Friday, December 9, 2016
Tuesday, December 1, 2015
2016 Refund Schedule and 2016 Tax Refund Calculator now available
2016 Refund Schedule and Tax Refund Calculator are now available.
It's finally that time of the year. We have released our 2016 Refund Schedule and our 2016 Tax Refund Calculator. Are you getting ready for the holiday season and need to see when and how much your 2016 tax refund will be? We have the tools to get your started.
2016 IRS Refund Cycle Chart for Tax Year 2015 is available here. This chart will list all of the days that your 2016 tax refund will be in direct deposited or 2016 tax check will be sent depending on what day your IRS Tax Refund is accepted by the Internal Revenue Service.
The latest information is expecting the IRS to begin accepting tax returns January 11th, 2016. We will post more on our website as the IRS releases more information.
Our 2016 Tax Refund Calculator for 2015 Tax Year is available here. This will allow you to calculate your 2016 tax refund or find out how much taxes you will owe in 2016. This is only an estimate but it will allow you to plan your 2016 Tax Year.
We will continue to post all 2016 Tax Season news here first, so please bookmark us and check back daily for news. Also like and follow us on Facebook, here.
Wednesday, February 18, 2015
IRS Tax Refund Schedule Updated
We updated our IRS E-File Cycle Chart today to account for the IRS changing the payout dates from Thursday to Wednesday. Check out the changes and please let us know if you find any problems.
Having trouble with the IRS Where's My Refund tool? Here are some handy tools to decipher your way around this.
How to read your IRS tax account transcript.
Other helpful tools:
Where's My State Refund? State Tax Return Information
Estimate your tax return online
File your Taxes for Free Online
Affordable Care Act and It's affect on your taxes
Updated for the 2014 Tax Year (2015 Tax Season)
One of the most pressing questions in the life of an early tax filer – when can I expect my tax refund to come? Before e-filing, this was always difficult to predict. First, you mail in your return. Then someone inputs all your information (and later, computers scanned in your information), then the Treasury had to issue a check, which was then mailed to you. Now, with a free IRS e-file, you can get your refund in as little as 8 days from when you file, if you elect for direct deposit.
For 9 out of 10 taxpayers, the IRS issued refunds in less than 21 days from the date the return was received last year.
For the 2015 tax filing season, the IRS announced that it will start accepting eFile and paper returns on January 20, 2015. You can find the press release here.
Tuesday, December 16, 2014
When can I file my taxes 2015? Tax Time 2015
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
Tuesday, October 14, 2014
2015 Tax Refund Calculator
2015 Tax Refund Calculator - 2015 tax refund estimator
2015 Tax Refund Calculator - Get your 2015 tax refund estimator here
CALCULATE YOUR 2015 REFUND - 2015 Tax Refund Calculator
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. 2015 Tax Refund Calculator is found here.
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Tuesday, March 4, 2014
Why is my 2014 tax refund still processing
Why is my 2014 refund still processing?
2014 IRS Tax Refund Schedule wrong for you?
By the stats, the current tax season has been quite a success. The Internal Revenue Service is reporting that, despite an abbreviated season, they are processing tax returns and issuing tax refunds at a much faster pace than last year. Why is my 2014 refund still processing?
Of course, all of the numbers in the world don’t matter when the one number you’re counting on – your own refund – is affected.
This season, I’ve heard from a number of taxpayers experiencing tax refund delays (though certainly nothing near last year’s education credit snafu). Initially, the trouble seemed to focus on those 1121 codes. The IRS was made aware of the problem and did issue a statement, saying:
A very small percentage of taxpayers may see an 1121 reference number if they check “Where’s My Refund?” after they initially were provided a projected refund date by the tool. The IRS is aware of this situation, and emphasizes that the small group of taxpayers who see this reference number should continue checking Where’s My Refund for an update. If we need more information to process their return, we will contact them — usually by mail.
Most of the taxpayers who reached out to me regarding the 1121 issue have since reported that they've either received their refunds or updated information about the delay.
However, shortly after the 1121 issue was made public, the focus from taxpayers on social media – and in emails, direct messages and private messages to me – has zeroed in on another code that’s popping up over and over: TC 570. There is a notable difference between the 1121 code and the TC 570: the latter is not an explicit refund code. It appears not on the “Where’s My Refund?” tool but on a taxpayer’s transcript. That’s an important distinction.
I reached out to IRS to find out whether there was any sort of systemic issue causing taxpayers to see a TC 570 on their transcript. So far, the answer to that question is no. The IRS is, however, clearly aware of the concerns and had this to say:
A Transaction Code 570 can mean different things in different cases so a taxpayer should not try to draw a conclusion based on the presence of a TC 570. The Transaction Code 570 will stop a refund from being issued until the impact of the action being taken on the account and the refund is determined and processed. Transaction Codes are used internally by the IRS to identify a transaction, adjust and research tax accounts and to maintain a history of actions posted to a taxpayer’s account. While they are reflected on transcripts they are not reflected on most public facing documents or tools like Where’s My Refund because they are difficult to interpret and can have different meaning depending on the case and associated codes and files. Again, the best way for taxpayers to check the status of their refund is by going to Where’s My Refund.
It’s a statement worth repeating. The IRS uses a lot of internal codes on transcripts and they can mean different things. And what it means exactly isn’t always apparent to the person taking the call at IRS. Does that suck? Of course it does. Trust me. I’ve been on the end of those calls trying to decipher what’s going on for taxpayers. And I totally believe that taxpayers are calling IRS and getting two or three different answers about the status of their refund. And I believe that taxpayers deserve a better answer.
But I would caution taxpayers not to try and pick apart their tax transcripts in an effort to find answers. There is no “one size fits all” answer to the TC 570 – not even in the best of circumstances. It does not necessarily equate, as some have surmised, an audit. Nor does it means, as others have posited, that the refund is subject to an offset. It could mean those things – but again, you’re not going to be able to tell from a glimpse at your transcript this early in the season.
I know that isn’t the answer that taxpayers want to hear. And trust me, I am continuing to pester IRS about these issues (believe me when I say that they have my number). But it’s not a certainty that a TC 570 on your transcript is anything sinister at this stage of the season. The data doesn’t appear to support it. And if there’s a real problem with your specific return, you’ll hear from IRS.
And yes, there have been problems. I have confirmed reports that a glitch in at least one program has resulted in the issuance of paper checks instead of direct deposit. Errors – mostly transposition of numbers – have slowed processing of other returns. There have been bounces for bad addresses. Returns have been held because of prior years when no returns were filed. And yes, identity theft continues to be a big problem especially when SocialSecurity numbers for dependents have appeared on more than one return. Clearly, not everyone is having a smooth tax season.
By the numbers, however, most taxpayers are getting their refunds as quickly as anticipated. On average, the IRS expects to issue tax refund checks to 9 of 10 taxpayers in 21 days or less. Those are pretty good odds. But that still means that 1 in 10 taxpayers will receive refund checks after that 21 day window. That sounds like a pretty small number until you calculate the total against the number of refunds issued. The IRS expects to process about 140 million tax returns this season. In 2013, they issued more than 100 million tax refund checks. If 1 in 10 taxpayers get their refunds after 21 days, that still works out to about 10 million taxpayers. That’s more than the individual populations of 42 states. It’s more than the combination populations of Alabama and South Carolina, the 23rd and 24th most populous states. So, yes, it’s a lot. But the number of taxpayers who do receive their refunds within that 21 day window? That’s more than the combined populations of our most populous states (California, Texas and Florida) or more astoundingly, the combined population of 25 of our least populous states.
Does that help those taxpayers who are depending on refund checks that have not yet been deposited? Of course not. I know you want your money. And I know that in many cases, you’re depending on that money. But work through the right channels. Keep checking the “Where’s My Refund?” tool for information. If you are advised to call the IRS, do so. If you get mail from IRS, open it. But at this stage, it truly is a waiting game. If I hear anything further (and I am pursuing these issues), rest assured that I will post it as soon as it becomes available.
Discuss this and more on the Income Tax Forums.
Need help preparing your 2014 Tax Return? Visit Hot Springs Tax Services.
Tuesday, February 25, 2014
IRS Warns of Tax Scams
IRS Warns of Tax Scams in 2014.
The IRS is warning Americans of tax scams. This year identity theft and phone scams top the agency's "Dirty Dozen" list of worst schemes taxpayers could encounter.
In a news release, the IRS announced Americans could see these scams at any point in the year, but many of the schemes peak during tax season.
"Scams can be sophisticated and take many different forms. We urge people to protect themselves and use caution when viewing emails, receiving phone calls or getting advice on tax issues," IRS Commissioner John Koskinen said in a news release.
Below are the top three scams taxpayers should be on the lookout this year. IRS Warns of Tax Scams!
Identity Theft
The IRS said tax fraud through identity theft tops this year's list. Fraudsters like to get taxpayers Social Security Number and other bits of information. They then use it to fraudulently file a tax return and claim the refund.
The IRS suggests taxpayers be alert to possible identity theft if they receive an IRS notice that states:
- More than one tax return for you was filed.
- You have a balance due, refund offset or have had collection actions taken against you for a year you did not file a tax return.
- IRS records indicated you received wages from an employer unknown to you.
If you believe you were a victim of identity theft the IRS suggests you notify the agency as soon as possible.
Telephone Scams
The IRS said it has seen an increase in local phone scams across the United States. Callers pretned to be from the IRS. The goal is to steal money or identities from victims.
According to the IRS, these scams come in many variations. Some callers will say the victim owes money or is entitled to a larg refund. Others might threaten arrest or driver's license revocation.
Common characteristics of these scams include:
- Scammers use fake names and IRS badge numbers.
- Callers might be able to recite the last four digits of a victims Social Security Number.
- Con artists may imitate the IRS toll-free number to make it seems like it's the IRS calling.
- Scammers sometimes send falsified IRS emails to victims to support their bogus calls.
False Promises of "Free Money"
It is common for scam artists to pose as tax preparers during tax season. The IRS said scammers lure victims in by promising large federal tax refunds. They use flyers, phony store fronts and word of mouth to attract as many victims as possible. The IRS said these scammers prey on people who do have a filing requirement like low-income individuals and the elderly.
For more information on these scams and several others visit IRS.gov.
Find out when your Income Tax Return will arrive on our 2014 IRS E-File Cycle Chart.
Discuss this on the Income Tax Forums.
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