Wondering what's new in income taxes?
Check out our latest tax updates for income tax news.
The IRS announced that they will start e-filing on January 29 2018.
The 21% corporate tax rate is definitely historical but nobody is mentioning the losers in this deal; the corporations earning less than $50K. Until now
How will Trump's tax plan affect me? Here is an easy to use calculator - updated December 20, 2017 - that will help you figure out if you will win or lose from Trump tax reform.
Trump tax reform is becoming law! Check out our tax calculator to see how it will affect YOU!!!!
Update: This tax reform calculator reflects the latest changes to the tax cut bill which is being voted on today and tomorrow December 19 and 20.
Yes, we will save one thousand dollars. We are filing jointly with an income of $50K. However, percentage-wise we are saving just one percent . . .
We are earning almost $68,000 and itemizing. In Trump's plan we will lose $741-. Possibly we will lose more since we hear that Trump will do away with
Sounds like I am one of the lucky ones . . . We are a family of five filing a joint return. Our income is $73,000 and our savings will be $1678.
If you will get Earned Income Credit (EIC) or additional child tax credit as part of your tax return refund,you will not get your refund until earliest February 15.
Other filers will get their refund sooner.
IRS will begin accepting e-filed tax returns on January 23rd 2017. Paper filing will also start that day and not earlier, so there is no advantage to paper file in early January.
This year the first refunds will be direct deposited January 30. The first time in two years that the IRS will send refunds in January.
Historically, the first refunds were sent end of January, but the past two years, with the delayed start of filing, taxpayers weren't seeing refunds till mid-February.
So it was a pleasant surprise to see January 30 as a direct deposit date for some early filers.
Are you from the lucky ones?
Check your refund status to find out.
Can you get the earned income tax credit? Here you can read more on earned income credit eligibility to see if you are eligible for this credit or not.
Finally, an earned income tax credit calculator that is accurate and easy to use. Just put in your income and your earned income credit will be calculated instantly.
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
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.
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:
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 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.
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.
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.
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.
Finally, a child tax credit calculator to help you calculate your child tax credit and additional child tax credit.
What is form 8812? Who can claim the additional child tax credit? Read on to find out more.
The new form 8812 for 2012, now called schedule 8812, is already available.
You can download it here for free.
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.
Can't find what you're looking for? You can search this site here.
How will Trumps Tax Reform Affect YOU?
Check out this new calculator, to see how much you will gain or lose.
Get your exact child tax credit amount with Trump's new Family tax credit.
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