IRS Filing Season 2014 – Tax Preparation By Former IRS Agent Managers

February 3, 2014
Written by: Fresh Start Tax
Fresh Start Tax

The Internal Revenue Service today opened the 2014 filing season by highlighting a growing array of online services and encouraging taxpayers to check out a variety of tax benefits, such as the often-overlooked Earned Income Tax Credit.

Taxpayers have until Tuesday, April 15, 2014 to file their 2013 tax returns and pay any tax due.

 

Facts and Figures of Tax Returns

 

  • The IRS expects to receive more than 148 million individual tax returns this year, and more than four out of five returns are now filed electronically.
  • About three out of four filers typically get refunds, and the IRS issues more than nine in ten of these refunds in less than 21 days.
  • Last year, taxpayers received an average refund of $2,744. E-file, when combined with direct deposit, is the fastest way to get a refund.
  • More than three out of four refund recipients now choose direct deposit.

 

The IRS began accepting and processing individual tax returns today after updating tax forms and completing programming and testing of its systems. The IRS also has updated and strengthened its systems to help protect against refund fraud and identity theft. his annual updating process saw delays in October following the 16-day federal government closure.

 

EITC Awareness Day Highlighted

 

Although an estimated four out of five eligible workers and families get this key work incentive, one in five miss out on EITC.

That’s because either they don’t claim it when filing or they don’t file a tax return at all because their income is below the filing threshold.

One-third of the population eligible for EITC shifts each year as their personal circumstances, such as work status or family situation, change and can affect eligibility. “The IRS is working hard to educate people about EITC while also putting in place processes that identify and prevent improper payments.”

 

Aimed at individuals and families who made $51,567 or less last year, the EITC varies by income, family size and filing status.wing array of online and automated IRS services that can help taxpayers get the information they need to file their returns and get their refunds quickly.

Tele-Tax, for example, help taxpayers see if they qualify for various tax benefits, such as the Child Tax Credit and Additional Child Tax Credit for eligible families, the American Opportunity Tax Credit for parents and college students, the saver’s credit for low-and moderate-income workers saving for retirement and energy credits for homeowners making qualifying energy-saving home improvements.

 

Office in the Home

The automated IRS services can also help home-based businesses check out the new simplified option for claiming the home office deduction, a straightforward computation that allows eligible taxpayers to claim $5 per square foot, up to a maximum of $1,500, instead of filling out a 43-line form (Form 8829) with often complex calculations.

For taxpayers whose concern isn’t a refund, but rather, a tax bill they can’t pay, the Online Payment Agreement tool can help them determine whether they qualify for an installment agreement with the IRS.

And those whose tax obligation is even more serious, the Offer in Compromise Pre-Qualifier can help them determine if they qualify for an offer in compromise, an agreement with the IRS that settles their tax liability for less than the full amount owed.

Another useful year-round tool, the IRS Withholding Calculator, helps employees make sure the amount of income tax taken out of their pay is neither too high nor too low.

This tool can be particularly useful to taxpayers who, after filling out their tax returns, find that the refund or balance due was higher than expected.

 

IRS Filing Season 2014 – Tax Preparation By Former IRS Agent Managers

 

 

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