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.
Friday, January 31, 2014
When did you get your refund 2014
Today is the official start to the I.R.S. 2013 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?"
We would like everyone to reply to this post with the date that their refund was accepted and the date that I.R.S. has set for their direct deposit or check. To find out this date, you will need to visit the I.R.S. Where's My Refund webpage here.
Optionally, we would also like you to post the date that your state refund, what state, and when your state finance department gives your refund date. To find out this, visit our Where's My State Refund page.
Please comment here with Federal Acceptance Date, Federal Payout Date, (optional) State Acceptance Date, State, and State Acceptance Date.
Thank you for helping to make our 2014 Refund Schedule to be as accurate as possible.
Tuesday, December 31, 2013
2014 tax breaks: Congress letting 55 tax breaks expire at year end
WASHINGTON - In an almost annual ritual, Congress is letting a package of 55 popular tax breaks expire at the end of the year, creating uncertainty -- once again -- for millions of individuals and businesses.
Lawmakers let these tax breaks lapse almost every year, even though they save businesses and individuals billions of dollars. And almost every year, Congress eventually renews them, retroactively, so taxpayers can claim them by the time they file their tax returns.
No harm, no foul, right? After all, taxpayers filing returns in the spring won't be hurt because the tax breaks were in effect for 2013. Taxpayers won't be hit until 2015, when they file tax returns for next year.
Not so far. Trade groups and tax experts complain that Congress is making it impossible for businesses and individuals to plan for the future. What if lawmakers don't renew the tax break you depend on? Or what if they change it and you're no longer eligible?
"It's a totally ridiculous way to run our tax system," said Rachelle Bernstein, vice president and tax counsel for the National Retail Federation. "It's impossible to plan when every year this happens, but yet business has gotten used to that."
Some of the tax breaks are big, including billions in credits for companies that invest in research and development, generous exemptions for financial institutions doing business overseas, and several breaks that let businesses write off capital investments faster.
Others are more obscure, the benefits targeted to film producers, race track owners, makers of electric motorcycles and teachers who buy classroom supplies with their own money.
There are tax rebates to Puerto Rico and the Virgin Islands from a tax on rum imported into the United States, and a credit for expenses related to railroad track maintenance.
A deduction for state and local sales taxes benefits people who live in the nine states without state income taxes. Smaller tax breaks benefit college students and commuters who use public transportation.
A series of tax breaks promote renewable energy, including a credit for power companies that produce electricity with windmills.
The annual practice of letting these tax breaks expire is a symptom a divided, dysfunctional Congress that struggles to pass routine legislation, said Rep. John Lewis of Georgia, a senior Democrat on the tax-writing House Ways and Means Committee.
"It's not fair, it's very hard, it's very difficult for a business person, a company, to plan, not just for the short term but to do long-term planning," Lewis said. "It's shameful."
With Congress on vacation until January, there is no chance the tax breaks will be renewed before they expire. And there is plenty of precedent for Congress to let them expire for months without addressing them. Most recently, they expired at the end of 2011, and Congress didn't renew them for the entire year, waiting until New Year's Day 2013 -- just in time for taxpayers to claim them on their 2012 returns.
But Congress only renewed the package though the end of 2013.
Why such a short extension? Washington accounting is partly to blame. The two-year extension Congress passed in January cost $76 billion in reduced revenue for the government, according to the nonpartisan Joint Committee on Taxation. Making those tax breaks permanent could add $400 billion or more to the deficit over the next decade.
With budget deficits already high, many in Congress are reluctant to vote for a bill that would add so much red ink. So, they do it slowly, one or two years at time.
"More cynically, some people say, if you just put it in for a year or two, then that keeps the lobbyists having to come back and wine-and-dine the congressmen to get it extended again, and maybe make some campaign contributions," said Mark Luscombe, principal tax analyst for CCH, a consulting firm based in Riverwoods, Ill.
This year, the package of tax breaks has been caught up in a debate about overhauling the entire tax code. The two top tax writers in Congress -- House Ways and Means Committee Chairman Dave Camp, R-Mich., and Senate Finance Committee Chairman Max Baucus, D-Mont. -- have been pushing to simplify the tax code by reducing tax breaks and using the additional revenue to lower overall tax rates.
But their efforts have yet to bear fruit, leaving both tax reform and the package of temporary breaks in limbo. When asked how businesses should prepare, given the uncertainty, Camp said: "They need to get on board with tax reform, that's what they need to do."
Further complicating the issue, President Barack Obama has nominated Baucus to become U.S. ambassador to China, meaning he will soon leave the Senate, if he is confirmed by his colleagues.
As the Senate wound down its 2013 session, Democratic leaders made a late push to extend many of the tax breaks by asking Republican colleagues to pass a package on the floor of the Senate without debate or amendments. Republicans objected, saying it wasn't a serious offer, and
the effort failed.
So should taxpayers count on these breaks as they plan their budgets for Income Tax 2014?
"The best thing I would say is, budget accordingly," said Jackie Perlman, principle tax research analyst at The Tax Institute. "As the saying goes, hope for the best but plan for the worst. Then if you get it, great, that's a nice perk. But don't count on it."
Tuesday, December 17, 2013
2014 IRS Refund Schedule for 2013 Tax Payments
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.
| IRS accepts your return (by 11:00 am) between…* | Projected Direct Deposit Sent* | Projected Paper Check Mailed* | ||||
| January 28 2014 | 1/29/2014 | 1/31/2014 | ||||
| January 29 | and | February 01 2014 | 2/5/2014 | 2/7/2014 | ||
| February 02 | 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.
| irs refund schedule 2014 | |
| 2014 tax refund cycle chart | |
| tax chart for 2014 | |
| refund calendar |
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