IRS announces official Tax Season 2015 start.

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.

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?

Tax Year 2015: Get prepared

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.

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.

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 their Where's My Refund tool

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.