2015 IRS Refund Cycle Chart for 2014 Tax Year

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

2014 IRS E-File Cycle ChartThis 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. If you use our schedule on your webpage, please drop us a link. January 23rd, 2015 is the first day of tax season 2015. The I.R.S will begin accepting tax returns January 23rd, 2015.

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Apr 15

Your taxes are due!

Tax Day is officially here.

If you still haven’t filed, then you’re among the minority. As of the end of last week, the IRS had received nearly 100 million tax returns — roughly three-quarters of the returns it expects to get this tax season.

For procrastinators who are owed a refund, it won’t hurt to file late. Penalties are only incurred if you owe tax. But it’s still a good idea to file for an extension, just in case you end up being wrong and actually owe money.

So far this tax season, about 12 million taxpayers have requested extensions.

Related: Don’t miss these Tax Day deals

The average refund is $2,792, up 1% from last year, and people are using them for everything from hosting a crawfish boil to paying off student loans.

But because your refund may be one of the biggest checks you may receive all year, be careful to protect your identity. Scammers are also on the prowl during tax season, and the IRS has issued an alert about a new phone scam where IRS impersonators are calling taxpayers and asking for personal information or demanding that they pay back taxes.

The IRS has also warned taxpayers to watch out for fake charities, emails from IRS impersonators and shady tax preparers who do things like claim bogus children or convince you to hide income offshore.

Related: 10 tax audit red flags

The recently discovered Heartbleed bug, a security flaw that exposes Internet users’ passwords, has also raised questions about whether it’s safe to file online, though the IRS says taxpayers should ignore the bug and still file their taxes.

If you want to be extra safe, you can file the old-fashioned way — by snail mail. Although the vast majority of filers prefer to file online, with nearly 90% of all returns submitted electronically this year.

Another thing to watch out for: audit red flags. While the chance of being audited is less than 1% on average, certain actions are more likely to spark scrutiny from the IRS. Common triggers include overstating your charitable donations, being a millionaire, and claiming the Earned Income Tax Credit — a commonly abused credit.

Related: 13 crazy tax deductions

Don't give Uncle Sam a 0% loan
Don’t give Uncle Sam a 0% loan

Claiming strange deductions will also raise eyebrows. Some of the weird write-offs that have failed over the years include airfare for a pet, a birthday party, and pantyhose. But others are perfectly acceptable, even though they may sound bizarre. Hermit crab food, scuba trips and Viagra for a woman were all given the green light by the IRS.

You can even claim a boyfriend or girlfriend as a tax break, but your significant other will have to earn less than $3,900, live with you year-round and you must pay for more than half of their expenses.

Once you’ve filed, relax and celebrate with any one of dozens of Tax Day deals, including free cookies, curly fries, massages and paper shredding.

Feb 02

I.R.S. Where’s My Refund updated

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.

I.R.S. release millions of dollars to tax payers 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.

Jan 25

IRS accepted thousands of 2013 tax returns on January 24th 2014

The Internal Revenue Service begun accepting returns January 24th, 2014.

We have received hundreds of reports that the I.R.S. has been accepting tax returns before January 31st, 2014. It seems that they have started accepting select few income tax returns on January 24th 2014. We contacted the I.R.S. on that day and were told that to help with the case load, they have accepted some returns early. They plan is to accept returns all next week that meet very strict rules. We have adjusted our 2014 IRS E-File Cycle Chart to match with the reports that we have received. Continue reading

Jan 14

Free File 2014 Opens Jan. 17

Taxpayers who want to take advantage of the Internal Revenue Service’s free tax preparation e-filing program won’t have to wait. The Free File program opens to taxpayers on Jan. 17, two weeks before the IRS starts processing 2013 tax returns.

Free file 2014The IRS will not start processing any tax returns until Jan. 31. The government shutdown in October 2013 slowed IRS updates of forms and tests of its computer systems, leading officials to push the official opening of this year’s filing season to the end of the month.

But that doesn’t mean taxpayers have to sit around. Free File companies will hold taxpayers’ completed tax returns and then submit them on Jan. 31.

The early opening of Free File is good news for millions of eligible taxpayers. They are among the group of electronic filers, which increases every year, primarily because they can get their refunds more quickly.

And for the 2014 filing season, a few more taxpayers should be able to use the Free File option. The income eligibility limit has been increased to $58,000. That’s $1,000 more than last year.

Free File 2014 basics

  • You can file your 2013 tax return through Free File if your adjusted gross income is $58,000 or less.
  • The income cutoff applies regardless of your filing status.
  • Free File is for individual, not business, tax returns. However, a sole proprietor who files Schedule C with Form 1040 can use Free File.
  • Some participating Free File vendors also offer free state tax return preparation and e-file.
  • Some Free File companies offer free electronic extensions. But remember, you still must pay any taxes due by the April 15 deadline or you’ll be charged interest and possibly penalties on any tax you owe.
  • You do not download anything. All of the software, which is encrypted to protect privacy, remains at the Free File company website you select, and your return is filed from there.
  • Access Free File by going to IRS.gov and clicking on the Free File icon. Beware of offers by outside websites to take you to the Free File website, as they could be scams operated by identity thieves.

The Free File program is a partnership between the IRS and the Free File Alliance, a group of tax preparation software manufacturers. Fourteen companies are expected to participate in the program this filing season.

“All the (2014 filing season tax software companies) have done it before. We have experienced providers within the commercial world and the Free File world,” says Tim Hugo, executive director of the Clifton, Va.-based Free File Alliance.

Free File was created in 2003 as a way to get more people to e-file. Its target is taxpayers who might otherwise not e-file because they don’t want or can’t afford to pay the cost of the computer filing programs or professional tax help.

Who qualifies?

The key qualification for Free File services is income. This year, taxpayers with adjusted gross income of $58,000 or less, regardless of filing status, can use the online program.

Participating tax software companies can establish other eligibility requirements. Some may limit usage of their programs based on geographic location, military service or other criteria.

To determine which software best fits your filing needs, the Free File website includes an online search tool to help you select one of the participating Free File companies.

Free File contributions to e-filing

In 2013, almost 144 million tax returns were filed electronically, according to IRS data complete through May 2013. That represents a nearly 2% increase in e-filed returns over the previous year. The sector that showed the most growth last year, according to IRS statistics, was tax returns prepared and filed by taxpayers on their own.

Around 3 million of those self-prepared returns e-filed last year came through Free File, says Hugo. That number has held steady for the past few years.

Three million of those returns e-filed last year came through Free File, says Tim Hugo, executive director of the Clifton, Va.-based Free File Alliance.

“We would love to have more,” says Hugo, but he points to the program’s overall contribution to e-filing. Since its inception, says Hugo, Free File has accounted for the submission of more than 40 million federal returns.

“We get people in the door for e-filing, people who’ve never e-filed before,” says Hugo. “They may go to a commercial product later on, but they will continue to e-file. We are very pleased with that.”

Hugo says the program also has evolved to meet taxpayer needs. “We look at Free File as a three-legged stool,” he says. “There is the traditional Free File, fillable forms and VITA providing services to every income.”

Working with VITA

The filing needs of lower-income taxpayers are addressed through Free File’s continuing partnership with the federal Volunteer Income Tax Assistance program, popularly known as VITA.

VITA tax-filing clinics are set up each year in public places — from libraries to community centers to shopping malls. Its volunteers provide free filing assistance to low- and moderate-income taxpayers who might not be able to afford tax software or professional filing help. This filing season, the services of IRS-certified VITA volunteers are available to people who make $52,000 or less.

Hugo says Free File is again placing kiosks, similar to self-checkout stations in retail stores, at VITA sites nationwide.

“You can do your return there or partially do your return and, if you need help, ask a VITA volunteer,” says Hugo. “This helps some of those who are most in need of tax help.”

The IRS has an online search tool to help taxpayers locate a nearby VITA site. Taxpayers also can call (800) 906-9887 for VITA locations.

Free fillable forms remain

The IRS says that Free File is available to 70% of taxpayers. But if you are among the 30%  making too much money to use the service, you still can file for free using the tax agency’s fillable federal return form option.

Here, online versions of the most commonly used IRS tax forms are available through the Free File page. You fill them out on your computer and then e-file the documents at no charge.

Just don’t mistake the forms for tax software.

The fillable forms offer only basic calculations of what’s entered on the form. And you must figure out what goes on the form without the online prompting found in software.

Also, the information is not automatically transferred to associated forms. That means you must, for example, manually enter your itemized deductions total from Schedule A to the appropriate line on Form 1040.

Still, taxpayers with relatively simple filing needs who don’t want to buy tax software might find fillable forms a welcome alternative.

Note, however, that you’ll have to wait a bit longer to use the free fillable forms option. They won’t be available until Jan. 31, the same day that the IRS opens its filing doors to all taxpayers.

Dec 04

IRS Delays Start of 2014 U.S. Tax Filing Citing Shutdown

IRS Delays Start of 2014 U.S. Tax Filing Citing ShutdownThe U.S. Internal Revenue Service delayed the start of the tax-filing season for one to two weeks, citing the recent 16-day federal government shutdown.

The IRS, which had been scheduled to open filing Jan. 21, 2014, will now begin accepting returns for tax year 2013 as early as Jan. 28. The agency will make a final decision on the date in December, according to a statement today.

“Readying our systems to handle the tax season is an intricate, detailed process, and we must take the time to get it right,” Danny Werfel, the acting IRS commissioner, said in the statement.

This is the second year in a row that the IRS has postponed the filing season. Returns for 2012 were accepted starting on Jan. 30 after Congress delayed setting some tax policies.

“Considering the IRS has dealt with much larger changes on far shorter notice over the past years without delay, its reasons are suspect,” Sarah Swinehart, a spokeswoman for the Republican-led House Ways and Means Committee, said in an e-mail.

The IRS furloughed more than 90 percent of its employees during the shutdown, which began Oct. 1 when Congress was unable to pass a spending bill and ended after midnight Oct. 17.

‘Adds Insult’

“This is yet another unfortunate effect of a shutdown that Republicans should have never caused,” Representative Sander Levin of Michigan, the top Democrat on the Ways and Means Committee, said in a statement. “This tax-filing delay just adds insult to injury for Americans hoping to get a jump-start on their tax refunds in January.”

The delay won’t alter the April 15 deadline for taxpayers to file their returns or seek extensions.

At the start of the filing season, the IRS largely issues refunds to taxpayers who file as soon as they can. This year, the IRS issued $135 billion in refunds from Jan. 30 to March 1. That’s more than was paid from March 2 to May 10, when the agency received 50 percent more returns.

Delaying refunds could have an additional consequence in 2014. The U.S. debt limit is suspended through Feb. 7, and changes in the government’s projected spending after that date will affect the timing of how long the Treasury Department’s extraordinary measures to prevent a default will last.

Because the government may issue more refunds after Feb. 7 than previously anticipated, a potential lapse in borrowing authority could come a few days sooner than projected, said Loren Adler, research director at the Committee for a Responsible Federal Budget in Washington.

The delayed start of tax-filing season probably will create a backlog of potential returns for the start date, rather than delaying all returns equally.

“Those are folks who are trying to do this as soon as their books are in order,” Adler said.

The Bipartisan Policy Center projects that the U.S. will run out of borrowing authority between the end of February and mid-March 2014.

Discuss this and more in the Income Tax Forums.

Aug 10

First day to efile in 2014?

When is the first day to efile in 2014?

A very common question asked is “when is the first day to efile in 2014?” The simple answer is:

 first day to efile in 2014

January 25 2014 is the first day to efile in 2014 according to the 2014 IRS Refund Cycle Chart for Tax Year 2013. This information is based off prior year’s information and not I.R.S. confirmed. We will be keeping you up to date with the latest in IRS news and Income Tax IRS Refund Cycle Chart dates as they are posted. Technically you can file on January 5th, 2014, but the I.R.S. forms will not be available until the end of January 2014.

Discuss this and more on the Income Tax Forums.

2014 IRS Refund Cycle Chart for 2013 Tax Year

Featured

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. 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. Thank you.

2014 IRS E-File Cycle ChartPlease note that due to heavy volumes on the opening week of tax season, several direct deposits may be pushed to the second week of payouts. 

IRS approves your return (by 11:00 am) between…* Projected Direct Deposit Sent on or before* Projected Paper Check Mailed*
January 24 and January 31 2014 2/6/2014 & 2/10/2014 2/7/2014 Continue reading
Apr 26

Late filing your 2012 Income Tax Return

Late filing your 2012 Income Tax Return? 

If you’re getting an income tax refund, no need to panic. You don’t even need to file an extension.

2012 tax returns that are due a refund have until April 15, 2016 (October 15, 2016 with an extension) to be filed with the IRS before the statute of limitations on the refund runs out. If you don’t file by then, the U.S. Treasury simply keeps your “donation.”

However, if you owe additional tax, file your return as soon as you can, even if you can’t pay your tax bill right away.

The penalties for not filing are much higher than the penalties for not paying, and the longer you wait, the worse it gets. See the What are the penalties for filing late? section below.

Can I e-file after the April 15 deadline?

Filing Income Tax Return LateYes, you can e-file your 2012 tax return through October 15, 2013. After that, the IRS shuts down e-filing to get ready for the following tax year, and you will need to file a conventional paper return.

Click here for tax year 2012 filing deadlines.

What are the penalties for filing late?

It all depends.

  • There is no penalty if you’re getting a refund, provided you file within the allotted 3-year timeframe.
    • After 3 years, the “penalty” is forfeiture of your tax refund, as mentioned above.
  • There is no penalty if you filed an extension and paid any additional taxes owed by April 15, as long as you file your return by the October 15 deadline.
  • late filing penalty applies if you owe taxes and didn’t file your return or extension by April 15.
    • This penalty also applies if you owe taxes, filed an extension, but didn’t file your return by October 15.
    • The late filing penalty is 5% of the additional taxes owed amount for every month (or fraction thereof) your return is late, up to a maximum of 25%.
    • Tip: The late filing penalty is 10 times higher than the late payment penalty. If you can’t pay your tax bill and didn’t file an extension, at least file your return as soon as possible! You can always amend it later.
  • late payment penalty applies if you didn’t pay additional taxes owed by April 15, whether you filed an extension or not.
    • The late payment penalty is 0.5% (1/2 of 1 percent) of the additional tax owed amount for every month (or fraction thereof) the owed tax remains unpaid, up to a maximum of 25%.

Example: Let’s say you didn’t file your return or extension by April 15, and you still owe the IRS an additional $1,000.

Best-case scenario: You file your return on April 29, 2 weeks late, and submit your payment for $1,000. You would owe an additional $50 for filing late ($1,000 x .05) plus another $5 for late payment ($1,000 x .005) for a total penalty of $55.

(Had you filed your extension by the deadline, your total penalty would only be $5. It pays to file an extension!)

Worst-case scenario: You file your 2012 return in April of 2018, 5 years late, and submit your payment for $1,000. You would owe an additional $250 for filing late ($1,000 x the maximum .25) plus another $250 for late payment ($1,000 x the maximum .25), for a total penalty of $500.

What happens if I do not file, period?

You’ll probably receive a letter from the IRS reminding you to file your tax return, particularly if W-2 or 1099 forms were reported to the IRS by your employers. For additional information, refer to the IRS article What Will Happen If You Don’t File Your Past Due Return or Contact The IRS.

If you are due a refund, you’ll forfeit your refund if you do not file by April 15, 2016 (or October 15 of 2016 if you filed an extension).

Self-Employed?

You must file returns reporting your self-employment income within three years of the original filing deadline in order to receive Social Security credits toward your retirement. Don’t lose your Social Security benefits by not filing!

Are there any situations which allow me to file late?

Filing late return with IRSyou are out of the country on the April filing deadline, you are allowed two extra months (June 17, 2013) to file your return and pay the amount due, without needing to request an extension.

You’re considered out of the country if:

  • You live outside of the United States or Puerto Rico and your main place of work is outside of the United States or Puerto Rico; or
  • You are in military or naval service outside of the United States or Puerto Rico.

If you still need more time after the automatic June 17 deadline, you can request four additional months by filing an extension along with paying any taxes you owe.

Other Special Situations

  • Residents of Suffolk County, Massachusetts have until July 15, 2013 to file their 2012 returns and pay taxes due. More info
  • Taxpayers living in the Midwest or South who were unable to file their 2012 returns on time because of severe weather around the April 15 deadline may qualify for late filing without penalty. More info
Mar 25

2009 IRS Income Tax Refund filing deadline April 15th 2013

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.

2009 Income Tax Refund

“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.