IRS Tax Season 2016 off to slow start for many

Posted by admin on February 05, 2016
Income Tax, IRS, Tax Refund, Where's My Refund / Comments Off on IRS Tax Season 2016 off to slow start for many
Where's My Refund Updating Schedule

IRS Tax Season 2016 off to slow start for many

IRS still a bit behind on tax refunds to date(one week or more for some). We are reevaluating our expected Refund Date being today(February 5th, 2016.) We know many of you have yet to see a change in your refund status.
We contacted the IRS yesterday and were told that many who filed last month will not see tax refunds until next week due to new fraud protections in place.

We will let everyone know once we have solid proof of a payout date for some January filers.

Keep watching our website for the latest IRS updates and news. Click here for more information.

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Direct Deposit Dates now set for many who filed early

Posted by admin on January 27, 2016
Where's My Refund / Comments Off on Direct Deposit Dates now set for many who filed early

Direct Deposit Dates now set for many who filed early

The IRS updated Where’s My Refund last night for many early taxpayers. Many taxpayers awoke to find that they had a direct deposit date set in Where’s My Refund. The date is January 29th, 2016 and it is for those who filed early this year during the testing phase.

The IRS always accepts early filers to allow them to test all of their software before the official start. Full story(with images) here.

 

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2016 IRS Tax Season officially starts today

Posted by admin on January 19, 2016
Income Tax, IRS / Comments Off on 2016 IRS Tax Season officially starts today
IRS Answers Common Early Tax Season Refund Questions and Addresses Surrounding Myths

2016 IRS Tax Season officially starts today

The IRS announced that today January 19th, 2016 would be the first day of the 2016 IRS Tax Season. The IRS will begin officially(many people were accepted last week for testing purposes) accepting, approving, and issuing 2016 tax refunds today. We estimate many 2016 tax refunds that were accepting during the testing phase will have their 2016 direct deposit by the end of January 2016. The IRS estimates that 80% of Americans use direct deposit as their payment method. Continue reading…

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IRS began accepting 2015 Tax Returns

Posted by admin on January 11, 2016
Income Tax, IRS, IRS Tax Dates / Comments Off on IRS began accepting 2015 Tax Returns

IRS began accepting 2015 Tax Returns today

The IRS have accepted several 2015 tax returns today.  This will mean that many taxpayers will be getting their 2016 tax refunds by the end of January 2016. IRS began accepting 2015 Tax Returns. Read below for full details:

We have had a few of our Facebook followers and website viewers report that they have had their federal tax returns accepted by the IRS already for Tax Season 2016. We were under the impression from the IRS that returns would not be accepted until January 19th, 2016. This is great news for those lucky ones. We will update our 2016 IRS tax refund schedule to reflect the lucky few who have been accepted. Feel free to send us an email regarding your tax return acceptance date to give us all some hope. Many individuals might expect to get their IRS Tax Return Acceptance Early, but read the email before jumping to that conclusion. Early Tax Return Acceptance is very common each tax season due to the IRS testing their online e-file processing.

We are keeping this very short because none of our accountants or clients have reported this and it is purely from Facebook messages.

Early Tax Return Acceptance 2016

Our email is Info @ RefundSchedule.com. Send us an email and we will update this post to reflect the email.

Thank you for 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 Answers Common Early Tax Season Refund Questions and Addresses Surrounding Myths

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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Are you worried about an IRS audit?

Posted by admin on December 16, 2015
IRS, IRS Audit, Tax Season / Comments Off on Are you worried about an IRS audit?
IRS Answers Common Early Tax Season Refund Questions and Addresses Surrounding Myths

Are you worried about an IRS audit?

You most likely shouldn’t be, the odds are in your favor. Uplifting news for people who don’t savor the thought of being Audited by the IRS Audit Rates have Dropped to embarrassingly Low Levels. All the more uplifting news: the length of the GOP controls the House of Representatives, this circumstance is unrealistic to change.

Republicans are chafed at the IRS for Discriminating against Conservative Organizations that were Applying for Tax-Exempt Status and after that attempting (rather effectively) to cover it up. Thus, the IRS Budget has been Cut to the point where the Agency says its Audit capacities have been altogether weakened. I question this case, regardless of the possibility that genuine, will make numerous tears be shed by Taxpayers. Regardless, the latest Audit Statistics can be found in the 2014 IRS Data Book, which covers Audit Activity in the Government’s Fiscal Year That Ended Sept. 30, 2014. Continue reading…

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Find Out Why Tax Day is Delayed in 2016

Posted by admin on October 13, 2015
Tax Day / Comments Off on Find Out Why Tax Day is Delayed in 2016

Find Out Why Tax Day is Delayed in 2016

Find Out Why Tax Day is Delayed in 2016. You get three extra days to gather your paperwork and file your federal tax return in 2016. The tax deadline is April 18.

Find Out Why Tax Day is Delayed in 2016You can thank Washington, D.C., for the gift. Washington will celebrate Emancipation Day on April 15. The day is treated as a federal holiday, so federal offices – read IRS – will be closed. Continue reading…

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IRS begin testing for Tax Season 2015

Posted by admin on January 16, 2015
Tax Season / Comments Off on IRS begin testing for Tax Season 2015

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 2016 Tax Refund Back Quick

Posted by admin on January 05, 2015
Tax Refund, Tax Season / Comments Off on E File Now to Get Your 2016 Tax Refund Back Quick

Want to get your 2016 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 2016 IRS Tax Season, January 20th 2016.  2016 Tax Refund Back Quick Today! Continue reading…

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