Tax Updates

Wondering what's new in income taxes?

Check out our latest tax updates for income tax news.

Jan 06, 2014

Earned income credit table – calculating your EIC

Different than you might think the Earned income credit table is not just a chart of numbers someone just filled in at random. It sounds this way since it is quite confusing to see all those numbers

Continue reading "Earned income credit table – calculating your EIC"

Oct 27, 2013

Delayed Refunds in 2014

Delayed filing start means delayed refunds. Filers were used to seeing refund in January while this year refunds can start as late as in March.

This is a three-fold delay:

  1. Tax Season normally used to start mid-January so the January 21 that the IRS keeps mentioning is an already delayed date. So the delay of two weeks is really three weeks.
  2. Delayed refunds and the demise of the refund cycle chart. Instead of getting the refunds in 8 to 14 days on a prearrange cycle that was available prior to 2012, refunds are now received in up to 21 days.
  3. The delay because of the shutdown.
So with these three factors what the IRS calls a one to two week delay is really a month delay.

Oct 27, 2013

Will tax season start late again?

Due to the government shutdown the IRS announced a possible late start for tax filing season. Instead of the proposed start of January 21, it will start earliest January 28 and latest February 4.

This is hurting early filers who are getting refunds.

Feb 10, 2013

When will I get my refund?

The IRS tried to minimize stress by giving guidelines that 90% of the refunds will be issued in 21 days. But now that refunds are being issued, here is what we are seeing:

  • Some people are getting their refund in as little as 8 days (regardless of which day of the week they filed).
  • Others, including those who filed the first day, still have no refund day set.
In short there are no predictions but no need to worry until the 21 days are up. Just like last year, most people will get their refund in the end.

Continue reading "When will I get my refund?"

Feb 07, 2013

Refund Approved!

Some early filers will now see Refund Approved when they check their refund status. The date that is displayed is an actual date and the refund can be expected on that day (a few days later if it will be sent by mail).

Does your refund status bar still show Refund Received?

Do not panic!

This does not mean that your refund was delayed. The IRS is simply not consistent with approving refunds. Refunds are not approved in the order that they were filed.

Continue reading "Refund Approved!"

Feb 03, 2013

New Refund Status Bar

Early filers can now see the new refund status bar.

Once the refund information is entered a screen titled "Refund Status Results" appears.

The bar appears directly below the title and "refund received" is "lit" showing that the IRS has received the tax return.

Below that the following simple message appears:

We have received your tax return and it is being processed.

You should get your refund within 21 days from the date we received your tax return.

You can see this information as soon as your return is accepted.

Continue reading "New Refund Status Bar"

Jan 21, 2013

2012 EITC table is finally here!

Yes, the newly updated Earned Income Credit table for 2012 is finally here. And it's free to use and print!

You can now easily figure your Earned Income Tax Credit amount for your 2012 tax return.

Continue reading "2012 EITC table is finally here!"

Jan 08, 2013

IRS Delays Tax Return Filing Again!

The first day the IRS will accept filed tax returns is on January 30, 2013. This includes both paper and e-filed returns.

Once the IRS opens the doors most taxpayers will be able to file their tax returns. However certain forms including form 5695, form 4562, and form 3800 will not be available until late February or early March. Filers using these forms will not be able to file until an even later date.

Please note: This means that the IRS won't be issuing refunds until February, possibly not until the third week of February.

Jan 06, 2013

Child Tax Credit Calculator

Finally, a child tax credit calculator to help you calculate your child tax credit and additional child tax credit.

Continue reading "Child Tax Credit Calculator"

Jan 06, 2013

Form 8812 - Additional Child Tax Credit

What is form 8812? Who can claim the additional child tax credit? Read on to find out more.

Continue reading "Form 8812 - Additional Child Tax Credit"

Jan 06, 2013

Looking for form 8812 for 2012?

The new form 8812 for 2012, now called schedule 8812, is already available.

You can download it here for free.

Continue reading "Looking for form 8812 for 2012?"

Jan 02, 2013

New EIC table for 2012

When will the new earned income credit table for year 2012 be available this year?

Although the IRS did not publish the earned income credit table yet you can still find out what your credit will be by using our simple EITC calculator.

This calculator was created by using the new IRS amounts for 2012 and you will be able to estimate your 2012 earned income credit accurately and quickly.

Continue reading about the EIC calculator for 2012

Jan 02, 2013

E-filing starts late this year!

IRS e-file will start January 22, 2013. This is much later than previous years.

With IRS issuing refunds as late as 21 days after filing, they might not start giving out refunds as late as mid-February.

If anything changes we will report it here, so check frequently for updates.

Dec 30, 2012

Electric Vehicle Tax Credit

Confused about the electric vehicle tax credit? Most people are. Let's try to explain it to you.

Continue reading "Electric Vehicle Tax Credit"

Dec 30, 2012

Federal Solar Energy Tax Credit

The solar energy tax credit will save you 30% of the cost of your solar energy system or other renewable energy systems. So if you have been thinking of going green now is the time.

Continue reading "Federal Solar Energy Tax Credit"

Dec 20, 2012

IRS Refund Schedule

After last year's fiasco with delayed refunds, the IRS decided NOT to publish the IRS refund schedule for the tax year 2012.

Continue reading "IRS Refund Schedule"

Dec 20, 2012

Which 1040 Income Tax Form do YOU need?

Do you know which 1040 income tax form you will need to file your federal income tax return? Check here to find out which form is best for you.

Continue reading "Which 1040 Income Tax Form do YOU need?"

Dec 20, 2012

IRS Earned Income Credit - What is a qualifying child?

Are you trying to get the most of IRS earned income credit? Here is some sound advice on how to get the maximum earned income credit.

Continue reading "IRS Earned Income Credit - What is a qualifying child?"

Dec 16, 2012

Is this the end of the refund cycle chart?

Sounds like the IRS will not release the refund cycle chart this year anymore.

After last years fiasco with so many delayed returns the IRS decided not to give any definite dates before the refunds are approved.

The refund status website has also been changed and updated. There will no longer be any estimated dates since this cause a lot of confusion and disappointments.

Nov 21, 2012

Child and Dependent Care Credit Calculator

How much will I receive for the Child Care Tax Credit?

No more guessing!

Here is a calculator that will help you estimate the amount of child care tax credit you will get.

Continue reading "Child and Dependent Care Credit Calculator"

Nov 11, 2012

EIC 2012 Updates

The IRS raised the limits for the 2012 EITC

Maximum earned income to be eligible for the credit:

  • Filers with three or more qualifying children - $45,060 ($50,270 married filing jointly)
  • With two qualifying children - $41,952 ($47,162 married filing jointly)
  • One qualifying child - $36,920 ($42,130 married filing jointly)
  • No qualifying children - $13,980 ($19,190 married filing jointly)

The maximum earned income credit for year 2012:

  • $5,891 with three or more qualifying children
  • $5,236 with two qualifying children
  • $3,169 with one qualifying child
  • $475 with no qualifying children

The new limit on unearned (investment) income is $3,200 or less, to be eligible for earned income credit.

Continue reading "EIC 2012 Updates"

Nov 05, 2012

State Earned Income Credit Calculator

Looking for an earned income credit calculator for your state? Here you have earned income credit information plus a calculator for every state that has an EITC

Continue reading "State Earned Income Credit Calculator"

Oct 21, 2012

Calculate earned income credit for your state

Not only the IRS will give you the EITC credit, but you state or city might give you, too. Here we will show you how to calculate earned income credit for your state.

Continue reading "Calculate earned income credit for your state"

Oct 18, 2012

Health Care Tax Credit for Small Employers

Small Employers can get a health care tax credit that can help them provide health insurance coverage for their employees.

Continue reading "Health Care Tax Credit for Small Employers"

Oct 18, 2012

Affordable Health Care Act Tax Credits

Did you know that the Affordable Health Care Act has tax credits that will help you pay your health insurance premiums?

Continue reading "Affordable Health Care Act Tax Credits"

Can't find what you're looking for? You can search this site here.
Custom Search

TurboTax - Do your Taxes for Free - It's Easy

How much will you get for the Child and Dependent Care Credit?

Check out this new calculator, to see how much your credit will be.

For more information or to see if you are eligible see the Child and Dependent Care Credit page.

[?]Subscribe To This Site
  • follow us in feedly
  • Add to My Yahoo!
  • Add to My MSN
  • Subscribe with Bloglines

Subscribe to:

Wise Tax Tips

Enter Your E-mail Address
Enter Your First Name (optional)

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Wise Tax Tips.