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2016 IRS Tax Schedule for 2015 Tax Year

Tax Season 2015This is a refund cycle chart for 2016 IRS Tax Schedule. Direct Deposit and Check date’s below. Please see disclaimer. 2016 tax refund schedule is listed below for information purposes.  Find out when you’re state income tax refund will be in. The I.R.S will begin accepting tax returns January 11th, 2016.

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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.

Tax Year 2015

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.

When can you file taxes 2015?

If you like to file your taxes early and then chuckle at all the procrastinators who wait until April 15 nears, your day of reckoning is getting close. The earliest day the IRS will begin proTax Season 2015cessing 2014 individual tax returns is Jan. 20, 2015, a date slightly later than usual due to congress not passing tax related laws earlier in 2014.
This date can be found on our 2015 Tax Schedule.
A reminder this delay  will not be until October 2015 as previously reported on a fake journalism website.

The Internal Revenue Service (IRS) began accepting and processing federal tax returns for tax year 2014 on January 20, 2015. You had until April 15, 2015, to file your tax return unless you filed for an extension.

You can file your tax return with the Internal Revenue Service by:

The IRS offers free tax help, and if you owe the IRS money, payment options are available.

You can receive your tax refund in one of three ways.

For more information about filing your taxes, visit 1040 Central.

Changes for 2015 Tax Season
New for the 2015 filing season, some IRS assistance and taxpayer services shift to automated resources. Many of these automated services are available 24/7.

Contact the IRS
For more information or help, contact the IRS by phone or mail at:

Individuals: 1-800-829-1040
Businesses: 1-800-829-4933
TTY: 1-800-829-4059
International IRS Offices (if you live outside the U.S.)

When can I file my taxes in 2015?

When can you file taxes 2015?

Tax Season 2015 starts January 23rd 2015.

The I.R.S is expected to start accepting 2015 tax returns as of January 23rd, 2015 per the 2015 IRS Refund Cycle Chart. This doesn’t mean that you will not be able to submit your 2014 tax return to the I.R.S before then though. All of the I.R.S. tax forms are usually available by January 5th (2015). If filing by January 23rd, 2015, check our 2015 IRS Refund Cycle Chart to see when you will get your return back. Also if you will owe taxes in 2015, this can give you an idea of the earliest date that you would need to pay them. Tax Season 2015 will begin very soon, so the time to start preparing is now.

Tax Season 2015DISCLAIMER: This is merely an estimate based on prior year(2014). We do not guarantee this date and the I.R.S. does not release official dates to the public.

Tax Season 2015

Tax Season 2015 starts

Tax Season 2015 begins

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Tax Season 2015 starts

2015 IRS Tax Schedule for 2014 Tax Year

Tax Season 2015This 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. The I.R.S will begin accepting tax returns January 20th, 2015. The IRS begin accepting some 2014 tax returns for test purposes starting January 12th, 2015

 

UPDATE 12/29/2014. The Tax Delay is over. The IRS have announced the official start to Tax Season 2015. Read more.

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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.

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.

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. 

2014 IRS Tax Refund Schedule Dates

2014 IRS E File Refund Chart 2013 Tax Year

IRS accepts your return (by 11:00 am) between…* Projected Direct Deposit Sent* Projected Paper Check Mailed*
January 30 2014 2/5/2014 2/7/2014
February 01 and February 08 2014 2/12/2014 2/14/2014
February 09 and February 15 2014 2/19/2014 2/21/2014
February 16 and February 22 2014 2/26/2014 2/28/2014
February 23 and March 01 2014 3/5/2014 3/7/2014
March 02 and March 08 2014 3/12/2014 3/14/2014
March 09 and March 15 2014 3/19/2014 3/21/2014
March 16 and March 22 2014 3/26/2014 3/28/2014
March 23 and March 29 2014 4/2/2014 4/4/2014
March 30 and April 05 2014 4/9/2014 4/11/2014
April 06 and April 12 2014 4/16/2014 4/18/2014
April 13 and April 19 2014 4/23/2014 4/25/2014
April 20 and April 26 2014 4/30/2014 5/2/2014
April 27 and May 03 2014 5/7/2014 5/9/2014
May 04 and May 10 2014 5/14/2014 5/16/2014
May 11 and May 17 2014 5/21/2014 5/23/2014
May 18 and May 24 2014 5/28/2014 5/30/2014
May 25 and May 31 2014 6/4/2014 6/6/2014
June 01 and June 07 2014 6/11/2014 6/13/2014
June 08 and June 14 2014 6/18/2014 6/20/2014
June 15 and June 21 2014 6/25/2014 6/27/2014
June 22 and June 28 2014 7/2/2014 7/4/2014
June 29 and July 05 2014 7/9/2014 7/11/2014
July 06 and July 12 2014 7/16/2014 7/18/2014
July 13 and July 19 2014 7/23/2014 7/25/2014
July 20 and July 26 2014 7/30/2014 8/1/2014
July 27 and August 02 2014 8/6/2014 8/8/2014
August 03 and August 09 2014 8/13/2014 8/15/2014
August 10 and August 16 2014 8/20/2014 8/22/2014
August 17 and August 23 2014 8/27/2014 8/29/2014
August 24 and August 30 2014 9/3/2014 9/5/2014
August 31 and September 06 2014 9/10/2014 9/12/2014
September 07 and September 13 2014 9/17/2014 9/19/2014
September 14 and September 20 2014 9/24/2014 9/26/2014
September 21 and September 27 2014 10/1/2014 10/3/2014
September 28 and October 04 2014 10/8/2014 10/10/2014
October 05 and October 11 2014 10/15/2014 10/17/2014
October 12 and October 18 2014 10/22/2014 10/24/2014
October 19 and October 25 2014 10/29/2014 10/31/2014
October 26 and November 01 2014 11/5/2014 11/7/2014
November 02 and November 08 2014 11/12/2014 11/14/2014
November 09 and November 15 2014 11/19/2014 11/21/2014
November 16 and November 22 2014 11/26/2014 11/28/2014
November 23 and November 29 2014 12/3/2014 12/5/2014
November 30 and December 06 2014 12/10/2014 12/12/2014
December 07 and December 13 2014 12/17/2014 12/19/2014
December 14 and December 20 2014 12/24/2014 12/26/2014
December 21 and December 27 2014 12/31/2014 1/2/2015

*These are only estimates, the I.R.S. has refused to give exact dates to new audit process. There are no guarantees with the I.R.S this year, but one thing is for sure. The earlier you file, the earlier you will receive a return. Contact us today for more details and to schedule your early tax appointment.

2012 IRS income Tax Refund Schedule.

IRS Income Tax 2014 news.

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2014 tax refund cycle chart
tax chart for 2014
refund calendar

tax return payout schedule

2014 IRS Tax Refund Schedule Dates

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.

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.