The IRS just announced the first day to file your 2016 tax return

Find out when the IRS will begin accepting 2016 tax returns.

The IRS have finally announced the first day you can file your 2016 tax return in 2017. 2017 Tax Season will begin on Jan. 23, 2017. This is the first official day of IRS Tax acceptance. The IRS will begin accepting electronic tax returns that day, with more than 153 million individual tax returns expected to be filed in 2017.

Official Tax Season 2015 Start Date Announced by the IRS

Tax Season 2015 Start Date announced by the IRS.

Today we have great news coming from the IRS. It's official the IRS 2015 Tax Season will begin January 20th, 2015. We have updated our 2015 IRS E-File Cycle Chart to reflect this. We have previously quote the 23rd, but the IRS decided to be generous and grant us three more days than we expected.

When can I file my taxes 2015? #Taxes

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

When can I file my Taxes 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

IRS usually have all tax forms available to file for individuals by January 5th, 2015. Many of the top tax preparation software companies will begin allowing e-filing online starting that day. Check out our Countdown to Tax Season 2015. Get even more excited about the Tax Season 2015, by estimating your 2014 tax return with our 2015 Tax Refund Calculator.  

January 23rd, 2015

IRS e-file goes live and begins accepting returns on January 23rd, 2015.  If you filed your taxes with us before this date, this is when the IRS will begin accepting your 2014 tax returns.  This date has not been verified by the IRS yet, but it has been reported by RefundSchedule.com as well as IncomeTaxEfile.com. It relies on Congress and IRS having their act together (ha!).  Bookmark this post and you will be able to keep updated on any changes in the 2015 Tax Schedule.  

January 31, 2015

Deadline for your employer to mail you your 2014 W-2.  Note this is a mailing deadline, not a receipt deadline, so if your company is slacking, it may take a few extra days to get it via snail mail.  Many employers offer electronic versions via the same website you can view your pay checks.  If you received unemployment income, this is also the deadline for the state(s) to provide you with a 1099-G. Having trouble getting your W-2? Discuss this with a tax professional.  

April 15, 2015

Also known as “tax day.”  Most people believe this is the deadline to file your income taxes.  That’s close enough.  It’s actually a payment deadline rather than a filing deadline.  If you owe IRS additional taxes, you must file and pay them by this date to avoid fees and penalties.  If you’re getting a refund, this deadline doesn’t apply to you.  You can file for up to 3 years with no late fees.  But why be lazy and extend the interest free loan you’re giving Uncle Sam? If you want to, you could file an extension.  But extensions are fool’s gold – you still have to pay at least 90% of taxes owed. File a Tax Extension 2015.  

October 15, 2015

If you filed an extension and owe additional taxes, this is your deadline to file your completed return and pay any remaining taxes owed. E-file with us Online This page answers all of these questions:

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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 and 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. Please consider donating $1 to $5 to us for help with cost of running the site. Walmart Black Friday 2014

 Looking for the 2014 IRS Refund Cycle Chart?

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.

• Our Tax Estimator calculates your refund or how much you'll owe in taxes.
• The W-4 Calculator helps you understand your refund amount or balance due from your current W-4.
• Estimate how the Affordable Care Act may affect you with our Health Care calculator.

This tax calculator is solely an estimation tool and should only be used to estimate your tax liability or refund. It should not be used for any other purpose, such as preparing a federal income tax return, or to estimate anything other than your own personal tax liability. We do not save the information you enter.

This tax calculator is provided on an as-is and as-available basis. We make no warranty for any use of the calculator, including its accuracy or completeness. Your use of the calculator indicates your acceptance of these terms. 2015 Tax Refund Calculator is found here.

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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.

Those codes? They don’t always mean what you think they mean.

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.

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.

IRS already cut billions in tax refund checks

Millions of taxpayers have already received big refund checks, as the 2014 tax filing season seems to be humming along without a hitch. IRS issuing many refund checks already.

The Internal Revenue Service announced today that it issued $64.5 billion in refunds to 19.5 million taxpayers as of Feb. 7, a total dollar amount that was up 24% from the same time last year. The average refund check issued this year, $3,317, is also 4.6% larger than last year.

It’s not too surprising that this filing season is running more smoothly than last year, when the IRS lagged the previous year’s pace for issuing refunds throughout most of the filing season. The agency had to put off accepting certain tax forms until as late as March because it was updating its systems following the tax-code revamps caused by the fiscal-cliff legislation.

But taxpayers are also submitting their returns more quickly. The IRS received more than 27 million returns as of Feb. 7, up 2.5% from the same time in 2013. Nearly 96% of those were filed electronically. Samuel Hale, 21, a college student near Fort Worth, Texas, says his refund was deposited into his checking account Friday morning, a week after he filed his return electronically using online software. “I was very surprised,” says Hale, who couldn’t file his return until April last year because of a missing W-2 form.

In an interesting shift, the data shows more taxpayers are doing their own returns so far this tax season. Roughly half of the returns submitted, or 13.3 million, were self prepared, up 14.7% from last year. Typically, about 60% of returns are handled by a tax pro, according to IRS data.

Of course, not all taxpayers have been able to file their returns yet. Some people are still waiting on paperwork from their brokers, employers or colleges that they need to report all income and claim certain tax breaks. And some people aren’t eager to file their returns. Taxpayers who need to cut a check to the IRS generally wait until closer to April 15 to file.

Taxpayers can track their refunds using the  “Where’s My Refund?” tool starting 24 hours after filing electronically, or four weeks after mailing in a return. About 90% of refunds are issued within 21 days, though some may be delayed if there is an issue with the return.

Discuss this and more on the Income Tax Forums.

IRS update 2014 Wheres My Refund

I.R.S. have finally updated their Where's My Refund tool. They will be unloading millions of dollars over the next few days to taxpayers.

We have received news that the I.R.S. updated their Where's My Refund webpage last night at 12 A.M.. Thousands of people have their Direct Deposit date sets to "on or before February 6th, 2014". This means that the February 5th payout date is still correct. They will send the funds to the bank on Monday and the funds will be set to be direct deposited on Wednesday February 5th 2014. This will give your bank time to handle the huge load of all of the transfer they receive of millions of dollars over a day period.

Please check the I.R.S. Where's My Refund webpage and then be watching your bank account for the direct deposit. We strive to keep our schedule as accurate as possible and hope that you have enjoyed reading.

We are compiling a list of refund dates for 2014, so please visit this post and comment when you were accepted versus when you actually received your refund. Please like us on Facebook, follow us on Twitter, tell your friends about us.

Thank you.

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.

2014 tax breaks going away in 2015

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."

Discuss this and more at the Income Tax Forums.

2014 irs refund cycle chart

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 24		and		January 31 2014	2/5/2014	2/7/2014
				For more details, visit RefundSchedule.com

*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.

2012 IRS income Tax Refund Schedule.

IRS Income Tax 2014 news.

irs refund schedule 2014
2014 tax refund cycle chart
tax chart for 2014
refund calendar

tax return payout schedule

IRS Audit Scandal, Who all was involved?

We found an interesting article about President Obama's suspected involvement with the IRS Scandal in 2013.

The revelation that acting IRS Commissioner Douglas Shulman visited the White House at least 157 times during the period in which conservative groups were being targeted with tax audits gives us the first real indication of the extent to which this scandal reaches into the White House. The IRS Scandal could go even deeper.
The incredible frequency of the visits -- essentially weekly -- indicate that President Obama must have been deeply involved with the inner workings of the audits and harassment of conservative groups. If Schulman was in the White House every week, what was he there to talk about?

Not Obamacare. Not without having Health and Human Services Secretary Kathleen Sebelius in attendance, you wouldn't. About Treasury issues? Deficit reduction? Not without Treasury Secretary Tim Geithner.
The obvious reason is that Obama was following the IRS audits with an obsessive, personal involvement.
Apparently, the Citizens United scandal so galvanized him into action and tapped so deeply into his psyche that he was determined personally to supervise the castration of the wealthy people and groups whose access to the political system was opened wide by the Court.
To see a man who held a subordinate, non-policy making position 157 times, you have to be a president on a mission.
It transforms one's sense of the scandal from a rogue agency to a rogue president using the agency as his personal instrument. An instrument of vengeance, self-defense and political influence.
Richard Nixon was doomed when we all realized that the paranoia of the man had infected his entire administration.
When Chuck Colson led the plumbers unit to investigate leaks and to use the IRS to terrify and intimidate his enemies, we realized that he was operating as Nixon's man doing Nixon's bidding based on the needs of Nixon's psyche.
No we realize that the IRS audits and the harassment of conservative groups went very deep in Obama's priority system. This scandal will destroy him.
Or, as the Greeks said in ancient times, "Those who the gods would destroy they first make mad with power."

Morris, a former political adviser to Sen. Trent Lott (R-Miss.) and President Bill Clinton, is the author of "Outrage." To get all of Dick Morris’s and Eileen McGann’s columns for free by email, go to www.dickmorris.com.

We will keep you updated as details on the IRS Scandal come out.

You can discuss this @ The Income Tax Forums.

Get the full story about the 2013 IRS Scandal at Income Tax Efile Website.

IRS deadline for filing 2009 income tax return approaching

The deadline for filing your 2009 Income Tax Refund is steadily approaching.

The IRS deadline for claiming 2009 Income Tax refund checks is April 15th, 2013. You will need to paper file your return by April 15th to claim your 2009 refund checks. This is for federal income tax refunds only.

"Refunds totaling just over $917 million may be waiting for an estimated 984,400 taxpayers who did not file a federal income tax return for 2009, the Internal Revenue Service announced today. However, to collect the money, a return for 2009 must be filed with the IRS no later than Monday, April 15, 2013."

"By failing to file a return, people stand to lose more than refund of taxes withheld or paid during 2009. In addition, many low-and-moderate income workers may not have claimed the Earned Income Tax Credit (EITC). For 2009, the credit is worth as much as $5,657. The EITC helps individuals and families whose incomes are below certain thresholds."

More details available at the IRS website. If you need assistance filing your 2009 Income Tax Return, contact Hot Springs Tax Services for help.

When to file your 2012 income tax return

 When should you file your 2012 Income Tax Return?

The tax law sets deadlines for filing 2012 income tax returns. However, there is room to maneuver, and the time you choose to file depends on your personal situation. Here are some guidelines to help you decide on the best time for you to file your return. File early The filing season for 2012 income tax returns officially opened in end of January 2013 when the IRS began to accept electronically-filed returns. Most individuals do not file before the beginning of February in order to receive information returns, such as W-2s and 1099s, which are usually sent to taxpayers at the end of January; this information is needed to complete the return. There are some compelling reasons to file as early as possible, once the necessary information is available: • To receive a tax refund. If you overpaid your 2012 taxes, the longer you wait, the longer the government has the use of your money on an interest-free basis. Usually, you can expect to receive your refund within 72 hours after IRS acknowledges receipt of your e-filed return, or three to four weeks after mailing a paper return. However, the IRS has recently indicated that some refunds may be delayed a week or two due to security measures against fraud. • To apply a refund to 2012 IRA or HSA contributions. You can direct the IRS to transfer your refund directly to an IRA or Health Savings Account (HSA) for 2012, assuming you are eligible to make a contribution. If you want the refund to be used for a contribution that will be deducted on the 2012 income tax return, the return must be filed early enough to ensure that the transfer is complete before April 15, 2013, the deadline for a 2012 contribution. Use Form 8888 to indicate the account to which you want your refund transferred; you can split the refund into as many as three accounts. • To get the filing obligation behind you. Many taxpayers dread income tax filing, so the sooner they complete the task, the better off they feel. April 15 The deadline for filing the 2012 income tax return is April 15, 2013. The majority of taxpayers file by this date; it avoids the need to request a filing extension. Even if you normally might ask for an extension because you don’t get around to completing the return by this date, you may have to force yourself to do so in certain situations, such as: • Needing a completed tax return for financial aid purposes if you, your spouse, or your child is in or will attend college. • Needing a completed tax return if you want to refinance your mortgage. If, for any reason, you want more time, you have to request a filing extension by April 15. This is done on Form 4868. But beware: The extension only gives you more time to file the return, not to pay taxes owed. If you obtain a filing extension, pay as much of the tax you owe to minimize or avoid underpayment penalties. October 15 The final day to file your 2012 income tax return is Oct. 15, 2012, assuming you’ve received a filing extension. If you file after this date, you’ll owe late filing penalties. This date is also the last day to file electronically. If you miss the deadline, you’ll have to submit a paper return. There are no IRS indications or taxpayer anecdotes to show that filing by this date creates any additional audit exposure. So take advantage of this extra time to file if you need it for such reasons as: • Family problems. If there’s an illness, a move, or other personal issues distracting you, take the extra time—to October 15—to file the return. • Obtaining missing information. For example, if you’re an owner in an S corporation, partnership, or limited liability company, you may not receive until September 15 the Schedule K-1 indicating the share of income and expenses you claim on your return. • Funding a SEP retirement plan if you are self-employed.You may not have the cash before this date to make your contribution. Final thought: When in doubt about the best time to file your return, talk to a tax advisor in your area or online.

Income Tax Refunds Delayed and Smaller

2012 Tax Refunds are coming in later and are much lower than in prior year for many individuals.

For many, IRS Income Tax refunds have been coming in much later this year compared to prior years. Also, the amounts have been so much lower in comparison leaving many families let-down. While the IRS isn't putting out numbers on how many refunds have been issued so far this tax season, refunds got off to a bit of a bumpy start this year.

Blame it on a perfect storm of events: A late launch to the filing season, which started Jan. 30 – eight days later than usual – due to last-minute, "fiscal cliff" tax changes enacted by Congress; the inability of taxpayers to file for some credits until early March; and more diligent – but time-consuming – scrutiny of tax returns, part of the IRS' beefed-up efforts to thwart identity theft and tax refund fraud.

 Even Wal-Mart said it's felt the impact of later-than-usual refunds. By this time last year, the giant retailer had cashed about $3 billion worth of checks related to tax refunds. This year, that amount is just $1.7 billion, the company said Thursday.

 We at, Hot Springs Tax Services, have noticed that things are looking up. Many individuals are getting their returns back much faster. The only individuals that still are dealing with slower processing are the people using education credits such as hope and american opportunity credit. In 2012, the IRS said, nine out of 10 refunds were issued in less than 21 days. "The same results are expected in 2013," said IRS spokesman Richard Panick in an email. Refunds have especially been slower for many lower-income taxpayers who qualify for the Earned Income Tax Credit. For single head of household filers with two young children, that refundable credit could mean $7,039 in their pocket. It's the most significant financial event for them for the year. And now it's all up in the air. They don't know when they'll get their refund.

Where's my refund?

  In recent weeks, so many taxpayers were using the IRS online tool, "Where's My Refund," the IRS actually had to issue a plea: Don't check it more than once a day.

 Once you've filed a federal tax return, the popular IRS.gov tool lets you track your refund's progress: when the return was received, when a refund was approved and sent out. But in mid-February, so many people were clicking "Where's My Refund?" the system jammed up. The online tool is only updated every 24 hours, the IRS noted, so repeated attempts to check online or from a smartphone won't yield any new information.

"A taxpayer's account isn't likely to change that often, so there's no need to check more than once a day," said Panick. And nights or weekends, when the IRS site's traffic slows down, are the best times to check your refund's status, he added. With an e-filed return, you can check within the first 24 hours after it's filed. With a paper return, check four weeks after you mailed it.

Avoid refund delays

  One of the best ways to avoid refund delays: submit an "error-free" tax return. And we're not necessarily talking about math mistakes. 

To avoid processing delays, the IRS reminds taxpayers to:
 • Verify the Social Security numbers for yourself, spouse and dependents.
 • Be sure your mailing address is correct. (Every year, thousands of refunds get returned as "undeliverable" by the U.S. Post Office because taxpayers either moved or provided an incorrect address.)
 • Double-check your bank routing numbers if requesting direct deposit.

Speeding up refunds

 The quickest way to collect your tax refund is by requesting "direct deposit" when filing. It goes straight into your checking or savings account.

On other tax fronts

  The IRS said most taxpayers should have received their W2s and 1099s by mid-February. If you're still waiting, contact your employer or issuer; or call the IRS at (800) 829-1040 if you can't get a replacement. 

The IRS is predicting that the number of tax returns filed this year will go up about 1.6 percent. In 2012, the average tax refund was $2,803.


  HANDY IRS INFORMATION

 • For basic tax questions: call (800) 829-1040 or use the IRS website: www.irs.gov.
 • Free tax-filing help: Seniors and moderate-income taxpayers can use Volunteer Income Tax Assistance sites. Search for a VITA site by ZIP code: http://irs.treasury.gov/freetaxprep/, or call (800) 906-9887.
 • To check your refund: Use the IRS website's "Where's My Refund?" tool or download the "IRS2Go" mobile app. Or call (800) 829-1040. You'll need your Social Security number, filing status and refund amount from the return.
• Fastest way to a refund: Use direct deposit when filing and submit an error-free return.
 • A reminder: Some IRS forms cannot be filed until early March, including mortgage interest, electric vehicles and residential energy tax credits.


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IRS Refund Cycle Schedule 2013

2012 IRS e-file cycle chart and payment information.

Direct Deposit and Check date's below. Please see disclaimer.

IRS accepts your return (by 11:00 am) between…*					Projected Direct Deposit Sent*	Projected Paper Check Mailed*
				January 30, 2013	2/6/2013	2/8/2013
January 31		and		February 6, 2013	2/13/2013	2/15/2013
February 9		and		February 13, 2013	2/20/2013	2/22/2013
February 16		and		February 20, 2013	2/27/2013	3/1/2013

IRS To Accept Tax Returns with Education Credits, Depreciation Next Week

IRS will finally start accepting education credits such as American Opportunity and Hope. Here is the full story:

WASHINGTON — The Internal Revenue Service announced today that taxpayers will be able to start filing two major tax forms next week covering education credits and depreciation. Starting Sunday, Feb. 10, the IRS will start processing tax returns that contain Form 4562, Depreciation and Amortization. And on Thursday, Feb. 14, the IRS plans to start processing Form 8863, Education Credits. This step clears the way for almost all taxpayers to start filing their tax returns for 2012. These forms affected the largest groups of taxpayers who weren’t able to file following the Jan. 30 opening of the 2013 tax season. The IRS will be able to accept the education credits and depreciation forms following the completion of reprogramming and testing of its systems.  Work continues on preparing IRS systems to accept the remaining tax forms affected by the American Taxpayer Relief Act (ATRA) enacted by Congress on Jan. 2. The IRS also announced today it will start accepting the remaining forms affected by the January legislation the first week of March.  A specific date will be announced later. Most of those in this group file more complex tax returns and typically file closer to the deadline or obtain an extension. A full list of the forms that will be accepted the first week of March is available on IRS.gov. Next week’s opening covers two groups of taxpayers using:

• Form 8863, Education Credits. Form 8863 is used to claim two higher education credits -- the American Opportunity Tax Credit and the Lifetime Learning Credit.

• Form 4562, Depreciation and Amortization. Most of the people using the depreciation form tend to file later in the tax season or obtain a six-month extension. Non-1040 business filers using Form 4562 can also file starting Sunday.

For taxpayers using e-file, most software companies are now accepting tax returns with these two forms and will submit them after the IRS begins accepting them next week. More information is available on this website.