Wondering what's new in income taxes?
Check out our latest tax updates for income tax news.
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.
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.
Confused about the electric vehicle tax credit? Most people are. Let's try to explain it to you.
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.
After last year's fiasco with delayed refunds, the IRS decided NOT to publish the IRS refund schedule for the tax year 2012.
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.
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.
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.
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.
The IRS raised the limits for the 2012 EITC
Maximum earned income to be eligible for the credit:
The maximum earned income credit for year 2012:
The new limit on unearned (investment) income is $3,200 or less, to be eligible for earned income credit.
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
Can't find what you're looking for? You can search this site here.
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.
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