Category Archives: IRS

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.

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

2014 IRS E-File Cycle Chart

2015 IRS Refund Cycle Chart for 2014 Tax Year

2015 IRS Refund Cycle Chart and e-file payment information.

2014 IRS E-File Cycle ChartThis is a schedule for 2015 IRS Refund Cycle Chart. Direct Deposit and Check date’s below. Please see disclaimer. 2015 tax refund schedule is listed below for information purposes. This is just for the first week. Find out when you’re state income tax refund will be in.  If you use our schedule on your webpage, please drop us a link. January 23rd, 2015 is the first day of tax season 2015. The I.R.S will begin accepting tax returns January 23rd, 2015.

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When did you get your refund 2014

Today is the official start to the I.R.S. 2014 Tax Season. We want to compile a list of payments dates for our users to see to better help them determine the date that they will get their refund. So we pose the question, “When did you get your refund 2014?”

This content is no longer available on Tax Refund Calculator. If you are still interested in this content, please visit IRS Refund Schedule.