Tax Updates

Wondering what's new in income taxes?

Check out our latest tax updates for income tax news.

Jan 04, 2018

IRS E-file Start Date

The IRS announced that they will start e-filing on January 29 2018.

Dec 21, 2017

Tiny Corporations get a tax hike

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

Continue reading "Tiny Corporations get a tax hike"

Dec 20, 2017

Trump Tax Reform Calculator

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.

Continue reading "Trump Tax Reform Calculator"

Dec 20, 2017

Trump Tax Reform Bill

Trump tax reform is becoming law! Check out our tax calculator to see how it will affect YOU!!!!

Continue reading "Trump Tax Reform Bill"

Dec 19, 2017

Trump Tax Calculator

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.

Continue reading "Trump Tax Calculator"

Nov 21, 2017

One Thousand Dollars

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 . . .

Continue reading "One Thousand Dollars"

Nov 21, 2017

Itemizers are the losers

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

Continue reading "Itemizers are the losers"

Nov 16, 2017

Yes, I am a winner . . .

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.

Continue reading "Yes, I am a winner . . ."

Dec 16, 2016

Refunds Delayed

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.

Dec 16, 2016

IRS e-filing will start on January 23 2017

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.

Jan 29, 2015

IRS will direct deposit refunds January 30

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.

Continue reading "IRS will direct deposit refunds January 30"

Jan 28, 2015

Earned Income Credit Eligibility

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.

Continue reading "Earned Income Credit Eligibility"

Jan 27, 2015

Earned Income Tax Credit Calculator

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.

Continue reading "Earned Income Tax Credit Calculator "

Jan 27, 2015

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

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.

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.

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

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

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.

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

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.