Top Five Things That Make the IRS Refund Calendar Obsolete in 2014

    You Forgot Some Small Detail on Your Return.  Maybe it was the Social Security number of a dependent, maybe it was the EIN of an employer.

    You Forgot to Attach or Include Something.  This could be a W2 you included on your tax return but forgot to attach to the file when you submitted your e-file return, or forgot to put in the envelope when you snail-mailed your return.

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    Typos.  All time biggest reason the IRS may take longer to process your tax return.  A typo of just one number could mean a Social Security number doesn’t match up, a name is misspelled, meaning it’s unmatchable to other information included on your return.

    Math.  You added some numbers wrong, or incorrectly calculated a percentage.  That means things won’t add up, literally, when the IRS tries to process, meaning delays.

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    A name is wrong.  Because of new anti-fraud measures implemented by the IRS, anything fishy with a name or the way a name is spelled will cause your return to be further scrutinized, therefore delayed.

See now why the idea of an IRS Refund Calendar is obsolete nowadays?   These things may seem trivial and small, but they will trip the system and your return will get pulled.  See how easy it is to make a mistake?  For the most efficient way to file your tax return and check for errors, use tax preparation software.  The software checks your math, checks for spelling mismatches and typos, as well a pretty much taking all the work out of filing your federal income tax return!

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Seven Year End Tax Tips to Help You Save at Tax-Time

The end of the year is almost here.

It’s time to reflect on what all you’ve accomplished and start thinking about what you want to happen in 2014.

If you wait until the New Year to start dealing with your income tax situation, you are probably missing out on a few opportunities to save.

So let’s take a look at seven money saving year end tax tips.

1.  Estimate Taxes Now – It’s important to take some time to estimate your federal income taxes before the year ends. Doing so will allow time for you to make the necessary adjustments to affect the amount of your total tax burden. 

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2.  Start a Tax Prep Checklist – This is a great time to break out a tax preparation checklist and start checking items off as they come in. Break out last year’s tax return as a reference to help build out a more accurate checklist.

3.  Organize Those Tax Records – If you keep physical copies of your tax returns this is a good time to locate last year’s file for reference and create a brand new one for your 2013 taxes. Temporarily place this file next to where you collect your mail, and drop items (W2s, 1099s, etc.) in as they arrive to your home. Additionally, this might be a good time to invest in a scanner and go digital with your records.

4.  Invest Into a Retirement Account - One of the best things you can do for your tax situation at this time of year is invest more money into your 401K. December 31st is the deadline to make contributions for this year. If you’re thinking of investing with an IRA, you’ll have a little longer: April 15th or the date you file. Both are great decisions that help prepare you for retirement and reduce your tax burden.
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5.  Contribute to (and Spend Dollars in) a Flexible Spending Account – If you don’t have a flexible spending account, consider opening one through your employer to take advantage of the tax-deductible medical spending (up to $2,500). If you already have a flexible spending account, be sure to use up the funds in the account by the end of the year or whenever your employer’s grace period ends.

6.  Make Those Charitable Contributions – It’s the giving season. Take advantage of this great tax deduction and contribute cash, clothes, and more to the less fortunate this holiday season. Note that 2013 is the last year people age 70 and a half can make a qualified charitable donation (up to $100,000) from an IRA.

7.  Think About Deferring or Accelerating Income and Expense – After estimating your taxes and considering probable changes to your income and expenses in the coming year, you might want to defer or accelerate your income or expenses. As an example, if you know you’ll be earning more next year, you might want to put off paying your annual property taxes until January.

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Doing so will give you more expenses in the next year to offset the higher income. If the opposite is true and you expect your income to fall in 2014, you might want to take advantage of every deduction you can – like paying those annual taxes in December, or prepaying your January mortgage payment to get an extra mortgage interest deduction.

Expiring Tax Provisions and Steps to Take Before the End of 2013

As the year comes to a close, our thoughts turn to — taxes? You mean, with everything else there is to do, we need to think about taxes too? Yes, if you plan to take advantage of some of the tax provisions for which the curtain goes down at midnight on December 31, here are a few of the expiring tax provisions, and some ideas about what you should do now.

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Optional state and local sales tax deduction. If you itemize your deductions, 2013 is the last year you can choose to deduct the sales taxes you paid during the year instead of state income taxes. This provision has been a boon for residents of states with no state income tax, such as Washington and Texas.

It also benefits people who have paid relatively little in state income taxes but who have spent a great deal on sales taxes during the year. If you bought a new car during the year or something else really expensive such as a boat, your sales tax deduction may be much greater than your state income tax deduction. If you are considering buying a new car soon, you might save taxes by seeing your car dealer for a test drive now. If you strike a deal, you can welcome in the New Year with new wheels and a big fat sales tax deduction.
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Tuition and fees deduction. If your income is less than $65,000 ($130,000 on a joint return) you can deduct up to $4,000 of tuition and school-related expenses, even if you don’t itemize your deductions. If your income is higher but less than $80,000 ($160,000 on a joint return), you can deduct up to $2,000.  But 2013 is the last year for the deduction, so if you are a student and your tuition and school expenses that you’ve paid in 2013 are less than the deductible amount for the year; consider prepaying next semester’s tuition before the end of the year to maximize the deduction. If you wait until next year to pay the tuition, you will miss out.

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School teacher supplies. School teachers who ante up for books, supplies, computer equipment and other materials to use in their classrooms are able to claim a deduction for up to $250 with the Educator Expense Deduction, even if they don’t itemize deductions on their tax returns. Unless this deduction is extended by Congress, it is set to expire at the end of 2013. So if you are a school teacher and haven’t yet reached that $250 limit, take advantage of holiday sales prices to stock up on supplies you need for your classroom.

Check back for more tax deductions and credits set to expire this year so you can make some smart tax savings moves before the end of the year.

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IRS Announces E-file Open Day, Be the First in Line for Your Tax Refund

The IRS announced today that it will begin processing tax returns on 1/31/14. The good news for you?  Our services are open for business and will begin accepting tax returns on January 2, 2014!

You can get started today and file early to be first in line for your maximum tax refund. Last year, the average federal tax refund was almost $3,000. We know how important that money is to you – whether you need to pay off holiday bills or pay your rent.

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It’s why we’re encouraging people to file as soon as they can.

Here are 4 great reasons to e-file online with us:

1.    Early Bird Gets the Tax Refund

    We will hold and securely submit your tax return to the IRS when they begin processing returns on a first-in, first-out basis. That means filing as early as possible puts you first in line for your tax refund.

2.   E-file with Direct Deposit, Fastest Way to Get Your Tax Refund

    E-file with direct deposit is the fastest way to get your tax refund. The IRS doesn’t anticipate any associated tax refund delays once processing by them begin on January 31.  The IRS expects to issue 9 out of 10 tax refunds in 21 days or less as in previous years.

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 3.    Our Online service is accurate and Easy to Use

    This is up to date with all recent tax law changes. By answering a few simple questions about your life, you can quickly prepare your tax return and get your maximum tax refund. We will searches 350 tax deductions and makes sure your taxes are done right.

 4.    Get Expert Answers to Your Tax Questions
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    If you have tax questions you can get your answer from our community or talk to our credentialed tax experts who are all CPAs, and Enrolled Agents, one-on-one via chat or phone.

5 Simple Tax Tips for End-of-the-Year Giving

With the hustle and bustle of the holidays, the last things we want to think about are taxes. But since the holidays are a time to think about giving, Razoo have teamed up to provide simple tips for smart charitable giving that can save you money when it’s time to file your taxes.

Smart Charitable Giving Tips:

1. Donate by credit card

Did you know that donations made via credit card are deductible in the year they are charged and not the year that they are paid? Don’t let all that holiday shopping keep you from donating in 2013 – by donating to your favorite charity on Razoo by Dec. 31 (also one of the largest charitable giving days of the year), you can hold on paying the bill until 2014. In addition, you can check out our website to estimate your taxes and see if you need to make any last minute tax moves.

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2. Give the gift that keeps on giving

Extend the joy of giving to your family and friends this year. Razoo’s Giving Cards enable you to gift $10 – $500 for the recipient to donate to his or her favorite cause. Not only do you get to share the happiness that is proven to come along with giving to others, but you get to keep the tax deduction from your gift giving.

3. “Are you registered?”

There will always be a Grinch or three that sets up fake charitable organizations to pull at people’s heartstrings this time of year. Make sure the cause you choose is a registered 501c3 organization. The Razoo website includes more than 1 million registered charitable organizations, so you can rest easy knowing your money is going to the right place.
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4. Track your donations

Keep a list of your charitable donations so you can be sure to account for every dollar come tax time. You can save yourself some time by donating to your favorite charities on Razoo, as the company will send you an itemized list of your donations in time for tax season. You can also check out our website free app that helps you track and value these types of donations.

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5. “Spring cleaning” in December

Get a head-start on your spring cleaning, help those less fortunate, and get a tax deduction in the process! Donate old clothes, books, household items, toys and sporting goods to a local charity, and be sure to keep the receipts.

As you feel the holiday spirit this season, spread the joy to your favorite charity and give yourself the gift of smart tax planning while you’re at it!