Taxes 2014: What You Should Know To File

The tax filing season starts at the end of Jan. The IRS said that people can start filing their taxes 2014 returns on January 20.

Despite a last minute tax law that was passed by Congress, the tax-filing season will still start on schedule, according to the IRS.

Congress passed a bill that extended more than 50 tax breaks, which were due to expire next year. Under the new law, the breaks will not expire anytime soon, which allows taxpayers to claim them when they go and file their taxes. The law was signed by the president on December 19.

Taxes 2014 photo
Photo by mleinet

In the past, when tax laws were passed at the last minute, the filing season was delayed. However, that is not the case this time around, according to the IRS Commissioner.

The Commissioner said that the agency has reviewed all of the changes and they feel as if there is nothing that can prevent them from updating their systems and testing it out.

Many returns are filed during the first few weeks of the season, and this is mainly due to the fact that taxpayers want their refunds as soon as possible.

The IRS said that most refunds were issued within 21 days, if those returns were electronically filed. In the past, the agency said that filing taxes this way is the quickest way to receive a refund.

Refunds average around $2,800, and taxpayers should use TurboTax to file their tax returns, as they are a reputable service that has helped many taxpayers.

Checking The Status Of Your Tax Refund

There are a few ways that you can go about checking the status of your tax refund. The IRS actually makes this easy for you to do. The following are some things you should know when you want to check for information about your refund.

1. One way to check your refund is to go the IRS website and search for the where’s my refund button. It is an interactive process where you answer a few simple questions. You will need to know your tax payer identification number, the status you used for filing and the dollar amount of your refund. This system is available at all times. You can find out if your information has been received and is being processed and also what date you can expect your refund.

2. Information should be available three days after the IRS sends you information saying the have received your return. This is when you e-file. If you mail in your return it will usually take three or four weeks for your information to be available.

3.  Where’s my refund also has links to information about your individual situation if you need them. For example if you did not receive your refund within a certain amount of days after the IRS said you should, you can start action to trace your refund.

4.  Anyone who is visually impaired can also use this service if they use they have the correct equipment.

5. For taxpayers who do not have access to the Internet or who would rather use the phone, that is an option as well. You can call the IRS hot line number and enter the same information you would need for where’s my refund.

6.  The IRS now even has a smart-phone app that allows tax payers to check on their refund status. You can download the app from the Apple store or the Android store. The download is a free download and easy to use.

Not Stressing Out During Tax Time

It is that time of the year again.  Yes, tax season.  This is the time of year that a lot of people get really stressed out.  There are several ways to lower these stresses.

1. The first thing that needs to be done is to gather any records and information a person might have.  Being organized in a situation like this really comes in handy to lower stress levels.  Keeping all records in one place together will help out so much.

2. Another great thing is to be prepared.   Most everyone knows that W2s and 1099s have until the last day of January to be sent out by employers.  Because of this, people need to be ready for what is about to come and look for these things.

3. Filing electronically is free sometimes and takes away the hassle of waiting around forever for the paper file to get back to them.  This is a great way to lower stress levels because it is often easy to do and is the fastest means of filing taxes.

4. Staying on task definitely helps to lower stress.  Having your mind go off in a million different directions does not help anyone, so multi-tasking in this situation is not a good thing.

5. Do not forget to consider all options.  Some of these options include a person filing themselves or going to a professional to have it done for them.  There are often free volunteer tax accountants that can help tax payers as well.  Having more than one option keeps the flow moving and keeps stress levels low.  People just have to be open minded about the different options.

6.  Starting early and finishing early when doing taxes is a great help on stress reduction.  Getting the hassle out of the way as soon as possible is a big relief and is also a big burden that seems to be lifted off of people.  A person feels so much better to just get it done and out of the way.

7.  Another great thing is to take advantage of all the helpful resources and tips that are out there for you.  The official website of the IRS is a great resource to use.  This site has helpful forms, answers, tips, and updates on any changes that a person should be aware of.  All of these things can help to make the process easier and to go more smoothly.

8. Taking breaks every once and a while is a great method of reducing stress.  These breaks should consist of standing up, stretching, and anything else that puts a mind at ease.  This helps to calm the nerves and also to allow your mind to think straight.

9. Do not forget to check over everything before the taxes are sent.  Rushing can a loss of money which makes people very stressed out.  Calculations should be double checked so that errors are not made for this very reason.

10. If problems come up, do not freak out.  Freaking out only increases stress, so this should be avoided.  If worst comes to worst, take the time to pamper yourself.  Do whatever it takes to not stress out and get the job done.

Taxes: How To Obtain Information You May Need

When filing their 2011 taxes a taxpayer may need to look at their past tax return for a vital piece of information.   This information is available from the Internal Revenue Service.   When attempting to obtain this information there are certain criteria you must know.

  1. The IRS offers three ways to obtain this information.   You may ask for it in a written letter, search for it online or you may call them by phone.  You can also obtain forms to file your 2011 taxes through these options.
  2. This is a free service for a transcript and records are available from the IRS from as far back as the last three previous years.
  3. This transcript will only be for the original tax form filed with any attachments that were included.  If you filed a corrected return this will not show on the transcript.
  4. You can request a tax account transcript that will reflect any changes made after the initial filing.  These transcripts will reflect personal information, schedule of tax return and your adjusted gross income.
  5. This information can be obtained by logging on to www.IRS.gov.  On the left side of the webpage under online services you will find a tool  a link called Order Tax Return or Account Transcript or if you prefer to call the toll free number is 800-908-9946.  You will receive a voice prompt that will guide you to what you need.   These options take about 5-10 business days to receive your transcripts.
  6. If you like doing everything in writing and have time to wait 30 days for this transcript you can request the forms by mail.  You will need to use Forms 4506T or 4506T-EZ to order by mail.
  7. To receive copies of returns older than 3 years old, you will need to complete the Form 4506 and mail it with $57 to the Internal Revenue Service listed or your area.  It is recommended that you allow 60 days to receive these returns.
  8. You can obtain the printable forms you need to request a transcript at the IRS’ website or call and request them from 800-TAX-FORM.

The Internal Revenue Service has made obtaining copies of your tax returns easy by following these suggestions.   If you need a past tax return for information requested on your 2011 taxes, everything you need is available and easily obtainable through three simple options.

Why Everyone Should Use IRS Efile

E-filing the fastest way and easiest way to submit a tax return. Everyone is doing it. 99 million people in 2010 transmitted their tax returns electronically to the Internal Revenue Service. These 70% of the taxpayers know everyone should use this fast, easy service.

Starting in 2011 both the people who pay taxes and those who prepare taxes will see an important change. As of January 1, 2011 people who are paid to process 1040s must be qualified to submit these returns by e-file. Volunteers are exempt. Anyone requiring more information can find it at the IRS website.

Taxpayers should try electronic filing. Fewer people mail their tax returns or prepare paper 1040s every year for a good reason.

Electronic filing is safer and protected. Within two days the IRS notifies the taxpayer the documents had been received. If there is an error, the 1040s returned for corrections.

E-filing= Quicker Money & More Ways To Get It

By combining e-filing and direct deposit, taxpayers can get their refund in as little as 10 days. Almost 75% of the returns have refunds. $2900 was the average amount overpaid.

Taxpayers can choose the option they want with e-filed returns. Those who file early can pick a withdrawal date up to April 15. Taxpayers can pay by a mailing a check with a voucher or by credit card.

E-file Gets It Done

There are three ways to e-file. Tax preparers can do it for their clients. Commercial software for preparing tax returns can automatically send it. A free tax preparation and filing service called Free File is available online. Or at the IRS website.

As the number of people preparing taxes on their own computers is growing, there are a number of software programs designed to assist. One of these is Free File which asks simple, clear questions and helps people navigate through complex issues by the answers provided. However the return is prepared, E-file is the way to go.