2011 Taxes to 2024 Taxes

Tag: irs

  • Everything You Need to Know About the Wheres My Refund Tool

    Get to know the Wheres My Refund tool and learn how you can use it to check your IRS refund status quickly and accurately.

    The Wheres My Refund tool is a great way to quickly and accurately check the status of your IRS income tax refund. Through this resource, you can enter basic information about yourself and monitor the processing time for your return to see when you can expect your money back. To use the IRS Where’s My Refund tool, you need your Social Security number, your filing status, and the exact amount of your refund.

    Wheres My Refund Tool
    IRS Tax Return

    What is the Wheres My Refund Tool?

    The Wheres My Refund tool is an online resource provided by the IRS to help taxpayers track their tax refund status. With this free tool, you are able to check the status of your federal tax refunds in seconds. You just have to provide basic information about yourself and answer a series of questions about your return for accurate results. The IRS Where’s My Refund tool will provide a tax payer with the status of their refund and an estimated date of when it will be received.

    How to Access the Refund Tool

    Accessing the Wheres My Refund tool is easy! All you have to do is go to the official IRS website and visit the Wheres My Refund page. The url of the tool is https://www.irs.gov/refunds. There are two ways to use this service — online or with its mobile app. If you choose to use the online version, you must enter personal information such as your Social Security number, filing status, and expected refund amount. Through the mobile app, you must enter your Social Security number and the exact amount of your refund.

    How to Read the Wheres My Refund Tool Results

    When you use the Wheres My Refund tool, if your refund is approved, you will see a message telling you that it is being processed. On the other hand, if your refund has been processed and sent to you, the status results will specify that the refund was processed and provide the date it was issued. If your return is still being reviewed by the IRS and didn’t get approved yet, you’ll receive a message asking for patience as well as additional information about what could be causing delay in processing your return.

    Common Issues with the Refund Tool

    While the Wheres My Refund tool is a useful resource, there are potential issues you may experience while using it. In some cases, your name or Social Security Number (SSN) may be incorrect when you input them into the Wheres My Refund system. If this happens, it can delay the processing of your return and cause additional mistakes. To avoid these problems, double-check that all information is correct before submitting the form.

    Tips for Using the Wheres My Refund Tool

    Before using the Wheres My Refund system, be sure to consider the following tips: make sure the information you are entering is correct and up-to-date; allow 24 hours after your refund is filed before attempting to track its progress; remember that refunds can take longer than usual due to pandemic-related delays; and if you have further questions, contact the IRS directly. You can contact the IRS by calling their customer service line at 800-829-1040 or by visiting their website at www.irs.gov. Also note: most tax software programs will provide the same information as the IRS Where’s My Refund tool.

  • Tips on Doing Your Own Taxes

    If you would like to do your own taxes, you will be happy to know that the process is actually simpler than most people think. Paying tax accountants to prepare your taxes may not be the best option especially if your finances aren’t complicated. To do your own taxes, you will need three things; accurate records of your annual income, some basic knowledge of the country’s tax code, and adequate time to work on your returns. The following is a step-to-step guide on doing your own taxes. If you have any outstanding questions, make sure to post your question here.

    Income Tax Forms
    Income Tax Forms (Photo credit: Manchester Library)

    Tax Filing Tips
    1
    Keep all your receipts for the year in an organized manner. Ideally, you should have a binder or a dedicated filing system for keeping all your tax-related documents. When it comes to doing your taxes, having everything neatly organized can be very helpful.

    2
    Go over your expenses and decide whether to itemize or claim the standard deduction. You can do the calculations on your own and use the higher amount. You may want to consider taking the standard deduction if you do not have high medical costs, or if you don’t pay real estate taxes or a high mortgage interest rate.

    3
    There are many tax forms, but the 1040 is the most popular. You will need to attach the W-2 form from your employer to show your annual income. If you have done some freelance work outside your regular working hours, you can declare it under business income if it exceeds $400.

    4
    For accuracy and simplicity, consider filing online or using a tax software. For instance, you can use free software like TurboTax and TaxAct online. The USAA, as well as many other banks, offers eFile services free of charge. Therefore, you may want to check with your bank first to see if this service is offered.

    5
    When filing your taxes, all you need to do is enter your personal details, annual income, tax credits and deductions into the appropriate tax forms or software. You can choose to send the W-2 form together with other forms, or enter the information in the corresponding boxes when eFiling. Tax forms usually have instructions to guide users on how to add and subtract different entries as required. Be sure to use a calculator for accuracy.

    6
    After submitting your tax returns electronically or through mail, you will need to enter the details of your bank account for withdrawal or direct deposit. While you can simply write a check to the IRS, this is not a popular option. After filing, you will receive an email from the IRS confirming receipt of returns.

    Warnings and Tips

    If your finances are complicated, be sure to consult with tax accountants.

    Be sure to watch out for red flags because they can make your tax returns more likely to be selected for auditing.

  • IRS Options For Avoiding The President’s Day Rush

    The President’s Day is a holiday that forms part of the busiest times for IRS telephone lines. The wait can however be avoided as the IRS is equipped with easy options for taxpayers to find the answers they need. They can save time by visiting IRS.gov. Below are some of the most frequently asked questions by taxpayers about taxes 2014 and how answers can be quickly found.

    Taxpayers always like to know the status of their refund. Most refunds are issued by the IRS in not more than 21 days. Status of a refund can be checked on the IRS.gov site or via the newly updated IRS2Go Smartphone app. to get the refund status; a taxpayer would need certain information from his or her tax return. The information is updated every day, so checking more often than that is not necessary.

    Internal Revenue Service
    Internal Revenue Service (Photo credit: LendingMemo)

    Some individuals may have missed getting a Form W-2. Employers are supposed to send this form, which is a Statement of Earnings, to their employees by 31st January. If someone has not gotten it by mid-February, he or she should first contact the employer to ensure they have the correct address in their records. Once all options with an employer have been exhausted, one can contact the IRS and they will send the employer a letter. It is however advisable to call when the President’s week has ended to avoid the long phone waiting times.

    A taxpayer may wonder if he or she can get a copy of their tax transcript or return. Such a copy can easily be ordered on the website, on the Smartphone app or by mailing a Form 4506-T to IRS. Others may wonder what happens if they cannot pay their Turbo Tax 2014 bill. If someone owes taxes but cannot pay, the Online Payment Agreement Tool can be used. The tool can help someone figure out if they are qualified for installment agreement with IRS in a few minutes. For those with more serious tax obligations, there is an Offer in Compromise Pre-Qualifier. It helps determine if someone qualifies for an IRS agreement in which his or her tax liability will be settled for an amount that is less than owed.

    Related articles

  • Important Dates For Filing Your Tax Return Forms

    Important Dates For Filing Your 2013 Tax Return Forms

    As the year comes to an end, it is important to start thinking about filing your 2013 taxes. While it is true that taxes are not due on the first of the year, it is still important to understand the important dates on the IRS calendar for 2014. There are a few dates you should know.

    January

    On the 15th all estimated taxes for the last quarter of 2013 are due. Also the 31st is the deadline for employers to send out tax information. This is also the deadline to file your 2013 tax return forms without penalty if you did not pay your taxes for the previous year.

    March

    The 17th is the date when corporations must file their taxes by.

    April

    The 15th is recognized as tax day for individuals and partnerships.

    June 16th

    If you got an extension on your individual tax return, then this is the date it is due. This only applies to military personnel and people traveling abroad.

    September

    The 15th is the deadline for business extensions on tax returns to be filed.

    October 15th

    This is the due date for individuals who were granted a 6 month extension on their tax returns.

    Keep in mind that these are only dates that are specifically related to fling your 2013 tax return forms. There will be other dates you will want to keep in mind with your taxes and for these you can turn to the IRS website. Here you will find all the information you need as well as great resources for ensuring you pay your taxes correctly.

    Related articles

  • The Government Shutdown Will Delay The Start Of The January Tax Season

    Delay The Start Of The January Tax Season

    The government shutdown will have an effect on the tax season in 2014. There could be a one to two week delay on filling your 2013 tax return forms as a direct result of the government shut down in 2013.

    The IRS lost sixteen days of work during the shutdown which came at a time when the IRS is typically very busy preparing for the upcoming rush of the tax season in January. Loosing nearly three weeks of work in the fall, is very difficult to make up before January.

    Day 093/365 - Tax Time Phat Cash!
    Day 093/365 – Tax Time Phat Cash! (Photo credit: Great Beyond)

    They will not accept or process any returns, online or in paper, until January 28 to February 4th. This falls at least one week later than the typical yearly start of January 21. You can send in your paper 2013 tax return forms early but they will not look at them until opening day, and you can not file an online form at all until the date they open for the season.

    The IRS is doing everything they can to make the delay shorter but the new bill has changed many forms and these changes take time.

    You can still prepare your tax return from your end as you always have, as long as you have current software as there are many updates that come with the new bill. You can also prepare with an adviser in advance so you will be prepared on the first day the IRS will take the 2013 tax forms.

    It should also be noted though, that the filing deadline for tax payer remains the same, April 15. So there is a shorter season all around.

    Related articles