IRS Tax Refund Status and Schedule for 2016

Many people think of the IRS return as a savings account or bonus that they are able to dip into each April. The IRS tax refund schedule also claims to provide refunds within 21 days after returns have been received.

Usually, 21 days is short when you have bills coming in like clockwork, however, when you are waiting on thousands of dollars it can feel like an eternity. Furthermore, Business News Daily revealed that the average tax refund is $2,700, which is more than what 2/3’s of taxpayers bring home each month.

Tracking Your Return & Refund

UPS approximates that their customers track packages an average of 2.42 times per shipment. This means that consumers want to know what is going on with their orders. Like UPS orders, taxpayers also have the ability to track their refunds. The IRS even has a Where’s My Refund” tool to help make doing so easier.

Things You’ll Need

Unlike the UPS, you need more than a tracking number to obtain the details of your tax refund. They want you to provide them with your social security number or EIN, filing status and the refund amount expected.

It has been said that taxpayers who opt to get their refunds deposited in their bank accounts receive their funds faster than waiting on a check. In addition, to speed up the process you want to make sure that your tax return is accurate. If you have questions about the IRS tax refund schedule make sure you consult with a tax professional such as the pros at TurboTax 2017 so there are no delays when you are expecting your tax refund this year.

5 Ways to Increase Your Tax Refund for 2016

Setting up the foundation for a good tax refund takes some basic tax planning, some research and a bit of forethought. Going over your tax situation, talking to your partner when completing your W-4s and capitalizing on many tax credits will help you maximize your tax refund. H&R Block Online will help figure out which credits will get you the largest refund.

Once you begin employment, your employer requests you fill out form W-4. This conveys to your employer the amount of federal income tax to withhold from your salary. The more allowances you apply for on the form, the less income tax is going to be kept back. Then you will have larger paychecks, but a smaller tax refund (or even possibly zero tax refund or a tax charge at year’s end). Things to think about when selecting the amount of allowances you claim include things like:

  • Claiming allowances for you alone, your partner and your eligible children and dependents
  • Taking an allowance for submitting head of household
  • Claiming over $1,500 for child and dependent care charges
  • Working multiple jobs
  • Having a husband or wife who is employed

Claiming fewer allowances on the W-4 means reduced paychecks, given that more tax is going to be withheld. This raises your odds of over-withholding, which results in a larger tax refund. That’s exactly why it’s known as a “refund:” you are actually being paid back what you overpaid to the IRS in the course of the year.

Caroline Thompson, President of Thompson Accounting and Tax, stated that you should be careful because claiming fewer allowances gives the federal government a year of your money tax free.

Make use of a W-4 Withholding Calculator to help calculate which allowances to claim.

Take a look at your filing status

Selecting the filing status that is best suited for your requirements will impact the chance of a rebate. Your filing status establishes:

  • Your usual deduction
  • Your filing needs
  • The credits you will be qualified to be given
  • The amount of tax you have to pay or the tax refund you get

You will find 5 statuses to pick from, however the 3 most popular are: married submitting together, married submitting individually, single, and head of household. TurboTax will help you figure out which option is best for your circumstances.

Claim the earned income tax credit

Working families, individuals, those who are business owners as well as others who have a modest to low-level earnings might be eligible for the earned income tax credit. The EITC reduces the amount of income taxes you owe and you might qualify for a tax rebate. To be eligible, you need to:

Have a legitimate Social Security number

  • Be a U.S. resident, a year-long resident alien or a non-resident alien married to a US citizen or resident alien submitting together
  • Have earnings from self-employment, from an employer or from providing farm labor
  • Not be a claimed dependent or child of someone else
  • Have an eligible child and be between the ages of 25 and 65, residing in the U.S. for a minimum of 6 months

To get the EITC you have to file a tax return, even though you owe no taxes.

Include the dependent care credit

The child and dependent care credit is dependent on a percentage of the sum you paid out for the care of an eligible child or dependent. The overall expenses you possibly can claim are capped at $3,000 for 1 qualified person and $6,000 for 2 or more. If your company provides dependent care benefits, you have to deduct this value. An eligible person is:

  • Your son or daughter is under 13 years of old
  • A dependent that is physically or psychologically not capable of self-care and who resides with you for over 6 months, or
  • Your wife or husband who may be not capable of self-care and resides with you for over 6 months

Additional criteria must be met in order to claim the credit:

  • If you’re married, you have to submit a joint return.
  • You can’t use a caregiver that is your partner or mother or father of the child, your son or daughter under 19 years old or additional dependents.
  • All eligible dependents and children need to have a Social Security number included with your return.
  • You have to provide the name, home address and Social Security number of the caregiver.

The Benefits of Filing Your Taxes with H&R Block Online

We recommend that you file your taxes with H&R Block as it will make the tax season so much easier. When filing they will ask you questions regarding your tax situation and will fill out all the correct tax forms for you. Here is link you can visit to find a discount coupon.

They will let you know which tax deductions and credits are applicable to you so you can keep the maximum amount of your money. You can even use their free tax refund calculator to see how much money you can expect to get back.

Providing Good Customer Service to our Clients

Working as an accountant for many years, I have seen so many questions come my way.  People come to me for advice on matters related to money, and they count on me to help them make decisions.  This means that I need to be educated on all sorts of topics, and it makes every day I come to work an interesting one.

During this time of year, I get a lot of questions about income taxes.  Many people are looking at ways to minimize their income tax bills and maximize their refunds.  At this time of year, there is still time left to put money in their IRAs, donate to charity, or take advantage of the many tax write-offs available to both personal and corporate tax clients.  I work together with my clients to save them the most money possible, and I think that they appreciate it.

This year, I have decided to take my customer service to the next level and I have been giving my clients dates as to when they will receive their refunds.  I am basing my advice on information found here: http://filemytaxesonline.org/projected-irs-tax-refund-schedule-dates/

This information has been invaluable to many of my customers, and those of them that base big purchases on their income tax refunds feel a lot better knowing when they will be receiving their money.  It is just one more thing that I can do to provide my customers with better customer service.

Use the Free 2017 Tax Calculator to Find Out Your Tax Refund This Year

With tax season and the end of the year right around the corner many people are hesitant on spending money on Christmas. It could be that they are anticipating a large tax bill coming their way or other maybe simply underestimating what they will get in terms of a tax refund. If this sounds like you then don’t fret.
You can get a quick estimate on your tax refund in just a few clicks of the mouse or taps on the screen for those on a mobile device. Check out the 2017 tax refund calculator and you’ll get a good idea of the amount you’ll get back or if you’ll be paying this year. Although the calculator is only a guide and knowing the exact amount would take longer you can really get an idea of how much your tax refund is going to be.

 

The best part is that using the tax calculator is absolutely free. Just visit the free tax calculator for 2017 and enter some rough estimates and you could be having a much better Christmas. It’s also a great way to plan for upcoming tax payments that you may be required to pay. It will allow you to know beforehand what sort of payment you’ll be required to pay. This can also be a huge benefit if you’re worried about paying your taxes since it gives you a bit of warning before you do your taxes. Check out the tax calculator and know where you stand for your 2015 taxes.

Calculate Your Tax Refund

Having problems calculating your tax refunds? It’s only normal that you do – the process is complicated to make it difficult for people to accurately get it done properly. Luckily for you, there’s a way in which you can calculate your tax refund automatically, with little to no room for error. All you have to do is visit the link above and check out all the details you need to know in order to get started with a piece of software that can accurately calculate your tax refund.

The 2017 Tax Refund Calculator

The tax refund calculator featured on the aforementioned webpage is absolutely free to use, no strings attached and no hidden fees. You can use it even before tax season comes, so you’ll be able to determine just how much money you’ll be getting back. Working in the US means you pay taxes – but in most cases, you end up overpaying. Luckily, you can apply for a tax refund in order to get your money back, and using the tax refund calculator is the best way to determine the approximate amount you’ll be getting at the end of tax season.

So don’t waste time with complicated procedures and lengthy calculations – calculate your tax refund the simple, free and easy way today!