This year’s tax deadline is Monday, April 18.
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That’s because the Emancipation Day holiday falls on Friday April 15. Last year, the IRS issued 109 million refunds. “Free File software can help walk you through the steps and help you get it right”, said John A. Koskinen, IRS Commissioner.
The agency is also providing additional measures for online security while filing e-filing.
Choosing e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund. Advise taxpayers that refund ancicipation loans are interest bearing loans and not a quicker way of receiving their refunds from the IRS.
If you get a call from someone who’s not from the IRS but claims you owe back taxes, it may not be a scam after all. Taxpayers who made more can still fill out the forms electronically for free. Some providers also are offering state tax return preparation for a fee.
The revenue service said they are working with state tax authorities and the tax industry to address tax-related identify theft and refund fraud.
It’s official: Tax Season has begun. “All a criminal requires to steal your tax refund is your name, date of birth and Social Security number”. Recently released IRS numbers indicate that 7.9 million households paid fines averaging $210 apiece on their tax returns for 2014. The IRS expects to issue more than nine out of 10 federal tax refunds in less than 21 days after acceptance.
Some taxpayers in Illinois, Utah and Hawaii will have to wait until March to get their state refunds because of fraud and identity theft concerns, The New York Times reports. That’s a day earlier than past year.
“The IRS will not make angry calls to demand immediate payment”, Koskinen said.
As part of a Security Summit effort, stronger protections for taxpayers and the nation’s tax system have gone into effect for the 2016 tax filing season, the IRS said.
· Check the box: Like last year, the vast majority of taxpayers will simply check a box on their tax returns to indicate that each member of their family had qualifying health coverage for the whole year.
File now if you can – This is not always possible for everyone, because many are waiting for their W2 paperwork however, the sooner you file the better. Log on to IRS.gov and click on the filing tab to examine your options and to determine if you qualify. You’ll have several extra days to file your tax return this year. Utah, for instance, passed a law past year that prohibits refunds from being paid out before March 1 unless both the employer and the taxpayer have filed the necessary income forms.
And, remember, if need be, the IRS will contact you through a letter in the mail.
“The IRS computers are going to be able to verify your information that you and your dependents had the coverage”, she said.
One important change about this tax season is form 1095-A or the “Health Insurance Marketplace Statement”. Taxpayers whose adjusted gross income was $62 thousand or less during 2015 are eligible for at least one, if not more, of these 13 tax software products.
You can use Free File in conjunction with myRA – the new, free retirement savings account from the Treasury Department. At tax time, you may direct all or a portion of a federal tax refund to your myRA account.
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This applies to taxpayers who already have their W-2 forms or had no income in 2015.
