Opening Day!!!

Better Refund
01.31.2014

 Today marks the opening day for the IRS to begin their processing of tax returns nationwide! Here is part of the article from the IRS, explaining the event for this 2014 tax year! 





IRS Kicks Off 2014 Tax Season; Individual Returns Can Be Filed Now; Free Online Services Available to Help With Filing, Refunds, EITC


IR-2014-9, Jan. 31, 2014


WASHINGTON — 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. 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 $2,755. 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.


“Tens of millions of people will file their taxes in the next few weeks, and we encourage taxpayers to visit IRS.gov as the best place to get quick help,” said IRS Commissioner John Koskinen. “We continue to add features and make it more user-friendly to help taxpayers. People can get everything from answers to tax questions about preparing their tax return to checking the status of their refund after they file.”


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. This annual updating process saw delays in October following the 16-day federal government closure.


EITC Awareness Day Highlighted


Today also marks the annual Earned Income Tax Credit Awareness Day. Koskinen and other IRS officials are joining local leaders and community organizations across the country at news conferences and outreach events highlighting the benefits of EITC, which helps working families with low and moderate incomes. Koskinen attended an EITC event today at Baltimore CASH with a variety of local, state and federal officials.


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. “We urge people to look into EITC. Many people don’t realize they are eligible and simply overlook this credit,” Koskinen said. “There are easy ways to find out more about this credit, either by visiting IRS.gov, or using Free File or a software package. The IRS is working hard to educate people about EITC while also putting in place processes that identify and prevent improper payments.”



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