Paying for Christmas with expected tax receipts is dicey
If you’re like a lot of people in today’s world, many if not all of the bills associated with Christmas will be paid for using the expected income tax return.
But because some tax returns may require additional review and take longer to process, the Michigan Department of Treasury thinks that’s a bad idea.
“Every state income tax return is unique,” State Treasurer Rachael Eubanks said in a recent press release. “That means every income tax refund is also unique. While most refunds are typically issued two weeks after being accepted by the state, it’s best to plan ahead and understand that receiving your refund could take longer than expected due to unforeseen circumstances.”
Here are a handful of factors that can affect the timing of a refund:
≤ Security reviews to help protect against identity theft.
≤ Incomplete or inaccurate state income tax returns.
≤ Mathematical errors.
≤ Special circumstances related to state income tax credit.
Eubanks noted that for the 2018 tax year, more than 4.8 million returns were processed by the state Treasury Department, with 91% of returns reviewed and processed without requesting additional information from taxpayers.
We’d recommend readers heed this common-sense advice and, where, possible make other arrangements to pay for Santa’s visit.