Author Archives: DrewPenn

October 15th Tax Deadline

I.R.S. Where’s My Refund updated

I.R.S. have finally updated their Where’s My Refund tool. They will be unloading millions of dollars over the next few days to taxpayers.

We have received news that the I.R.S. updated their Where’s My Refund webpage last night at 12 A.M.. Thousands of people have their Direct Deposit date sets to “on or before February 3rd, 2017”. This means that the February 6th payout date is still correct. They will send the funds to the bank on Monday and the funds will be set to be direct deposited on Thursday February 3rd 2017. This will give your bank time to handle the huge load of all of the transfer they receive of millions of dollars over a day period.

Please check the I.R.S. Where’s My Refund webpage and then be watching your bank account for the direct deposit. We strive to keep our schedule as accurate as possible and hope that you have enjoyed reading.

We are compiling a list of refund dates for 2017, so please visit this post and comment when you were accepted versus when you actually received your refund. Please like us on Facebook, follow us on Twitter, tell your friends about us.

Thank you.

2014 Tax Brackets

Your taxes are due!

Tax Day is officially here. Your taxes are due!

If you still haven’t filed, then you’re among the minority. As of the end of last week, the IRS had received nearly 100 million tax returns — roughly three-quarters of the returns it expects to get this tax season. Your taxes are due!

For procrastinators who are owed a refund, it won’t hurt to file late. Penalties are only incurred if you owe tax. But it’s still a good idea to file for an extension, just in case you end up being wrong and actually owe money.

So far this tax season, about 12 million taxpayers have requested extensions.

Related: Don’t miss these Tax Day deals

The average refund is $2,792, up 1% from last year, and people are using them for everything from hosting a crawfish boil to paying off student loans.

But because your refund may be one of the biggest checks you may receive all year, be careful to protect your identity. Scammers are also on the prowl during tax season, and the IRS has issued an alert about a new phone scam where IRS impersonators are calling taxpayers and asking for personal information or demanding that they pay back taxes.

The IRS has also warned taxpayers to watch out for fake charities, emails from IRS impersonators and shady tax preparers who do things like claim bogus children or convince you to hide income offshore.

Related: 10 tax audit red flags

The recently discovered Heartbleed bug, a security flaw that exposes Internet users’ passwords, has also raised questions about whether it’s safe to file online, though the IRS says taxpayers should ignore the bug and still file their taxes.

If you want to be extra safe, you can file the old-fashioned way — by snail mail. Although the vast majority of filers prefer to file online, with nearly 90% of all returns submitted electronically this year.

Another thing to watch out for: audit red flags. While the chance of being audited is less than 1% on average, certain actions are more likely to spark scrutiny from the IRS. Common triggers include overstating your charitable donations, being a millionaire, and claiming the Earned Income Tax Credit — a commonly abused credit.

Related: 13 crazy tax deductions

Don't give Uncle Sam a 0% loan
Don’t give Uncle Sam a 0% loan

Claiming strange deductions will also raise eyebrows. Some of the weird write-offs that have failed over the years include airfare for a pet, a birthday party, and pantyhose. But others are perfectly acceptable, even though they may sound bizarre. Hermit crab food, scuba trips and Viagra for a woman were all given the green light by the IRS.

You can even claim a boyfriend or girlfriend as a tax break, but your significant other will have to earn less than $3,900, live with you year-round and you must pay for more than half of their expenses.

Once you’ve filed, relax and celebrate with any one of dozens of Tax Day deals, including free cookies, curly fries, massages and paper shredding.

2015 IRS Tax Refunds are just about on their way

2015 IRS Tax Refunds are just about on their way.

The IRS had announced the official start to 2014 Tax Filing season at the end of December 2014. They will begin accepting 2014 individual and business income tax returns today, January 20th, 2015. Many individuals had their 2014 tax returns accepted early by the IRS last week.

2015 IRS Tax Refunds

Did you get accepted today or last week? Find out when you will get your 2015 IRS Tax Refunds.

back via our 2015 IRS E-File Cycle Chart. Having trouble with this? Get our smartphone app on Google Play Where’s My Refund Android App or Where’s My Refund Apple App Store. 2014 Tax Filing Season Officially Begins.

How to Estimate Taxes with the 2015 IRS Tax Refunds Calculator

To begin estimating your taxes with the tax calculator, select your filing status. Then click the blue “Next” button and choose your exemptions for yourself, your spouse, and your dependants. After you enter income information you can enter your tax deductions and tax credits. When you are finished in each section, go on to the next one.

You can track the estimate of your tax refund as you go; the amount of your tax refund (or amount due) is always displayed on the top right of the tax calculator.

The 2015 Tax Calculator will estimate your 2014 Tax Return and any tax refund you will receive in 2015. This calculator will be updated frequently as the IRS releases the latest figures for Tax Year 2014. efile.com offers the use of this tax calculator free of charge. Please contact us if you have any comments or questions about the 2014 Tax Calculator.

IRS begin accepting tax returns early!

Great news! The IRS have begin testing for the upcoming Tax Season 2015.

We have reports from our affiliate RefundSchedule.com that the IRS have accepted several lucky tax payers to have their IRS tax returns accepted early. This does not include state tax returns as far as we know. They accepted January 14th through January 16th for these lucky few. More details:

Early reports of IRS approving many tax returns ahead of time.

 

E File Now to Get Your 2015 Tax Refund Back Quick

Want to get your 2015 tax refund back quick? E-File now.

 2015 Tax Refund Back QuickThe IRS recommends filing as early as possible and e filing to speed up the process. This way no matter the delay, you will first in line to have your tax return processed and receive your 2015 tax refund promptly. IRS have released most tax forms to handle most situations, but even if they haven’t released your form you can still e file with most tax softwares. If you plan to e file with a local company then you will need to wait until the official start of 2015 IRS Tax Season, January 20th 2015.  2015 Tax Refund Back Quick Today!

While we do not directly e file on this site, we have had great experience with FreeTaxUSA. This software is incredibly powerful yet simple. It offers all the great functionality of TurboTax, TaxAct, and TaxSlayer at little to no cost.

Get started on your biggest and fastest return yet at FreeTaxUSA, and use coupon code ” TAXSCHEDULE ” for a discount on filing your 2014 State Tax Return.

 

Should I E-File or Paper File?

Submitting your tax return by e-file and mailing it on paper are the only two ways to send your tax return to the IRS. E-file is faster, safer, and generally more convenient than paper filing. Filing on paper is generally cheaper, and refunds take longer.

E-file benefits

Electronically submitting your tax return to the IRS is faster, more convenient, and more secure than paper filing. But in order to e-file your return you have to have your taxes done by a tax preparer, prepare them yourself using tax software, or use one of the “Free File” web software programs.

Confirmation from the IRS

The biggest benefit for electronic filing: you will receive a confirmation that the IRS has received your tax return. This is proof that the IRS received your tax return and has started processing it. If the IRS does not accept your tax return, you will get a rejection notice. The confirmation or rejection notice is sent within 24 hours of transmitting your return. The IRS e-file rejection letter will tell you how to fix your tax return so it will be acceptable to the IRS.

Faster and More Accurate

E-filing has some added benefits too. Your refund is likely to be processed faster. E-filing means the IRS does not have to re-type your tax return at their service center, which means less chance that the IRS will make a mistake when processing your return.

E-file limitations

Electronically is not for everyone, though. You must file on paper if you are–

  • Married, but filing a separate return, and you live in a community property state,
  • Claiming a dependent who has already been claimed by someone else,
  • Submitting a tax form that cannot be electronically filed (such as a multiple support agreement),
  • Filing before e-file begins (January 15) or after e-file ends (October 15).

Paper Filing

Filing on paper is the best option for you if you have a fairly simple tax return, or if you are not eligible for e-filing. Because the IRS re-types every paper return it receives, you should seriously consider e-filing if you have a more complex tax return.

Quick Tips for Paper Filing

  • Make sure your name and Social Security Number are on Every Page, both front and back.
  • Double check your address. This is the address where the IRS will send your refund and any notices. If you will be moving, consider using a PO Box or other permanent address.
  • Double check the math. Math errors are the number one reason why the IRS changes a tax return.
  • Mail your return to the right Service Center.
  • Get an automatic extension if you are mailing your return close to April 15th. This will prevent penalties just in case the mail is late.
  • Send your tax payment with your tax return. If you are mailing the return close to April 15th, make your tax payment by web pay, credit card, or mailing a check with the automatic extension form. Make sure your payment gets to the IRS by April 15th to avoid any late payment penalties.
When can I file my taxes 2015?

When can I file my Taxes 2015?

When can I file my 2015 taxes?

When can I file my Taxes 2015?

Great question!  But what you really meant to ask is – when can I file my 2014 taxes?  It’s a bit confusing.  In 2015 you will be filing your 2014 taxes, settling up with Uncle Sam on the income you made in 2014.
Here’s a calendar of helpful dates and deadlines for filing your income taxes in 2015 (Tax Year 2014).  If you want us to inform you when we open follow us on Facebook or on Twitter.

 

January 5, 2015

IRS usually have all tax forms available to file for individuals by January 5th, 2015. Many of the top tax preparation software companies will begin allowing e-filing online starting that day. Check out our Countdown to Tax Season 2015. Get even more excited about the Tax Season 2015, by estimating your 2014 tax return with our 2015 Tax Refund Calculator.

 

January 23rd, 2015

IRS e-file goes live and begins accepting returns on January 23rd, 2015.  If you filed your taxes with us before this date, this is when the IRS will begin accepting your 2014 tax returns.  This date has not been verified by the IRS yet, but it has been reported by RefundSchedule.com as well as IncomeTaxEfile.com. It relies on Congress and IRS having their act together (ha!).  Bookmark this post and you will be able to keep updated on any changes in the 2015 Tax Schedule.

 

January 31, 2015

Deadline for your employer to mail you your 2014 W-2.  Note this is a mailing deadline, not a receipt deadline, so if your company is slacking, it may take a few extra days to get it via snail mail.  Many employers offer electronic versions via the same website you can view your pay checks.  If you received unemployment income, this is also the deadline for the state(s) to provide you with a 1099-G. Having trouble getting your W-2? Discuss this with a tax professional.

 

April 15, 2015

Also known as “tax day.”  Most people believe this is the deadline to file your income taxes.  That’s close enough.  It’s actually a payment deadline rather than a filing deadline.  If you owe IRS additional taxes, you must file and pay them by this date to avoid fees and penalties.  If you’re getting a refund, this deadline doesn’t apply to you.  You can file for up to 3 years with no late fees.  But why be lazy and extend the interest free loan you’re giving Uncle Sam?

If you want to, you could file an extension.  But extensions are fool’s gold – you still have to pay at least 90% of taxes owed. File a Tax Extension 2015.

 

October 15, 2015

If you filed an extension and owe additional taxes, this is your deadline to file your completed return and pay any remaining taxes owed. E-file with us Online

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2019 Tax Refund Calculator - RefundCalculator.net

2017 Tax Refund Calculator now mobile friendly

2017 Tax Refund Calculator UPDATED

We have recently updated our 2017 Tax Refund Calculator to display on mobile phones. This should easily help with Estimating your 2014 Tax Return on your mobile phone.

Visit our 2017 Tax Refund Calculator on our main page.

Calculate Your 2017 Tax Refund

We want to make sure you get every dollar you’re entitled to. Our 2015 Tax Refund Calculator should help you prepare for next year.

  • Our Tax Estimator calculates your refund or how much you’ll owe in taxes.
  • The W-4 Calculator helps you understand your refund amount or balance due from your current W-4.
  • Estimate how the Affordable Care Act may affect you with our Health Care calculator.

This tax calculator is solely an estimation tool and should only be used to estimate your tax liability or refund.

Manually calculator your 2017tax refund.

2015 Tax Refund Calculator - RefundCalculator.net

It should not be used for any other purpose, such as preparing a federal income tax return, or to estimate anything other than your own personal tax liability.

We do not save the information you enter.

This tax calculator is provided on an as-is and as-available basis. We make no warranty for any use of the calculator, including its accuracy or completeness.

Your use of the calculator indicates your acceptance of these terms.

 

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How to Estimate Your Tax Refund

Income tax filing can be a dreaded event for some taxpayers, but if you are expecting a tax refund, it’s a good idea to know how much you could be getting back. Estimate your Tax Refund today!

The “Tax Refund Estimatortax calculator can simplify the process for you and help provide a fairly reliable figure on your estimated tax refund.

This tax calculator can also help you determine whether you’ve underpaid taxes for the year, and if so, how much you will owe the IRS on April 15th.

If you’re getting a tax refund, this online calculator can help you plan how to use those funds most appropriately ― whether you want to pay-off some bills or start an investment account for yourself or your children. Use the “Tax Refund Estimator” to quickly and easily estimate how much you’ll be getting back as a tax refund, or whether you’ll need to pay Uncle Sam.  You will need to enter certain information into the tax calculator, including the items below.

>> FILE NOW: eFile your taxes for FREE

Tax Filing Status

Choose your filing status from the tax calculator’s drop-down menu, which includes the same options as the IRS Form 1040 (single, head of household, married filing separately, or married filing jointly).

Gross Annual Income

Enter the amount of your gross annual income into the tax calculator. This refers to your total annual earnings ― including tips, bonuses, self-employment income, and any other wages before taxes are withheld.

Qualified Plan / IRA Contribution

If you are not participating in a plan sponsored by your employer (such as a SEP IRA, SIMPLE IRA, or other qualified plan), the contributions that you make to your Traditional IRA are generally tax-deductible. If you do participate in an employer-sponsored plan, the deductibility of your contributions is based on your modified adjusted gross income (MAGI) and your tax filing status.  Input your total contribution into this field on the tax calculator.

Itemized Deductions

If you have numerous deductible expenses (such as mortgage interest, state or local taxes, medical or dental expenses, alimony, child care, or charitable contributions), it may make sense for you to itemize those deductions.  If your total itemized tax deductions are greater than the standard deduction for your filing status, enter that dollar amount in this field on the tax calculator.

Number of Personal Exemptions

You can claim a personal exemption for yourself and for each dependent that you support. Exemptions are subtracted from your income when calculating taxes, so you pay less to the IRS. Note that the personal exemption amount may adjust annually for inflation.  Enter the total amount of your exemptions into this field on the tax calculator.

Number of Dependents

In this part of the tax calculator, you must report any dependents who rely of you for support ― this may include your child or another family member you take care of. To qualify as a dependent for tax purposes, there are certain IRS requirements that must be met.

Federal Taxes Withheld

Enter the total dollar amount of Federal income taxes that were withheld from your paycheck. Note that under-withholding can result in owing additional money to the IRS. Once you have put all the appropriate information into the Tax Refund Estimator tax calculator, click “Submit” to view your results.

October 15th Extension Deadline Approaching

October 15th Extension Deadline Approaching

October 15th 2015 is the IRS tax deadline.

October 15th Tax DeadlineIf you were unable to file your 2013 individual tax return by April 15th and filed an extension, you should be aware that the extension gave you until October 15th to file your return or face a late filing penalty, which is 4 1/2% of the tax due per month, with a maximum penalty of 22 1/2% of the tax due. There is also a minimum penalty of the lesser of $135 or 100% of the tax due. If you prepaid your 2013 taxes timely through a combination or withholding or estimated taxes and will receive a refund when your return is ultimately filed, there is no penalty for filing late.

You should also be aware that the extension provided you additional time to file your return but not additional time to pay any tax you might owe. Thus, even though the extension avoids the late filing penalty, you are still subject to interest on any unpaid balance through the date of filing. Therefore, you can minimize interest charges by filing as soon as possible.

There are no additional extensions available, so if you owe tax it is important you file by the October 15th due date even if you have to estimate the missing items and file an amended return at a later date.

If you are on extension and have the information needed to complete your return, it is important that you provide that information to this office as soon as possible to avoid being caught up in a last-minute rush. If you are on extension and cannot obtain the information required to complete your return, please call this office as soon as possible to discuss your options.

Contact one of our tax professionals.

 

Also, if you are looking towards the future check out our 2015 Tax Refund Calculator and our 2015 IRS E-File Cycle Chart.

Discuss this and more on the Income Tax Forums.

Thanks for reading,

-Staff