will not affect tax returns filed
this year for 2017, said Lisa Greene-Lewis, a certified public accountant and tax expert with TurboTax.