Posts Tagged ‘IRS’

What are the 2015 Refund Cycle Dates?

Friday, September 26th, 2014

Bookmark this page to refer back to once your 2014 tax return is filed!

In the past, the IRS released a refund cycle chart. This chart allowed tax filers to know exactly when they would receive their tax refund. Sounds helpful, right?

Unfortunately, the IRS no longer posts the refund cycle chart. Luckily, there are charts out there which give a pretty accurate prediction on when you’ll get your refund.

2014 Tax Return Coupon

Although the 2015 tax season isn’t even here yet, you may want to know how long it will take to receive your tax refund once you file your 2014 tax return. 

Keep in mind however, these dates are NOT definite. They are only expected dates, based off of previous year trends. (more…)

IRS Accepts E-Filed Tax Returns Early

Wednesday, January 29th, 2014

In the tax filing world there is buzz that the IRS has started accepting e-filed returns.

If you are someone who: 1. keeps up on tax news (you total tax nerd), 2. prepared your 2013 tax return early (you don’t procrastinate) or 3. wants to get your 2014 tax refund as soon as possible (you have a pile of bills stacking up), chances are you probably heard about the IRS accepting 2013 e-filed tax returns earlier than planned.

Yes, it’s true. Months ago, the IRS announced e-filed returns would be accepted starting on January 31, 2014 and today, which is not the last day of the month, the IRS is accepting e-filed returns. Thank-you-IRS-for-the-curve-ball. If you are among the early tax preparers for 2014, the curve-ball is to your benefit. Well, sorta. The IRS is currently accepting e-filed returns, however, they will not begin to process the returns until the original date of January 31, 2014. With that said, don’t plan on receiving your tax refund any earlier than planned.

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When Can I E-File 2014 Taxes in 2015?

Thursday, October 10th, 2013

The IRS has yet to announce when you can e-file 2014 taxes in 2015.

Last year, on December 18, the IRS announced when the 2014 tax season would begin. That means, you’ll need to wait until mid-December this year to find out when the 2015 tax season will start.

Last year, the IRS e-file start date was set at January 31, 2014 for filers to e-file a 2013 tax return.  If you think back to last year, you may recall the hectic government shut down, causing a delay to the start of the tax season.

2014 Tax Return Coupon

This year, you can take a guess that tax season 2015 will begin sometime between the middle and end of January. That means, you’ll probably be able to have your 2014 taxes e-filed by the start of February.

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IRS Refund Problems Cause Delays

Tuesday, February 26th, 2013

Many taxpayers are frustrated by IRS delays and a lack of information from Where’s My Refund

Going into this tax season we knew that refunds were going to be delayed. Right off the bat the IRS increased the time frame within which most people can expect their refund. Instead of the old 8-15 days it suddenly became “under 21 days.”

Then the fiscal cliff nuttiness in Congress pushed the start of the season back two weeks to January 30th. These two changes alone meant that lots of people would be getting their money 2-3 weeks later than usual.

But as the tax season has progressed, the IRS has run into even more problems. Before the start of the season this year the IRS made some changes to its system to try to cut down on instances of tax fraud and identity theft, which affected over a million taxpayers last year. This is a huge relief to anyone who’s had their Social Security number or refund stolen.

Once the season started, however, the IRS discovered some problems with this new system that required a little fine-tuning. These adjustments caused many returns to be delayed for an additional week. (more…)

Can I Still File My 2009 Taxes?

Thursday, January 24th, 2013

The last chance to claim a 2009 Tax Refund Was April 15, 2013, but you can still file 2009 Taxes with RapidTax.

Yes, you can still file your 2009 taxes. However,  the IRS has a statute of limitations that only allows you to get a refund for three years after the original due date of a return.

In other words, you can file your late 2009 tax return, but you won’t be able to claim your 2009 refund. The last day to file and get a 2009 refund was April 15, 2013. After this date, the government stopped issuing 2009 refunds, even though you’re technically still required to file a 2009 return.

If you weren’t expecting a 2009 refund and instead, have tax due, you’ll want to file your 2009 taxes as soon as possible.

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2013 IRS Calendar and Deadlines

Wednesday, January 23rd, 2013

These IRS filing deadlines determine when you need to file your 2012 return and pay certain 2013 taxes

January 2013

  • January 10 – Employees who received $20 or more in tips for December 2012 must report them to their employer.
  • January 15 – If you are not paying your 2012 taxes through withholding, you must pay the fourth and final installment of your 2012 estimated tax. However, you don’t have to pay this installment by January 15th if you file your 2012 return by January 31st.
  • January 30 – The IRS starts processing both e-filed and paper 2012 returns.
  • January 31 – If you are required to make estimated tax payments – but did not pay your last installment by January 15th – you can file your 2012 return and pay your tax liability by January 31st to avoid penalties for late payment of the last installment. (more…)

IRS Moves Start of Tax Season Forward to January 30th!

Tuesday, January 8th, 2013

It’s official: January 30th will be the first day to e-file taxes in 2013!

Well, this was hardly a surprise. The IRS  announced Tuesday that it was kicking forward the opening of the 2013 tax season to Wednesday, Jan 30th. That’s a full eight days later than the previously announced January 22nd marker, which was itself set five days past the Jan 17 date on which the 2012 season began.

It would be cheap, at best, to blame the Taxman. After the protracted end of year mess in Washington, the agency could hardly have been expected to have all its t’s crossed and its many i’s dotted by mid-month. For anyone in need of a reminder, legislation to pull the nation off the fiscal cliff was only passed on the second day of the year!

“We have worked hard to open tax season as soon as possible,”  said IRS Acting Commissioner Steven Miller in a statement issued Tuesday.. “This date ensures we have the time we need to update and test our processing systems,” he added.

So when does tax season start in 2013? The old 22nd date, on which e-filing was set to begin, left open the option of paper filing your tax return hours after the din of the fireworks had died down, which is to say on Jan 1st. This will not be possible this time around.

Instead, both e-file and paper filing will have to wait for the end of January’s opening bell, further reducing the incentive to paper file. In the IRS’s estimate, more than 80 million taxpayers filed online last year. This is a number the agency’s brass is intent on increasing.

Starting Jan 30, the large majority of taxpayers, or roughly 120 million households, will be able to file their tax return, whether they go online or put pencil to paper. The rest, notably those claiming residential energy and some business credits, will have to wait longer, until late February and possibly into March.

Photo via Scott S on Flickr.

How to Prevent Tax Identity Theft

Wednesday, January 2nd, 2013

Last year tax identity theft affected 1.1 million taxpayers. Use these tips to prevent someone from stealing your identity and filing a fraudulent return

Every year millions of taxpayers look forward to tax season as a time when a nice fat tax refund gets injected into bank accounts decimated by the spending sprees of the holiday season.

But for an increasingly large group of tax filers, tax season can be a scary time. That’s because every year more and more people become the victims of tax identity theft – their names and Social Security numbers stolen and fraudulent returns are filed under their names.

Not only do criminals now possess these unfortunate filers’ personal information – with which they can do any number of dastardly things – but these people also have their tax returns rejected by the IRS because every Social Security number can only be used once. They then have to print out their return out, fill out a lot of extra paperwork, and mail it all to the IRS, which slows the process down considerably. Many have to wait months, even upwards of a year, before they get their refunds.

In 2008 there were 51,700 cases of identity theft-related tax fraud. In 2011 that number was over 1.1 million. So even if you’ve never had your identity stolen, you still need to be vigilant about taking preventive measures. Don’t think it can’t happen to you. Following these steps will save you a lot of hassle and heartache: (more…)

How to File Taxes Early

Thursday, December 27th, 2012

Learn how to file taxes early so that your return can get to the front of the line and you can receive your refund as quickly as possible.

Wallet hard-hit by the holidays? Join the crowd. The only thing more depressing than picking mutilated wrapping paper off the floor is taking a look at your credit card statement. Yikes!

Thankfully, Uncle Sam is here to save the day. Soon after you ring in the New Year it will be time to take account of the old by filing a 2012 tax return. And for many people, this means a sizable tax refund. If every year you pay for your holiday spending with the tax refund you expect to receive in January, you’re hardly alone. But that means it’s imperative you get your refund as quickly as possible.

Unfortunately, this year IRS e-file doesn’t start until January 22nd, a week later than in recent years. But you can get a jump on the start of the season by learning how to file taxes early. In fact on RapidTax you can prepare your return as early as January 3rd.

“What’s the point of preparing my return before I can file it?” you may ask. Well, filing early has several advantages. (more…)

IRS 2012 Tax Changes

Friday, December 21st, 2012

Look over these important changes to the tax code before you file your 2012 taxes

Every year the IRS tweaks the tax code at least a little bit: introducing new credits and deductions, discontinuing temporary provisions of the tax code, and adjusting various numbers for inflation.

Some years, depending on what happens in Congress, there are really big changes that end up affecting everyone pretty dramatically. But for the 2012 tax year the changes were relatively small. Still, you should be aware of them before you go gallivanting off into the tax preparation sunset.

Here, without further ado, are the tax changes for the 2012 year:

  • Income limits for excluding education savings bond interest increased – Your modified adjusted gross income (MAGI) must be less than $87,850 if you’re a single filer or less than $139,250 if you’re married filing jointly or a qualifying widow(er) in order to exclude education savings bond interest. (more…)