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. Thank you.

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IRS approves your return (by 11:00 am) between…* Projected Direct Deposit Sent on or before* Projected Paper Check Mailed*
Feb 06

First IRS Tax Payments Just Went Out

First IRS 2014 Direct Deposits Just Went Out.

February 6th, 2014, 12:00A.M. the I.R.S. sent out thousands of tax payments to individuals who filed before January 31st, 2014. Some individuals who filed before January 31st, 2014 were not included in this due to the overflow of individuals who submitted their returns. Those individuals should watch the Where’s My Refund page and expect a payout on the next payout day being “on or before February 13th, 2014.”

Also a very important note: “if your payment was sent to like turbotax type where it has to go through another bank to take out fees then you have to wait until that bank opens and they will process them. Some banks are not open yet so check your accounts later this morning or afternoon.”

Please reply to this post when you submitted, were accepted, approved, and if you received your refund last night.

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 payersPlease 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

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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.

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 below 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.

Discuss this on The Income Tax Forums.

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

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.

Sep 23

2014 Tax Brackets

2014 Tax Brackets, Exemption Amounts Likely To Save Tax Dollars

Inflation often makes consumers worry. Nobody wants prices to go up – and that tends to be our gut reaction when we hear about inflation. But sometimes, a little inflation can be a good thing (no, I’m not channeling Janet Yellen).

When it comes to taxes, the Tax Code provides for mandatory annual adjustments to certain tax items based on inflation. And, according to CCH, part of Wolters Kluwer and a leading global provider of tax, accounting and audit information, software and services, that’s going to result in savings – albeit modest – for most taxpayers. George Jones, a Senior Federal Tax Analyst at CCH, explains:

Most taxpayers benefit from inflation adjustments since the adjustments tend to preserve the value of most, but not all, of the dollar-based benefits under the Tax Code year after year.

Of those tax items subject to mandatory annual adjustments, federal income tax brackets tend to get the most attention. They have been subject to adjustment for nearly 30 years. However, it certainly didn’t stop there: inflation adjustments are now routinely included in new tax legislation. Which tax items are subject to adjustment – and how much – can be confusing for taxpayers. Luckily, there are tax professionals out there who can sort it all out for you.

Leading the pack, this week, Wolters Kluwer, CCH released estimates for the 2014 tax brackets and other tax items affected by inflation, such as the personal exemption and the standard deduction. Their predictions indicate that most taxpayers will end up with a few more dollars in their pockets.

With respect to the adjusted tax rates, here’s how the savings might shake out: a married couple filing jointly with a total taxable income of $100,000 should pay $145 less income taxes in 2014 than in 2013 and a single filer with taxable income of $50,000 should owe $72.50 less next year.

Estimated 2014 Tax Brackets, Courtesy of Wolters Kluwer, CCH

It gets better. Standard deduction and personal exemption amounts will be slightly higher in 2014, as will income ceilings for tax benefits such as education credits, individual retirement account (IRA) contributions and more.

The standard deduction for single taxpayers, heads of households and married couples filing jointly will all show increases for 2014, by $100, $150 and $200, respectively. The standard deduction for joint filers, for example, would rise from $12,200 to $12,400 in 2014. What this means for taxpayers is lower taxes: increases in the standard deduction decrease taxable income which means lower taxes.

The additional standard deduction for those age 65 or older or who are blind will stay at $1,200 level for 2014 for married individuals and surviving spouses but will increase to $1,550 for single aged 65 or older or blind filers.

2014 Standard Deduction Estimates, courtesy of Wolters Kluwer, CCH

The personal exemption amount gets bumped up by inflation by $50, to $3,950 in 2014 after having increased $100 between 2012 and 2013. The personal exemption phaseout (PEP) still applies: the 2014 phase out range for personal exemptions begins at $305,050 for joint filers and $254,200 for single filers. The same income ranges apply to the phase-out of itemized deductions; those limitations are called Pease limitations, named after former Rep. Don Pease (D-OH).

The PEP and Pease limits were slated to be reduced beginning in 2006 and eliminated in 2010; as with the other tax cuts, the elimination was extended through the end of 2012. The limitations were brought back in 2013 at the original thresholds, indexed for inflation. The result of those changes is basically an increase in the top marginal tax rates.

And it’s not just income tax that will see changes: the federal gift tax annual exclusion – how much a donor can gift to any number of persons in one year without being subject to federal gift tax – will remain at $14,000. In contrast, the estate and gift tax applicable exemption – the amount that you can give away during your lifetime or bequest at your death without being subject to federal estate tax – will rise from $5,250,000 in 2013 to $5,340,000 for 2014. With the new portability provisions, the federal estate-tax exclusion can be shared between a husband and wife, making the total that can pass with no federal estate and gift tax payable effectively $10,680,000 for 2014.

And this year, there’s a new kid in town when it comes to inflation: the alternative minimum tax (AMT). In years past, the AMT was subject to a last minute scramble by Congress to “patch” the exemption. This year, things are different. As part of the American Taxpayer Relief Act of 2012 (ATRA), signed into law on January 2, 2013, the AMT will be permanently adjusted for inflation. This was such a big deal that, when I reported it in January, I put it in red. Before this year, Congress hadn’t touched the AMT, other than to patch it, in more than 40 years.

For 2014, Wolters Kluwer, CCH projects that the AMT exemption for married joint filers and surviving spouses will be adjusted upward to $82,100, up from $80,800 in 2013. For unmarried single filers, the 2014 exemption will be $52,800, up from $51,900 in 2013; and for heads of household, the exemption will increase to $52,800, up from $51,900 in 2013.

Not all tax items will be affected. “Rounding conventions” will keep some tax item for 2014 the same as in 2013. This includes the $5,500 limit on IRA contributions. Also staying put? The amount of unearned income a child can take home without paying tax remains at $1,000: after that, kids are subject to the kiddie tax.

Wolters Kluwer, CCH’s projections are based on the data released by the Department of Labor on September 17, 2013, by the U.S. Department of Labor. Most adjustments are based on Consumer Price Index for September through August prior to the adjusted year; some inflation-adjusted figures are computed at other times.

The IRS usually releases official numbers by December each year; sometimes, it’s as late as January. You can see the 2013 numbers here. It’s worth noting that these Wolters Kluwer, CCH tax bracket projections are for illustrative purposes only and should not be used for income tax returns or other federal income tax related purposes until confirmed by the IRS.

2014 IRS Refund Cycle Chart for 2013 Tax Year

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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
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.

Mar 06

When should you file 2012 Income Tax Return?

 When should you file your 2012 Income Tax Return?

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. Continue reading