2014 Tax Refunds Will Not Be Delayed Until October 2015

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This is the answer to a very frequently asked questions, “will there be a delay in getting federal tax refund in 2015?” 2014 Tax Return Delayed? Is the 2014/2015 tax refunds going to be delayed?

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. Tax Delay 2015 Continue reading

2015 IRS Refund Cycle Chart for 2014 Tax Year

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

Getting excited for the 2015 Tax Season? We are to, get prepared by estimating your 2014 Tax Return with our 2015 Tax Refund Calculator.

2014 IRS E-File Cycle ChartThis is the 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. Find out when you’re state income tax refund will be in. If you use our schedule on your webpage, please drop us a link. January 23rd, 2015 is the first day of tax season 2015. Show your support by liking and sharing Refund Schedule on Facebook.

The I.R.S will begin accepting tax returns January 23rd, 2015.

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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Dec 19

Tax Delay 2015: IRS chief warns of refund delays over budget cuts

Tax Delay 2015: More bad news coming from the IRS on Thursday. What does this mean to you?IRS warn that due to budget cuts, we could face much longer delays from prior years. No 21 day expectation as in prior year. Budget cuts at the IRS could delay your tax refunds. About half the people who call the IRS this filing season will not be able to get through to a real live person. Read more below. Check out my video at the bottom for more details on the Tax Delay.

Tax Delay 2015

The Internal Revenue Service is crying poor in the face of budget cuts and weighing the possibility of its own short-term shutdown — even warning that tax refunds could be delayed next year.

IRS Commissioner John Koskinen gave details Thursday on ways the tax-collection agency might try to cut costs. He said everything from taxpayer services to enforcement efforts could be affected.

But, in a move that could impact millions, he said there could be a lag in refunds being processed.

“Everybody’s return will get processed,” Koskinen told reporters. “But people have gotten very used to being able to file their return and quickly getting a refund. This year we may not have the resources, the people to provide refunds as quickly as we have in the past.”

In recent years, the IRS says it was able to issue most tax refunds within 21 days, if the returns were filed electronically. Koskinen wouldn’t estimate how long they might be delayed in the upcoming filing season, which is just a few weeks away.

Congress cut the IRS budget by $346 million for the budget year that ends in September 2015. The $10.9 billion budget is $1.2 billion less than the agency received in 2010. The agency has come under heavy fire from congressional Republicans for its now-halted practice of applying extra scrutiny to conservative groups seeking tax-exempt status.

The cuts come as the IRS is starting to play a bigger role in implementing President Obama’s health care law. For the first time, taxpayers will have to report on their tax returns whether they have health insurance.

Some Republicans in Congress have vowed to cut IRS funding as a way to hurt implementation of the health care law. Koskinen has said it won’t work.

He said the IRS is required to enforce the law, so other areas will have to be cut, including taxpayer services and enforcement.

Koskinen said the IRS is imposing a hiring freeze, except for emergencies, and is eliminating almost all overtime.

“In some ways, these budget cuts are really a tax cut for tax cheats,” Koskinen said. “Because to the extent we have fewer people to audit and enforce the tax code, that means some people cutting corners on their taxes or not complying are going to get away with it, and that is a decision that Congress has made.”

Further, the IRS is considering a short-term shutdown of the agency as another way to save money. Officials, though, say no decisions have been finalized.

The tax filing season generally starts in mid-January, though it has been delayed in recent years because of last-minute tax changes enacted by Congress.

Once again, Congress passed a tax bill this year just before going home for the holidays, extending more than 50 temporary tax breaks that had expired. Koskinen, however, said the filing season would start on time next month, though he said the agency was not yet ready to announce the exact date.

Each year, millions of taxpayers file their returns in the first few weeks of the filing season so they can get fast refunds. This year, refunds averaged about $2,800.

More on Tax Delay 2015:

October 2015 Tax Delay not true. 2014 Tax Refunds Will Not Be Delayed Until October 2015.

We will update our 2015 IRS E-File Cycle Chart once we get a better idea of the expected tax delays. Check out the video below for more details.

Dec 18

2014 Federal Tax Rates and IRS Tax Brackets

2014 Federal Tax Rates, Personal Exemptions, and Standard Deductions

IRS Tax Brackets and Deduction Amounts for Tax Year 2014

Below are the tax rates and related numbers that you will need to prepare your 2014 income tax return, which is due by April 15, 2015.

Free Tax Filing 2015 – 2014 Tax Return

2014 IRS Tax Brackets – Your 2015 Tax Refund

There are 7 tax brackets for the Federal income tax: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. The amount of tax you owe is based on your filing status and income level.

It’s important to understand that moving into a higher tax bracket does not mean that all of your income will be taxed at that higher rate. Rather, only the money that you earn within a particular bracket is subject to that particular tax rate.

Single:

Taxable IncomeTax Rate
$0 to $9,07510%
$9,076 to $36,900$907.50 plus 15% of the amount over $9,075
$36,901 to $89,350$5,081.25 plus 25% of the amount over $36,900
$89,351 to $186,350$18,193.75 plus 28% of the amount over $89,350
$186,351 to $405,100$45,353.75 plus 33% of the amount over $186,350
$405,101 to $406,750$117,541.25 plus 35% of the amount over $405,100
$406,751 or more$118,118.75 plus 39.6% of the amount over $406,750

 

Married Filing Jointly or Qualifying Widow(er):

Taxable IncomeTax Rate
$0 to $18,15010%
$18,151 to $73,800$1,815 plus 15% of the amount over $18,150
$73,801 to $148,850$10,162.50 plus 25% of the amount over $73,800
$148,851 to $226,850$28,925 plus 28% of the amount over $148,850
$226,851 to $405,100$50,765 plus 33% of the amount over $226,850
$405,101 to $457,600$109,587.50 plus 35% of the amount over $405,100
$457,601 or more$127,962.50 plus 39.6% of the amount over $457,600

 

Married Filing Separately:

Taxable IncomeTax Rate
$0 to $9,07510%
$9,076 to $36,900$907.50 plus 15% of the amount over $9,075
$36,901 to $74,425$5,081.25 plus 25% of the amount over $36,900
$74,426 to $113,425$14,462.50 plus 28% of the amount over $74,425
$113,426 to $202,550$25,382.50 plus 33% of the amount over $113,425
$202,551 to $228,800$54,793.75 plus 35% of the amount over $202,550
$228,801 or more$63,981.25 plus 39.6% of the amount over $228,800

 

Head of Household:

Taxable IncomeTax Rate
$0 to $12,95010%
$12,951 to $49,400$1,295 plus 15% of the amount over $12,950
$49,401 to $127,550$6,762.50 plus 25% of the amount over $49,400
$127,551 to $206,600$26,300 plus 28% of the amount over $127,550
$206,601 to $405,100$48,434 plus 33% of the amount over $206,600
$405,101 to $432,200$113,939 plus 35% of the amount over $405,100
$432,201 or more$123,424 plus 39.6% of the amount over $432,200

 

2014 Personal Exemption Amounts

For tax year 2014, the personal exemption amount is $3,950.

When preparing your Federal tax return, you can claim one (1) personal exemption for yourself and one (1) for your spouse, if married. However, if someone else can declare you as a dependent on their tax return, then you are not allowed to claim a personal exemption for yourself.

The personal exemption amount starts to phase out for individuals with $254,200 AGI (adjusted gross income) and married joint filers with $305,050 AGI. It completely phases out at $376,700 for individuals and $427,550 for married joint filers.

2014 Standard Deduction Amounts

There are 2 main types of tax deductions: the standard deduction and itemized deductions. The standard deduction, which is subtracted from your AGI, reduces your taxable income and usually changes each year to reflect inflation.

Filing StatusStandard Deduction
Single$6,200
Married Filing Jointly$12,400
Married Filing Separately$6,200
Head of Household$9,100

Worried about Tax Delay 2015? Delayed Tax Filing all but guaranteed by the IRS.

Discuss this on the Income Tax Forums.

With so many electronic filing programs and online tools, some people may not know much about their tax bracket these days. Your tax bracket plays a role in the amount of taxes that you pay. Those with higher income amounts should pay more than those in lower income groups, based on these brackets — at least, that’s the way it’s supposed to be. Other factors, like your capital gains and losses, your filing status, and your applicable deductions, impact the amount of tax you’re liable for throughout the year, as well.

Which tax bracket are you in?

Your marginal tax bracket is the highest percentage of taxes to which your income corresponds. For instance, a single person who earns $25,000 would be in the 15% tax bracket, and an individual earning $100,000 would be in the 28% tax bracket.

Your tax bracket is not the same, however, as your average tax rate, as you pay lower-percentage amounts on your lower levels of income that are included in your average rate. If you are a single person in the 28% tax bracket, for instance, only the amounts of money you earn over $89,351 are taxed at the 28% rate. The amounts you earn between $36,901 and $89,350 are taxed at 25%, and so on. Your tax bracket percentage should also not be used to compute the amount of tax you owe for the tax year, as simply multiplying your bracket by your income will likely produce an amount that’s much higher than what you actually owe.

How are tax brackets and increases determined?

The IRS uses inflation data to determine any adjustments in tax brackets and other tax benefits. For 2014, the IRS made these adjustments (among others) from the previous year:

  • Increased income amounts that correspond to tax brackets.
  • “The standard deduction [rose] to $6,200 for singles and married persons filing separate returns and $12,400 for married couples filing jointly, up from $6,100 and $12,200, respectively, for tax year 2013. … The limitation for itemized deductions claimed on tax year 2014 returns of individuals begins with incomes of $254,200 or more ($305,050 for married couples filing jointly).”
  • “The maximum Earned Income Credit amount is $6,143 for taxpayers filing jointly who have 3 or more qualifying children, up from a total of $6,044 for tax year 2013,” reports the IRS.

What’s in store for next year?

In October, the IRS announced the changes it would be making for the 2015 tax year. For the next tax year, the income amounts with each tax bracket will rise yet again. For instance, a single person will be in the 39.6% bracket if he or she earns more than $413,200, as opposed to $406,571. The standard deduction will rise by $100 for single filers and by $200 for married filers. We will also see increases in other areas, like the maximum earned income credit and the Alternative Minimum Tax exemption amount.

Dec 14

Tax Delay 2015 Budget Passed 2014 Tax Return

Tax Delay 2015

With the government shutdown avoided, the 2015 budget has passed the Senate.

I will not bore you with details on the shutdown, but I wanted to let you know how this will affect your tax return and potential tax delays in 2015. The IRS commissioner already admitted that there will be delays in tax returns this year. The amount of time is not specified, but the budget being passed before the Christmas holiday will definitely speed of the process. Tax Delay 2015 links at the bottom. Continue reading

Dec 06

Tax Delay 2015: Bare-Minimum Tax Break Plan Won’t Get Senate Changes

Tax Delay 2015: Bare-Minimum Tax Break Plan Won’t Get Senate Changes

We are one step closer and then one step back from having the 2015 tax delay minimized. Your timely 2015 Tax Refund is in trouble still. IRS still claim that their could be a longer wait if the government doesn’t pass all of the needed 2014 tax breaks before the end of 2014. Details Tax Refunds Could Be Delayed in 2015. This has nothing to do with the fictitious post from a fake news site earlier in the year. Details regarding that are 2014 Tax Refunds Will Not Be Delayed Until October 2015. Tax Delay 2015. Continue reading

Dec 02

The Affordable Care Act and It’s affect on your Tax Refund

We have had numerous questions regarding the Affordable Care Act (Health Care Reform or Obamacare) and how it will affect your 2015 Tax Refund.

The short answer for most is: Little, if not none at all. For most individuals who already had health care. It will actually raise your tax return amount because you paid more in health insurance and you will qualify for the increased percentage amount since you paid more in. Also it lowers your AGI(Adjusted Gross Income,) so it could potentially lead to even higher tax return. Continue reading