2014 Tax Refunds Will Not Be Delayed Until October 2015

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2014 Tax Refunds Will Not Be Delayed Until October 2015

Today, we contacted the Internal Revenue Service and were informed explicitly that their was no chance of 2014 Tax Refunds being delayed until October 2015. We were also informed that there might be a slight delay due to tax laws not being passed early enough in 2014: article here. This would mean probably a mere two week delay though. We tracked down the original story and Snopes.com wrote an explanation on this. We have posted the article for your viewing.

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2015 IRS Refund Cycle Chart for 2014 Tax Year

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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. 2015 Refund Cycle Chart

For those who have asked, 2014 Tax Refunds Will Not Be Delayed Until October 2015. Get the “Where’s my refund?” app on Android & Apple IPhone/IPad/IPod App

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What does early acceptance before the start of Tax Season guarantee?

What does early acceptance before the start of Tax Season guarantee?

Nothing. A reminder that acceptance does not equal approval with the IRS. This simply means that they will gladly review your tax return.

The IRS has also stated that any tax returns accepted early during testing will NOT be processed before the official start date of Jan 20. So it does not matter if accepted early or not. They will all go into the processing system (different from the e-file system) at the same time.

It is also impossible to say how long it takes for a refund. Two identical tax returns submitted at the same time: One can take 5 days to process and the other 3 weeks. Just like airports that select random passengers for additional screening, the IRS does the same thing. Random tax returns get pulled aside to be examined closely to be sure the system is working properly – that delays things.

Early acceptance before the start of Tax Season means nothing and do not assume that it means your tax return is approved by the IRS.

My 2014 Tax Return was already accepted? “Congratulations! TurboTax was able to have your return accepted early by the IRS.”

So, got a email from TurboTax, it says “Congratulations! TurboTax was able to have your return accepted early by the IRS”.

Went online and it says accepted too and the “Track My 2014 Federal Refund” page displays my return will be direct deposited between Jan 13th and Feb 2nd 2015.  That totally has to be wrong, since I know IRS is not processing until Jan 20th, 2015

On the IRS Refund Site it shows “accepted” but not approved (that make senses I suppose).  It does say my refund should be sent within 21 days … go figure.  That would be a nice change from the last few years if it happens to be paid on Feb 2nd!

2015 Tax Season Starts Now!

2015 Tax Season Starts Now! IRS now accepting 2014 Tax Returns.

Tax season begins today January 20th, 2015 and many count themselves among the early filers, expecting a refund sent directly into her bank account within days of filing electronically. 2015 Tax Season Starts Now!

“I (filled out the tax return) over the weekend and I’m checking it over,” she said Wednesday, the deadline for employers to issue T4 slips and for individuals to make Registered Retirement Savings Plan contributions.

The IRS had announced the official start to Tax season 2015 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.

 

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.

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IRS Announces Free File To Open Today. IRS Forms Available

IRS Announces FreeFile To Open Today. IRS Forms Available

The IRS Free File program, available at IRS.gov, will open today (Friday, January 16, 2015). With FreeFile, taxpayers with income below $60,000 have access to free tax prep software. Taxpayers with income above $60,000 have access to fillable, electronic versions of the paper IRS forms.

Additionally, some tax preparers have advertised that they are now preparing taxpayer returns. And yes, you can submit your information early to your tax preparer. Some tax preparers – and software companies – accept information early and hold tax returns until the IRS systems open for processing.

Early submission assumes you have your complete tax information. That includes your forms W-2, 1099 and 1098 (keep in mind that your employer, bank and financial institutions are under no obligation to send those early). The IRS makes it clear that preparers who e-file are prohibited from submitting returns when you don’t have all of your forms – paycheck stubs don’t count. And filing with the correct forms will help you avoid refund delays and the need to file an amended return later.

But if you have your return prepared today – or tomorrow – does that mean your refund will be issued faster?
Nope. The tax season for individual taxpayers still opens on January 20, 2015. When your return is actually prepared doesn’t matter: the IRS will begin accepting and processing all tax returns on Tuesday, January 20, 2015. Quoting from the IRS release just today:

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

IRS Commissioner Koskinen urged those taxpayers seeking a refund to file electronically, saying, “It’s fast, accurate and the best way to get your refund quickly.” Statistically, e-file, when combined with direct deposit is the fastest way to get a refund. IRS Forms 2015 Available.

The IRS expects to issue more than nine out of 10 refunds within 21 days. The fastest way to get your refund is to e-file and have your refund issued via direct deposit. You can still file a paper return but you should expect delays of at least one week over normal processing times. Paper returns are generally processed within six weeks of filing; with the current crunch on resources, the Commissioner has indicated that taxpayers who file paper returns can expect their refunds to be issued in seven weeks or more.

http://www.irs.gov/uac/Free-File:-Do-Your-Federal-Taxes-for-Free

What is the Earned Income Tax Refund Credit?

The earned income tax credit (EITC) subsidizes low-income working families. The credit equals a fixed percentage of earnings from the first dollar of earnings until the credit reaches its maximum; both the percentage and the maximum credit depend on the number of children in the family. The credit then stays flat at that maximum as earnings continue to rise, but eventually earnings reach a phase-out range. From that point the credit falls with each additional dollar of income until it disappears entirely (figures 1 and 2). The phaseout begins at a higher income for married couples than for single parents. The credit is fully refundable: any excess beyond a family’s income tax liability is paid as a income tax refund. Continue reading