Tax Planning

Find out why millions of tax refunds will be delayed this year

Posted by admin on January 24, 2017
Income Tax, IRS, IRS Tax Dates, Tax Delay, Tax Planning, Tax Refund, Where's My Refund / Comments Off on Find out why millions of tax refunds will be delayed this year

Find out why millions of tax refunds will be delayed this year

Millions of 2017 Tax Refunds will be delayed this year. Find out if yours is one of them.

If you filed the Earned Income Credit(EITC) or the Additional Child Tax Credit(ACTC), your 2017 tax refund will be delayed according to the IRSContinue reading…

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2016 Standard Mileage Rates for Business, Medical and Moving Expenses Announced

Posted by admin on December 27, 2015
IRS, Small Business, Tax Deducations, Tax Law, Tax Planning / Comments Off on 2016 Standard Mileage Rates for Business, Medical and Moving Expenses Announced

IRS announced 2016 Standard Mileage Rates for Business, Medical and Moving Expenses 

The Internal Revenue Service today issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. 2016 Standard Mileage Rates for Business Announced below.

Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 54 cents per mile for business miles driven, down from 57.5 cents for 2015
  • 19 cents per mile driven for medical or moving purposes, down from 23 cents for 2015
  • 14 cents per mile driven in service of charitable organizations

The business mileage rate decreased 3.5 cents per mile and the medical, and moving expense rates decrease 4 cents per mile from the 2015 rates. The charitable rate is based on statute.

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.

These and other requirements for a taxpayer to use a standard mileage rate to calculate the amount of a deductible business, moving, medical or charitable expense are in Rev. Proc. 2010-51.  Notice 2016-01 contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.

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Tax season 2016 to begin 1 day earlier than Tax Season 2015.

Posted by admin on December 21, 2015
IRS, IRS Tax Dates, refund schedules, Tax Planning, Tax Refund, Tax Season / Comments Off on Tax season 2016 to begin 1 day earlier than Tax Season 2015.

Tax season 2016 to begin 1 day earlier than Tax Season 2015.

The IRS announced the start day for 2015 tax return acceptance. Tax season 2016 to begin 1 day earlier than Tax Season 2015. ” when can you file taxes?” 2016 details below. Continue reading…

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when can you file taxes 2015?

Posted by TaxGuy on October 26, 2014
Income Tax, IRS, Tax Law, Tax Planning / No Comments

When can you file taxes 2015?

If you like to file your taxes early and then chuckle at all the procrastinators who wait until April 15 nears, your day of reckoning is getting close. The earliest day the IRS will begin proTax Season 2015cessing 2014 individual tax returns is Jan. 23, 2015, a date slightly later than usual due to congress not passing tax related laws earlier in 2014.
This date can be found on our 2015 Tax Schedule.
A reminder this delay  will not be until October 2015 as previously reported on a fake journalism website.

Continue reading…

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Tax Season 2015 starts

Posted by TaxGuy on October 08, 2014
Income Tax, IRS, IRS Tax Dates, Tax Planning / 4 Comments

Tax Season 2015 starts January 23rd 2015.

The I.R.S is expected to start accepting 2015 tax returns as of January 23rd, 2015 per the 2015 IRS Refund Cycle Chart. This doesn’t mean that you will not be able to submit your 2014 tax return to the I.R.S before then though. All of the I.R.S. tax forms are usually available by January 5th (2015). If filing by January 23rd, 2015, check our 2015 IRS Refund Cycle Chart to see when you will get your return back. Also if you will owe taxes in 2015, this can give you an idea of the earliest date that you would need to pay them. Tax Season 2015 will begin very soon, so the time to start preparing is now. Continue reading…

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2015 IRS Refund Cycle Chart for 2014 Tax Year

Posted by TaxGuy on July 19, 2014
Income Tax, IRS, Tax Planning, Tax Refund / No Comments

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.

Continue reading…

I.R.S. Where’s My Refund updated

Posted by TaxGuy on February 02, 2014
Income Tax, IRS, refund schedules, Tax Planning, Tax Refund / 131 Comments

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 6th, 2014”. This means that the February 5th 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 Wednesday February 5th 2014. 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.

I.R.S. release millions of dollars to tax payersPlease 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 2014, 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.

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Free File 2014 Opens Jan. 17

Taxpayers who want to take advantage of the Internal Revenue Service’s free tax preparation e-filing program won’t have to wait. The Free File program opens to taxpayers on Jan. 17, two weeks before the IRS starts processing 2013 tax returns.

Free file 2014The IRS will not start processing any tax returns until Jan. 31. The government shutdown in October 2013 slowed IRS updates of forms and tests of its computer systems, leading officials to push the official opening of this year’s filing season to the end of the month.

But that doesn’t mean taxpayers have to sit around. Free File companies will hold taxpayers’ completed tax returns and then submit them on Jan. 31.

The early opening of Free File is good news for millions of eligible taxpayers. They are among the group of electronic filers, which increases every year, primarily because they can get their refunds more quickly.

And for the 2014 filing season, a few more taxpayers should be able to use the Free File option. The income eligibility limit has been increased to $58,000. That’s $1,000 more than last year.

Free File 2014 basics

  • You can file your 2013 tax return through Free File if your adjusted gross income is $58,000 or less.
  • The income cutoff applies regardless of your filing status.
  • Free File is for individual, not business, tax returns. However, a sole proprietor who files Schedule C with Form 1040 can use Free File.
  • Some participating Free File vendors also offer free state tax return preparation and e-file.
  • Some Free File companies offer free electronic extensions. But remember, you still must pay any taxes due by the April 15 deadline or you’ll be charged interest and possibly penalties on any tax you owe.
  • You do not download anything. All of the software, which is encrypted to protect privacy, remains at the Free File company website you select, and your return is filed from there.
  • Access Free File by going to IRS.gov and clicking on the Free File icon. Beware of offers by outside websites to take you to the Free File website, as they could be scams operated by identity thieves.

The Free File program is a partnership between the IRS and the Free File Alliance, a group of tax preparation software manufacturers. Fourteen companies are expected to participate in the program this filing season.

“All the (2014 filing season tax software companies) have done it before. We have experienced providers within the commercial world and the Free File world,” says Tim Hugo, executive director of the Clifton, Va.-based Free File Alliance.

Free File was created in 2003 as a way to get more people to e-file. Its target is taxpayers who might otherwise not e-file because they don’t want or can’t afford to pay the cost of the computer filing programs or professional tax help.

Who qualifies?

The key qualification for Free File services is income. This year, taxpayers with adjusted gross income of $58,000 or less, regardless of filing status, can use the online program.

Participating tax software companies can establish other eligibility requirements. Some may limit usage of their programs based on geographic location, military service or other criteria.

To determine which software best fits your filing needs, the Free File website includes an online search tool to help you select one of the participating Free File companies.

Free File contributions to e-filing

In 2013, almost 144 million tax returns were filed electronically, according to IRS data complete through May 2013. That represents a nearly 2% increase in e-filed returns over the previous year. The sector that showed the most growth last year, according to IRS statistics, was tax returns prepared and filed by taxpayers on their own.

Around 3 million of those self-prepared returns e-filed last year came through Free File, says Hugo. That number has held steady for the past few years.

Three million of those returns e-filed last year came through Free File, says Tim Hugo, executive director of the Clifton, Va.-based Free File Alliance.

“We would love to have more,” says Hugo, but he points to the program’s overall contribution to e-filing. Since its inception, says Hugo, Free File has accounted for the submission of more than 40 million federal returns.

“We get people in the door for e-filing, people who’ve never e-filed before,” says Hugo. “They may go to a commercial product later on, but they will continue to e-file. We are very pleased with that.”

Hugo says the program also has evolved to meet taxpayer needs. “We look at Free File as a three-legged stool,” he says. “There is the traditional Free File, fillable forms and VITA providing services to every income.”

Working with VITA

The filing needs of lower-income taxpayers are addressed through Free File’s continuing partnership with the federal Volunteer Income Tax Assistance program, popularly known as VITA.

VITA tax-filing clinics are set up each year in public places — from libraries to community centers to shopping malls. Its volunteers provide free filing assistance to low- and moderate-income taxpayers who might not be able to afford tax software or professional filing help. This filing season, the services of IRS-certified VITA volunteers are available to people who make $52,000 or less.

Hugo says Free File is again placing kiosks, similar to self-checkout stations in retail stores, at VITA sites nationwide.

“You can do your return there or partially do your return and, if you need help, ask a VITA volunteer,” says Hugo. “This helps some of those who are most in need of tax help.”

The IRS has an online search tool to help taxpayers locate a nearby VITA site. Taxpayers also can call (800) 906-9887 for VITA locations.

Free fillable forms remain

The IRS says that Free File is available to 70% of taxpayers. But if you are among the 30%  making too much money to use the service, you still can file for free using the tax agency’s fillable federal return form option.

Here, online versions of the most commonly used IRS tax forms are available through the Free File page. You fill them out on your computer and then e-file the documents at no charge.

Just don’t mistake the forms for tax software.

The fillable forms offer only basic calculations of what’s entered on the form. And you must figure out what goes on the form without the online prompting found in software.

Also, the information is not automatically transferred to associated forms. That means you must, for example, manually enter your itemized deductions total from Schedule A to the appropriate line on Form 1040.

Still, taxpayers with relatively simple filing needs who don’t want to buy tax software might find fillable forms a welcome alternative.

Note, however, that you’ll have to wait a bit longer to use the free fillable forms option. They won’t be available until Jan. 31, the same day that the IRS opens its filing doors to all taxpayers.

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2014 IRS Tax Refund Schedule Dates

Posted by TaxGuy on December 20, 2013
Income Tax, Income Tax Preparation, IRS, Tax Law, Tax Planning / 2 Comments

2014 IRS Refund Cycle Chart and e-file payment information.

This is a schedule for 2014 IRS Refund Cycle Chart. Direct Deposit and Check date’s below. Please see disclaimer. 2014 tax refund schedule is listed below for information purposes. 

2014 IRS Tax Refund Schedule Dates

2014 IRS E File Refund Chart 2013 Tax Year

IRS accepts your return (by 11:00 am) between…* Projected Direct Deposit Sent* Projected Paper Check Mailed*
January 30 2014 2/5/2014 2/7/2014
February 01 and February 08 2014 2/12/2014 2/14/2014
February 09 and February 15 2014 2/19/2014 2/21/2014
February 16 and February 22 2014 2/26/2014 2/28/2014
February 23 and March 01 2014 3/5/2014 3/7/2014
March 02 and March 08 2014 3/12/2014 3/14/2014
March 09 and March 15 2014 3/19/2014 3/21/2014
March 16 and March 22 2014 3/26/2014 3/28/2014
March 23 and March 29 2014 4/2/2014 4/4/2014
March 30 and April 05 2014 4/9/2014 4/11/2014
April 06 and April 12 2014 4/16/2014 4/18/2014
April 13 and April 19 2014 4/23/2014 4/25/2014
April 20 and April 26 2014 4/30/2014 5/2/2014
April 27 and May 03 2014 5/7/2014 5/9/2014
May 04 and May 10 2014 5/14/2014 5/16/2014
May 11 and May 17 2014 5/21/2014 5/23/2014
May 18 and May 24 2014 5/28/2014 5/30/2014
May 25 and May 31 2014 6/4/2014 6/6/2014
June 01 and June 07 2014 6/11/2014 6/13/2014
June 08 and June 14 2014 6/18/2014 6/20/2014
June 15 and June 21 2014 6/25/2014 6/27/2014
June 22 and June 28 2014 7/2/2014 7/4/2014
June 29 and July 05 2014 7/9/2014 7/11/2014
July 06 and July 12 2014 7/16/2014 7/18/2014
July 13 and July 19 2014 7/23/2014 7/25/2014
July 20 and July 26 2014 7/30/2014 8/1/2014
July 27 and August 02 2014 8/6/2014 8/8/2014
August 03 and August 09 2014 8/13/2014 8/15/2014
August 10 and August 16 2014 8/20/2014 8/22/2014
August 17 and August 23 2014 8/27/2014 8/29/2014
August 24 and August 30 2014 9/3/2014 9/5/2014
August 31 and September 06 2014 9/10/2014 9/12/2014
September 07 and September 13 2014 9/17/2014 9/19/2014
September 14 and September 20 2014 9/24/2014 9/26/2014
September 21 and September 27 2014 10/1/2014 10/3/2014
September 28 and October 04 2014 10/8/2014 10/10/2014
October 05 and October 11 2014 10/15/2014 10/17/2014
October 12 and October 18 2014 10/22/2014 10/24/2014
October 19 and October 25 2014 10/29/2014 10/31/2014
October 26 and November 01 2014 11/5/2014 11/7/2014
November 02 and November 08 2014 11/12/2014 11/14/2014
November 09 and November 15 2014 11/19/2014 11/21/2014
November 16 and November 22 2014 11/26/2014 11/28/2014
November 23 and November 29 2014 12/3/2014 12/5/2014
November 30 and December 06 2014 12/10/2014 12/12/2014
December 07 and December 13 2014 12/17/2014 12/19/2014
December 14 and December 20 2014 12/24/2014 12/26/2014
December 21 and December 27 2014 12/31/2014 1/2/2015

*These are only estimates, the I.R.S. has refused to give exact dates to new audit process. There are no guarantees with the I.R.S this year, but one thing is for sure. The earlier you file, the earlier you will receive a return. Contact us today for more details and to schedule your early tax appointment.

2012 IRS income Tax Refund Schedule.

IRS Income Tax 2014 news.

irs refund schedule 2014
2014 tax refund cycle chart
tax chart for 2014
refund calendar

tax return payout schedule

2014 IRS Tax Refund Schedule Dates

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IRS Delays Start of 2014 U.S. Tax Filing Citing Shutdown

Posted by TaxGuy on December 04, 2013
Income Tax, IRS, refund schedules, Tax Law, Tax Planning, Tax Refund / No Comments

IRS Delays Start of 2014 U.S. Tax Filing Citing ShutdownThe U.S. Internal Revenue Service delayed the start of the tax-filing season for one to two weeks, citing the recent 16-day federal government shutdown.

The IRS, which had been scheduled to open filing Jan. 21, 2014, will now begin accepting returns for tax year 2013 as early as Jan. 28. The agency will make a final decision on the date in December, according to a statement today.

“Readying our systems to handle the tax season is an intricate, detailed process, and we must take the time to get it right,” Danny Werfel, the acting IRS commissioner, said in the statement.

This is the second year in a row that the IRS has postponed the filing season. Returns for 2012 were accepted starting on Jan. 30 after Congress delayed setting some tax policies.

“Considering the IRS has dealt with much larger changes on far shorter notice over the past years without delay, its reasons are suspect,” Sarah Swinehart, a spokeswoman for the Republican-led House Ways and Means Committee, said in an e-mail.

The IRS furloughed more than 90 percent of its employees during the shutdown, which began Oct. 1 when Congress was unable to pass a spending bill and ended after midnight Oct. 17.

‘Adds Insult’

“This is yet another unfortunate effect of a shutdown that Republicans should have never caused,” Representative Sander Levin of Michigan, the top Democrat on the Ways and Means Committee, said in a statement. “This tax-filing delay just adds insult to injury for Americans hoping to get a jump-start on their tax refunds in January.”

The delay won’t alter the April 15 deadline for taxpayers to file their returns or seek extensions.

At the start of the filing season, the IRS largely issues refunds to taxpayers who file as soon as they can. This year, the IRS issued $135 billion in refunds from Jan. 30 to March 1. That’s more than was paid from March 2 to May 10, when the agency received 50 percent more returns.

Delaying refunds could have an additional consequence in 2014. The U.S. debt limit is suspended through Feb. 7, and changes in the government’s projected spending after that date will affect the timing of how long the Treasury Department’s extraordinary measures to prevent a default will last.

Because the government may issue more refunds after Feb. 7 than previously anticipated, a potential lapse in borrowing authority could come a few days sooner than projected, said Loren Adler, research director at the Committee for a Responsible Federal Budget in Washington.

The delayed start of tax-filing season probably will create a backlog of potential returns for the start date, rather than delaying all returns equally.

“Those are folks who are trying to do this as soon as their books are in order,” Adler said.

The Bipartisan Policy Center projects that the U.S. will run out of borrowing authority between the end of February and mid-March 2014.

Discuss this and more in the Income Tax Forums.

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