2017 Income Tax Schedule for Tax Year 2016

2017 Income Tax Schedule for Tax Year 2016

Find out when to expect your 2016 Tax Return for 2017 Income Tax Schedule.

We have the 2017 Income Tax Schedule for Tax Year 2016 available below. This will give you an estimate of Where your 2017 Income Tax Refund is.

IRS e-file Refund Cycle Chart for 2017 with Direct Deposit and Check dates provided below are based on filing and transmitting as early as January 2, 2017. This has not been and will not be published by the IRS.  The IRS now says most refunds will be issued within 21 days of your return being accepted.   Continue reading 2017 Income Tax Schedule for Tax Year 2016

2016 Income Tax Refund Schedule for Tax Year 2015

2016 Income Tax Refund Schedule for Tax Year 2015

This is a schedule for 2016 Income Tax Refund Schedule for Tax Year 2015. Direct Deposit 2014 IRS E-File Cycle Chartand 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. If you choose to your our Refund Schedule on your webpage, please link to us.

Continue reading 2016 Income Tax Refund Schedule for Tax Year 2015

IRS Customer Service Lines Overwhelmed

IRS Customer Service Lines Overwhelmed.

Get in touch with the IRS with these simple steps. Find out how you can double your tax refund with our 2015 tax refund contest.

IRS Warns of High Volume on Toll-Free Customer Service Phones; Urges Taxpayers to use IRS.gov Tools for Faster Answers

WASHINGTON — The IRS reminded taxpayers the Presidents Day holiday period typically marks one of the busiest weeks of the tax filing season for its phone lines. There are other alternatives to help taxpayers find answers to commonly asked tax questions.

The Internal Revenue Service has several easy-to-use, online tools on IRS.gov. Taxpayers can check the status of their refund, request a copy of their tax transcript or get an answer to their tax questions around the clock.

“The entire week of the Presidents Day holiday marks a peak time in the number of calls to the IRS, and we encourage taxpayers to visit IRS.gov as the best place to get quick help and answers to your questions,” said IRS Commissioner John Koskinen.

To save time and find answers faster, taxpayers should make IRS.gov their first stop. A good place to start is the IRS Services Guide for a quick overview of online services and resources. IRS information and some tools also are in Spanish.

Here are some of the most common reasons people call us over Presidents Day holiday week and the faster and easier ways to get answers:

Want to know where your refund is?

More than 90 percent of refunds are issued in less than 21 days. IRS representatives will not provide individual refund information before then. Taxpayers can easily find information about their refund by using the Where’s My Refund? tool. It’s available on IRS.gov and on the Smartphone app, IRS2Go. Where’s My Refund? provides taxpayers with the most up-to-date information available. Taxpayers must have information from their current, pending tax return to access their refund information. Refund information is updated just once a day, generally overnight, so there’s no need to check more than once a day.

Didn’t get a W-2?

Employers are required to send to their employees a Form W-2, Statement of Earnings, by January 31. Employees should allow enough time for their form to be mailed to their address of record. If form W-2 is not received by the end of February, employees should first contact their employer to ensure they have the correct address on file.

After exhausting all options with the employer, employees may contact the IRS and we will send a letter to the employer. However, we would urge you to wait until the end of February to avoid long wait times on the telephone.

Need a copy of your tax return or transcript?

Taxpayers can easily order a return or transcript on the IRS.gov website, or by mailing us a completed Form 4506-T. See our Get Transcript application to immediately view, print or download your transcript. More information on these options is available at IRS.gov.

Ordering a tax return or tax transcript does not mean a taxpayer will get their refund faster. The two are not connected in any way. IRS transcripts are often used to validate income and tax filing status for mortgage, student and small business loan applications and to help with tax preparation.

Wondering how the Affordable Care Act will affect you?

This year almost all taxpayers must do something related to new health care reporting requirements. The majority of taxpayers – more than three out of four – will simply need to check a box to verify they have health insurance coverage. For the minority of taxpayers who will have to do more,IRS.gov/aca features useful information and tips regarding the premium tax credit, the individual shared responsibility requirement and other tax features of the ACA. Publication 5201, The Health Care Law and Your Taxes, also provides a snapshot of ACA requirements.

Need answers to tax law questions?

Questions about what filing status means, whether to file a tax return or who can be claimed as a dependent? There’s the Interactive Tax Assistant that takes you through a series of questions just like one of our customer service representatives would. You can also do a keyword search on IRS.gov; use Publication 17, the annual, searchable income tax guide; or the IRS Tax Map, which allows search by topic or keyword for single-point access to tax law information by subject. Taxpayers can even call TeleTax at 1-800-829-4477 for recorded information on a variety of general and business tax topics.

Can’t pay a tax bill?

For taxpayers whose concern isn’t a refund, but rather, a tax bill they can’t pay, the Online Payment Agreement tool can help them determine in a matter of minutes whether they qualify for an installment agreement with the IRS. And for those whose tax obligation is even more serious, the Offer in Compromise Pre-Qualifier can help them determine if they qualify for an offer in compromise, an agreement with the IRS that settles their tax liability for less than the full amount owed.

Need help preparing your taxes?

Free tax return preparation help is available nationwide from volunteers and on IRS.gov with Free File. Local community partners operate roughly 13,000 Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) sites nationwide. Find a location nearby by searching “Free Tax Help” on IRS.gov.

IRS Free File is offered by 14 tax software companies that make their brand-name products available for free to the 70 percent of taxpayers who earned $60,000 or less last year. Free File Fillable Forms is available for households whose earnings are more than $60,000 and are comfortable preparing their taxes.

Taxpayers may also use our searchable directory on IRS.gov for help on finding a tax professionalwith credentials and select qualifications to help them prepare their tax returns.

 

IRS Income Tax Season 2015 begins today.

IRS Income Tax Season 2015 begins today.

The IRS had announced the official start to 2014 Tax Filing season at the end of December 2014. They will begin accepting 2014 individual and business income tax returns today, January 20th, 2015. Many individuals had their 2014 tax returns accepted early by the IRS last week. IRS Income Tax Season 2015 begins today.

2014 Tax Filing Season Officially Begins.

Did you get accepted today or last week? Find out when you will get your 2015 tax refund back via our 2015 IRS E-File Cycle Chart. Having trouble with this? Get our smartphone app on Google Play Where’s My Refund Android App or Where’s My Refund Apple App Store. 2014 Tax Filing Season Officially Begins.

Not ready to file your taxes yet? Employer W-2 or Contractor 1099 not arrived yet? Check out our handy 2014 Tax Return Estimator. IRS Income Tax Season 2015 begins today.

2014 Tax Filing Season Officially Begins.

IRS Starts 2015 Tax Season; Free File Opens Tomorrow, E-File Tuesday; Expanded Online Services Enable People to Learn About New Health Care Provisions

IR-2015-03, Jan. 15, 2015

WASHINGTON — The Internal Revenue Service announced the on-time opening of the nation’s 2015 filing season and highlighted a growing array of online services, including features that help taxpayers understand how the Affordable Care Act will affect them at tax time, along with the availability of the Free File program.

Taxpayers have until Wednesday, April 15, 2015 to file their 2014 tax returns and pay any tax due. The IRS expects to receive about 150 million individual income tax returns this year. Like each of the past three years, more than four out of five returns are expected to be filed electronically.

The IRS Free File program, available at IRS.gov, will open Friday for taxpayers, and the IRS will begin accepting and processing all tax returns on Tuesday, Jan. 20.

This year’s return will include new questions to incorporate provisions of the Affordable Care Act (or ACA). The majority of taxpayers – more than three out of four – will simply need to check a box to verify they have health insurance coverage. For the minority of taxpayers who will have to do more, IRS.gov/aca features useful information and tips regarding the premium tax credit, the individual shared responsibility requirement and other tax features of the ACA.

“Our employees will be working hard again this season to help the nation’s taxpayers,” IRS Commissioner John Koskinen said. “We encourage people to use the tools and information available on IRS.gov, particularly given the long wait times we anticipate on our phone lines. As always, taxpayers can benefit by filing electronically.”

Koskinen announced that taxpayers can begin preparing their returns using the Free File system on Friday, Jan. 16. Available only at IRS.gov, Free File offers two filing options:

  • Brand-name software, offered by IRS’ commercial partners to about 100 million individuals and families with incomes of $60,000 or less; or
  • Online fillable forms, the electronic version of IRS paper forms available to taxpayers at all income levels and especially useful to people comfortable with filling out their own returns.

E-file, when combined with direct deposit, is the fastest way to get a refund. More than three out of four refund recipients now choose direct deposit. People who e-file make fewer mistakes, and it costs nothing for those who choose Free File.

In all, 14 software companies will be participating in this year’s Free File program. Additional details about the specific Free File offerings will be available tomorrow on the front page of IRS.gov when Free File becomes available.

Taxpayers who purchase their own software can also choose e-file, and most paid tax preparers are now required to file their clients’ returns electronically. In addition to Free File, commercial software companies also are currently available for taxpayer use.

The IRS will begin accepting and processing all returns — whether e-file, Free File or paper tax returns — on Jan. 20.

Like last year, the IRS expects to issue more than nine out of 10 refunds within 21 days. Again, the fastest way to get a refund is to e-file and choose direct deposit. It takes longer to process paper returns and in light of IRS budget cuts resulting in a smaller staff, it will likely take an additional week or more to process paper returns meaning that those refunds are expected to be issued in seven weeks or more.

Koskinen said, “If you haven’t already, you should consider filing electronically. It’s fast, accurate and the best way to get your refund quickly.”

Koskinen also strongly encouraged taxpayers to visit IRS.gov as a first stop for information ranging from the status of their refunds to basic tax information. He cautioned taxpayers that recent budget reductions will mean long wait times on the phone, routinely topping 30 minutes.1

Information on IRS.gov and using tax software and e-file are among the options that can help people with questions about the individual shared responsibility requirement included in the Affordable Care Act, which is new to the Form 1040 this filing season.

Health Care Basics

The Affordable Care Act requires that a taxpayer and each member of their family either hasqualifying health insurance coverage for each month of the year, qualifies for an exemption, or makes an individual shared responsibility payment when filing their federal income tax return. Some moderate-income taxpayers may also qualify for financial assistance to help cover the cost of health insurance purchased through the Health Insurance Marketplace. Taxpayers will fall into one or more of the following categories:

  • Check the box. Most taxpayers will simply check a box on their tax return to indicate that each member of their family had qualifying health coverage for the whole year. No further action is required.

Qualifying health insurance coverage includes coverage under most, but not all, types of health care coverage plans. Taxpayers can use the chart on IRS.gov/aca to find out if their insurance counts as qualifying coverage.

  • Exemptions. Taxpayers may be eligible to claim an exemption from the requirement to have coverage. Eligible taxpayers need to complete the new IRS Form 8965, Health Coverage Exemptions, and attach it to their tax return. Taxpayers must apply for some exemptions through the Health Insurance Marketplace. However, most of the exemptions are easily obtained from the IRS when filing a return.
  • Individual Shared Responsibility Payment. Taxpayers who do not have qualifying coverage or an exemption for each month of the year will need to make an individual shared responsibility payment with their return for choosing not to purchase coverage. Examples and information about figuring the payment are available on the IRS Calculating the Payment page.
  • Premium Tax Credit. Taxpayers who bought coverage through the Health Insurance Marketplace should receive Form 1095-A, Health Insurance Marketplace Statement, from the Marketplace by early February. This form should be saved because it has important information needed to complete a tax return.

If the Form 1095-A is not received by early February, contact the Marketplace where coverage was purchased. Do not contact the IRS because IRS telephone assistors will not have access to this information.

Taxpayers who benefited from advance payments of the premium tax credit must file a federal income tax return. These taxpayers need to reconcile those advance payments with the amount of premium tax credit they’re entitled to based on their actual income. As a result, some people may see a smaller or larger tax refund or tax liability than they were expecting. Use IRS Form 8962,Premium Tax Credit (PTC), to calculate the premium tax credit and reconcile the credit with any advance payments.

The IRS has set up a special section at IRS.gov/aca with more information about the Affordable Care Act and the 2014 income tax return.

Alternatively, low-and moderate-income taxpayers can get help meeting this health-care requirement and filing their return for free by visiting one of the more than 12,000 community-based tax help sites staffed by more than 90,000 volunteers that participate in the Volunteer Income Tax Assistance and Tax Counseling for the Elderly (VITA/TCE) programs. To find the nearest site, use the VITA/TCE Site Locator on IRS.gov.

The IRS also reminded taxpayers that a trusted tax professional can also provide helpful information about the health care law. A number of tips about selecting a preparer and national tax professional groups is available on IRS.gov.

The IRS urges all taxpayers, especially those claiming the premium tax credit, to make sure they have all their year-end statements in hand before they file their return. This includes Forms W-2 from employers, Forms 1099 from banks and other payers, and, for those claiming the premium tax credit, and Form 1095-A from the Marketplace. Doing so will help avoid refund delays and the need to file an amended return later.

 

IRS starts tax season up early for testing purposes

Great news! The IRS have begin testing for the upcoming Tax Season 2015. IRS starts tax season up early for testing purposes

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.

 

IRS Announces 2015 Tax Season Start Date

Finally the IRS announces the 2015 Tax Season Start Date

The Internal Revenue Service (IRS) has finally announced the 2015 tax season start date. And surprise! There’s no tax delay. Tax season 2015 for paper and electronically filed returns will open on January 20, 2015. That’s 11 days sooner than last year’s start date and 10 days sooner than the 2013 start date (though the 2012 season started a few days earlier on January 17).

Even better? There’s no tiered opening Continue reading IRS Announces 2015 Tax Season Start Date

Tax Traps

Tax Traps

Some Important Numbers for Tax Year 2015

Tax Year 2015: Things you should starting preparing for now.

Because of inflation adjustments required by law, the standard deduction, personal exemption and many other important tax numbers for the coming year will increase. Here are a few changes that will affect federal income-tax returns for the 2015 tax year, to be filed in 2016:

The basic standard deduction for 2015 will increase to $6,300 for single taxpayers (and married people filing separate returns) from $6,200 for this year. For married couples filing jointly, it will rise to $12,600 from $12,400 this year.

But before you automatically choose the standard deduction, check to see whether you would be better off itemizing your deductions, such as charitable gifts.

The standard deduction for those who qualify as “head of household” will rise to $9,250 from $9,100.

The amount and income thresholds for the earned income tax credit, a program designed to help the working poor, will change. For example, the Internal Revenue Service said the 2015 maximum earned income credit amount will be $6,242 for taxpayers filing jointly and who have three or more qualifying children, up from a total of $6,143 for tax year 2014.

Tax Year 2015

Planning to move and work overseas? For 2015, the foreign earned-income exclusion will be $100,800, up from $99,200 for 2014.

The personal exemption will be $4,000 for 2015, up from $3,950 for 2014. But, as the IRS points out, this is subject to a phaseout that begins with “adjusted gross incomes of $258,250 ($309,900 for married couples filing jointly).” The exemption “phases out completely at $380,750 ($432,400 for married couples filing jointly.)”

People who make more than a certain amount get hit by a limitation on itemized deductions. For next year, that limit begins with incomes of $258,250 or more, or $309,900 for married couples filing jointly.

The federal estate-tax exclusion will rise to $5.43 million next year from $5.34 million this year.

Separately, many upper-income workers will owe slightly more next year in Social Security taxes. The reason: The maximum amount of earnings subject to the Social Security tax will increase to $118,500 in 2015 from $117,000 this year, the Social Security Administration said. That reflects an increase in average wages.

Of the approximately 168 million workers who will pay Social Security taxes next year, about 10 million will pay higher taxes because of this change, the SSA says.

Tax Year 2015

Tax Season 2016

Tax Planning

Discuss in the Income Tax Forums. Estimate your 2015 Tax Refund with our 2015 Tax Refund Calculator.

2015 IRS Refund Cycle Chart for 2014 Tax Year

2015 IRS Refund Cycle Chart and e-file payment information.

This is a schedule for 2015 IRS Refund Cycle Chart. Direct Deposit 2014 IRS E-File Cycle Chartand 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. If you choose to your our Refund Schedule on your webpage, please link to us.

Continue reading 2015 IRS Refund Cycle Chart for 2014 Tax Year

When does the IRS start accepting tax returns in 2015?

When does the IRS start accepting tax returns in 2015?

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. This is the answer to the common question: “When does the IRS start accepting tax returns in 2015?”

 

When does the IRS start accepting tax returns in 2015?