Taxes Done Right II

01/01/2020

Happy New Year! Are you starting to think about the upcoming tax season and when you'll get your IRS income tax refund?

The tax reform law that took effect in early 2018 will still have an effect on many Americans, with the tax returns they file from January through April 15, 2020 affecting the amount of their refunds.

Several factors can determine when a taxpayer may receive their return, including:

When they file
If the taxpayer is claiming certain credits
Whether the return is e-filed or sent by mail
Whether the taxpayer has existing debts to the federal government
The income tax season generally starts in late January, when the IRS officially starts accepting e-filed and mailed-in tax returns. However, in recent years, the start of tax season has often been delayed until early February, due to significant December changes to the tax laws. Keep that in mind this year, since if Congress makes new tax laws in December, it will likely cause a delay at the IRS. (Note: Only a few items were changed: Some credits and deductions were extended into the new tax year. So, tax season should start in late January 2020.)

The IRS is also continuing to delay processing by 2-3 weeks of income tax returns with the Earned Income Tax Credit (EITC) or Child Tax Credit (CTC), since these credits have often been abused. The additional time allows the IRS to verify that taxpayers qualify for the credits.

The below chart shows an estimated timeline for when a taxpayer is likely to receive their refund, based on the information we have now, and using projections based on previous years. If your IRS income tax refund is delayed, ask your tax professional.

"When Will I Get My 2020 Income Tax Refund?"
IRS Accepts BetweenThese Dates ==== > Direct Deposit Sent(Or Check Mailed)

1/20/20- 1/24/20--- > Friday 1/31/20 *

1/27/20- 1/31/ 20 --- > Friday 2/7/20

2/3/20- 2/7/20 --- > Friday 2/14/20 **

2/10/20- 2/14/20 --- > Friday 2/21/20 **

2/17/20- 2/21/20 --- > Friday 2/28/20

2/24/20- 2/28/20 --- > Friday 3/6/20

3/2/20- 3/6/20 --- > Friday 3/20/20 ***

3/9/20- 3/13/20 --- > Friday 3/27/20

3/16/20- 3/20/20 --- > Friday 4/3/20

3/23/20- 3/27/20 --- > Friday 4/10/20

* = IRS may delay tax filing season by one week or more due to changes in tax law.

** = Returns with EITC or CTC may have refunds delayed until late February to verify credits.

*** = Filing during peak season can result in slightly longer waits.

3/29/20- 4/3/20 --- > Friday 4/17/20

4/6/20- 4/10/20 --- > Friday 4/24/20

4/13/20- 4/12/20 --- > Friday 5/1/20

4/20/20- 4/24/20 --- > Friday 5/8/20

4/27/20- 5/1/20 --- > Friday 5/15/20

5/4/20- 5/8/20 --- > Friday 5/22/20

5/11/20- 5/15/20 --- > Friday 5/29/20

5/18/20- 5/22/20 --- > Friday 6/5/20

5/25/20- 5/29/20 --- > Friday 6/12/20

6/1/20- 6/5/20 --- > Friday 6/19/20

IMPORTANT: When you file electronically (using a preparer), the IRS will notify the preparer of the actual date they "accepted" your return. This is often 1-3 days from the time you actually file, and it is this date that you need to use for the above chart.

Taxpayers who mail a paper version of their income tax return can expect at least a 3-4 week delay at the front-end of the process, as the return has to be manually entered into the IRS system before it can be processed.

Be Safe - Hire a Professional
Taxpayers who use a professional, can ask that professional for the estimated date of their tax refund, and they can be more confident that their taxes have been properly (and legally) filed.

In general, the IRS says that returns with refunds are processed and payments issued within 21 days. For paper filers, this can take much longer, however. The IRS and tax professionals strongly encourage electronic filing.

What If You Can't File Your Income Taxes By April 15?
Taxpayers who don't have all of the paperwork needed in order to file their taxes can easily file an extension form, "Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return." - This will give the taxpayer until October 15 to file their tax return. No reason or excuse is needed to receive this extension, and as the title states, it is automatically granted.

However, if a person will owe taxes, it is still their obligation to pay those taxes by April 15, even if they have requested an extension to file. A professional can assist with this. Those who are due a refund generally only need to file the extension request by April 15. Any tax professional can perform this task.

Still have questions???

Message or call us!!!

11/11/2019

We are in the process of finding a new place.... Please bear with us.... We will still be on Hackensack/Lodi area still.... Any questions Please call or message us....

12/08/2017

Give us a call make your appointment now for the New Year!!!!
Get a deep discount for the new year!!!!
Make an appointment Now!!!!

04/01/2017

Visit our NEW office behind the escalators inside National Wholesale Liquidators NWL in Lodi, New Jersey, !!!

01/06/2017

First off, we hope everyone has had a great year!!!!

There is some news you all need to know Chris is no longer with us this year and we wish him well on his endeavors... with that being said, we will still be in Lodi, NJ!!!!

Our Hours will be:
Monday- Saturday 12pm – 6pm (Hours may vary)
as always you can make an appointment during different hours!!!

Please call to set-up an appointment!!!!

The first filing day is January 23, 2017 and the last is April 18, 2017

There are a few things we would like you to know…

Refunds What You Need to Know

Expecting a refund? Some Refunds must be held until Feb. 15
According to a new tax law change, the IRS cannot issue refunds before Feb. 15 for tax returns that claim the Earned Income Tax Credit or the Additional Child Tax Credit.
This applies to the entire refund, even the portion not associated with these credits.
The IRS will begin to release EITC/ACTC refunds starting Feb. 15. However, the IRS cautions taxpayers that these refunds likely won’t arrive in bank accounts or debit cards until the week of February 27. Read more about refund timing for early EITC/ACTC
filers.

What You Need to Do

Be careful not to count on getting a refund by a certain date, especially when making major purchases or paying other financial obligations.
You don’t need to wait until Feb. 15 to file your tax return.
While the IRS must hold the refund until Feb. 15, it will begin taking the steps it normally does to process your tax return once the filing season starts.
File a complete and accurate return and include all known refundable credits with your original return.

Protecting Taxpayers What You Need to Know

To better protect taxpayers, the IRS recently upgraded its identity verification process for tax returns.
Please be sure to bring a form of identification (driver's license, state ID card) for us to use to file your return so your processing will not be delayed.
The purpose is to prevent taxpayer impersonations and account takeovers by identity thieves.

THESE ARE IRS RULES NOT OURS!!!

ALSO MENTION FACEBOOK AND GET $50.00 OFF YOUR RETURN!!!!!

See you soon,
Joni and Zoila

01/06/2017

Taxes season is right around the corner ...
If you have any questions.. Hit me up.....

01/06/2017

https://taxvid.resourcesforclients.com/BCVjcJehaVpM

Key 2016 Tax Highlights: Focus on key information you need to know for the upcoming tax season.

02/19/2016

Come see us at Taxes Done Right! Get all your money back.... Have question?
Call us 917-202-7476 or 201-219-4085,
E-mail us, [email protected],
or
Come on in 370 Essex Street Lodi, NJ
(inside National Wholesale Liquidators)

Mention you saw us here and get a $50.00 discount on your Tax preparation!!!!

02/19/2016

Email and texting scams designed to trick U.S. taxpayers into providing personal data have surged 400% so far this year, the IRS warned Thursday in a renewed consumer alert.

The schemes involve so-called phishing messages designed to trick taxpayers into believing the emails and texts represent official communications from the IRS, tax software companies or others in the tax industry.

The messages typically ask for data related to tax refunds, filing status, or seek confirmation of personal information, including ordering IRS transcripts or verification of IRS Personal Identification Numbers, the tax agency said.

When consumers click on the email links, they are sent to what appear to be government websites that ask for Social Security numbers and other personal information that identity thieves can use to file false tax returns and collect refunds, the IRS said. The sites may also contain malware that infect taxpayers' computers and enable cyberthieves to gain access to files or track consumers' keystrokes to get personal data.

"This dramatic jump in these scams comes at the busiest time of tax season, IRS Commissioner John Koskinen warned. "Watch out for fraudsters slipping these official-looking emails into inboxes, trying to confuse people at the very time they work on their taxes. We urge people not to click on these emails."

Summarizing scams reported across the U.S., the IRS said:

•January featured 1,026 phishing and malware incidents, up from 254 during the same month last year.
•The trend continued in February, with 363 incidents reported through Tuesday. The total topped the 201 full-month total in 2015.
•The 1,389 incidents reported to date represent more than half the 2,748 total for all of last year.

Additionally, tax professionals have reported being targeted by similar phishing scams that seek their online credentials to IRS services.

The IRS said it is working with state revenue departments, tax preparation companies and others the tax industry to address the scams.

"We continue to work cooperatively with our partners on this issue, and we have taken steps to strengthen our processing systems and fraud filters to watch for scam artists trying to use stolen information to file bogus tax returns," said Koskinen.

Kevin McCoy, USA TODAY

01/27/2016

04/16/2015

The day after TAX DAY..... JUST BECAUSE IT'S OVER doesn't mean you can't file your taxes anymore.....

YOU can still file taxes if you need to....

Call us at 201-291-4085 leave a message to make an appointment...
or
Call 917-202-7476 ask for Joni