Tips for Filing Your Tax Return

When you get married, you are not only combining homes but possibly tax returns, as well. Will getting married save you money on your taxes, or will you end up being penalized with a tax bill for your nuptials? Here are steps to follow to earn the lowest possible taxes as a married.

Can You File as a Married Couple?

If you aren’t married on the last day of the tax year you are to file, you have to option, either file as married filing individually or married filing jointly. In most cases, the couple declares as single individually. Simply this means if you get hitched on January 1, 2016, for the year ending 2015 you can’t declare married on your tax returns.

Review Restrictions on Married Filing Separately

There two limits on filing tax returns separately that automatically end the discussions about these options or have you think harder about the tax option to submit with.

  • Prohibited Deductions and Credits

    when you file as married filed individually, the law can’t let you claim student loan interest deductions, tuition & fees deduction, the education credits, and earned income credits. You will lose any credit and deductions you qualify for, a lose ending up to $1,000+ of your tax refund by filing individually.

Also, you both have to choose to take the standard deduction or itemized deductions. In the end if you need to know more you can click this link:http://www.seemarylandhomes.com/will-get-income-tax-refund-faster/ here. Meaning it’s only one of you who has enough deductions to file an enormous amount of tax deductions business or medical expenses and does the same.

Tips for Filing Your Tax Return

Living in a Community Property State

Residing in a community property state say Arizona, California, Idaho, Louisiana, Nevada, New, Mexico, Texas, Washington or Wisconsin, they have a whole set of complicated rules defining what is considered marital or community income and what the law your income. These rules vary by state. The spouse income may be divided equally between the tax returns, negating the purpose of filling separately. If you plan to submit married filing separately, it’s advisable to use tax software or hire a tax expert.

Discuss All Possible Tax Liens

The main reason married couples choose to file separately is they have earlier debt (past due child support, student loan, or tax liability incurred before marriage) that is past due deducted from their taxes. Filing separately, for this reason, make sense, and IRS allow, injured spouse allocation  filed each year with the married filing jointly tax return until the spouse gets caught up on individual debt.

This is not only beneficial to the spouse whose tax obligation is up to date not penalized for their spouse returns, but also deductions and credits not existing to those filing separately and  can still be declared.

Considering the Income Factor

In most cases one spouse makes more than the other, their marginal tax rates could be the best wedding present for either.

For instance, let’s say Cate and Joseph get married on December 27, 2015. Cate is a marketing manager whose taxable income in 2015 was $55,000. Joseph just completed his MBA on December 15, 2015, and had taxable income from his fellowship of $8,000. Without her soul mate, Joseph, Cate would pay 25% of her taxable income above $36,250; now she pays 15% of that amount, and they claim the deductions and credits that would be prohibited for married filing jointly.

Do you have all document needed for filings?

Filing married filing jointly or separately, you need to have all documents ready for optimal deductions. After reading this visit this website for more details. The largest tax money waster is not filing for deductions and credits entitled. As couples make sure your partner has all documents in order.

 Prepare Two Sets of Tax Returns Required A Tax Expert/Accountant

Choose to file with the option with lower taxes. If you make your taxes on software, it will take you an extra couple of hours to do this, versus just filling the way you think is best. However, doing this at least once will help you decide how you will want to file in future years.

To close

If you file married filing separately, it’s a more complicated tax process and more if you live in a community property state. You are more likely to lose out on the main deductions and credits. Unless you try both ways, you never know which is best for filing, thus go through filling out forms and submitting the way that works best. Moreover, since one of the biggest reasons couples fight is money, the large tax refunds is the best couple’s present the IRS could give you. For further reading, check out our blogs taxreturnco.com.au.

%2

Income Tax Refunds – The Basics!

An income tax refund is actually a kind of tax rebate. In simple words you can say that it is actually a return on taxes you receive when the amount of tax liability is lesser than the actual tax paid in a single financial year. In this case you can claim maximum refund because you did not declare your investments which could have some amount of tax payments.

Income tax refunds can be very important to the taxpayers and the private investors, provided that the value of the guaranteed refund will be disclosed to them. Mostly, the taxpayers are pushing for augmented disclosure of the income tax returnand the associated value they create in general.

Guaranteed refund can be helpful for a salaried individual as it is likely that theircompany may have deducted surplus tax because theyhave not declared any of the investment to the company. Now people are using their guaranteed refund as a “simple savings plan” and carry on getting money back each year.

How to analyze tax refund?

To analyze whether you are eligible for income tax refunds or not, you need to file your guaranteed refund documents. Salaried individual can get a form called Form-16 and this document will help you to claim guaranteed refund. Tax maximum refund must be claimed with one year of the last day of assessment year as Income tax refunds are based on your last year earnings and Tax liability. If you still have to disclose some income, do so ASAP to avoid penalties of any kind from income tax department. More details here.

How to claim the tax refund?

To claim for it you should be aware of specific types of information, such as frequency of maximum refund of income tax, so they will be able to monitor efficiently and frequently their tax refund issues. You should restrain yourself from buying unnecessary things so they may stir clear of the refund issues.

The refund companies should educate their clients on the responsibilities associated with refund issues such as revised return in the case of missed reporting any income or deductions, importance of date and acknowledgement number of original return filed, the impact of interest charges on partial refunds filing, and the positive and negative side of having large numbers of refunds.

  • To claim for it you must have your Social Security Number (or Individual Taxpayer Identification Number)
  • Your Filing Status
  • The exact whole amount of your tax refund
  • Tax refunds can also be received directly to your bank account upon request.

When to file a Revised Return of Income?

You have to file a revised return of income when you think that you forgot or did not file the correct documents about your investments. A Revised Return of Income request needs to be filed using Form-30. The Income tax department of India has recently taken an initiative where we can check our tax return status from taxreturn247.com.au. We just need to browse governments website and view everything related to our tax information. Using an online service, income tax returns are filed easily and refunds can be processed swiftly.

So, the bottom line is, you are entitled to get refunds if additional tax has been deducted from your earnings. Also keep in mind, that the time to get refund is volatile, thus do not overpay and do your calculations intelligently. The interest paid on your refund by the tax department is very near to the ground.

How Will You Get Your Income Tax Refund Faster?

Every taxpayer would like to hear that getting income tax refund soon. You can get federal income tax refund if the tax you owe is something less than the total amount of refundable tax credits claimed and the amount of withholding paid. For many individual taxpayers, federal tax refunds are received through Earned Income credit, or through an overpayment from previous years.

There are several methods which can get you your tax refund quicker. It depends on whether you keep detailed records on at least a monthly basis or not. The price of good organization is the rapid response to your tax return. It will help you – if you are a business rather than an individual – to have conscientious employees. You must first have the means to determine whether you have a refund. Some have tax attorneys, if this is your case then insure that you have the very best tax attorney who has a fantastic accountant.

Some people use their IRS tax refund as a “simple savings plan” and continue getting money back each year. It is still better to acquire an IRS refund instead of owing money to the government. Once you decide that you are getting refund, there are several options by which you can get your money. Electronic filing with direct deposit, standard paper filing, and rapid refunds are some of the options you have.

With the advent of the computer and Internet technology, the Internal Revenue Service (IRS) is able to react quickly to the electronic filing. Using online facilities, income tax returns are filed easier, and faster, and refunds are made quicker. There are different IRS refund options that the individual taxpayer can benefit from.

The old system of paper tax filing is slowly and gradually replaced by the electronic filing methods. If you file a paper return, you should anticipate getting fast tax refund in about six weeks which seems like a really long time.

The rapid tax refund is an electronic method used by most taxpayers these days for filing federal income tax return that allows you receive your IRS refund in about 10-14 days. Anyone can go for filing his or returns electronically using tax preparation software programs and get their funds directly deposited into bank account within as less as 10 days.

What you have to do is to choose the proper method of filing your taxes. If you file your tax returnscorrectly and accurately with adding the tax deduction only you qualify for, then there will be less chances of being unnecessarily audited by the IRS. It is very important to have your return prepared correctly because the IRS is strict for any sort of fraudulent return. You might have to pay the additional taxes, interest and also face penalties if your return is found to be fraudulent. More explained in this post: http://www.seemarylandhomes.com/long-take-get-tax-refund-back/

There are some advantages of filing your taxes online because you get confirmation note from the IRS within 48 hours whether your return file is reached there or not. If you e-file your return before the deadline, then your file would be processed early. Moreover, if your file is in electronic form, then the IRS service does not have to re-type your tax form and that will save time. Choose the Direct Deposit option to get your Federal tax refund faster into your bank account.

 

How Long Does it Take to Get Your Tax Refund Back?

A common question heard at tax time is, “how long does it take to get my refund back?” Consumers, especially those struggling in tough economic times, look forward to the financial boost that a tax refund gives. The good news is that the IRS provides the necessary tools that make finding the status of a federal tax refund check just a mouse click away. With state refund checks, however, it’s a little trickier since you have to know which state agency controls the tax return process. In this article, we’ll guide you through the IRS’s guidelines for when how long the refund check should take, and review the proper channels for getting both federal and state tax fund questions answered.

Federal Tax Refunds

How you file your taxes, via either U.S. mail or electronic filing, dictates how long it normally takes to receive a refund. Filing a return through the mail is, of course, the slower of the two processes. For those who mail their federal return, the IRS will remit a tax refund within six weeks after they have been received the completed return. If you file electronically, you should receive your tax refund within three weeks.

The IRS allows two options for receiving a federal tax refund: paper check sent via the mail, or an electronic funds transfer (also called a direct deposit). The direct deposit method, not surprisingly, is always the quicker option. The Federal 1040 form contains a section where consumers can opt for a direct deposit. If you want the IRS to electronically deposit your refund into more than one account you will need to file a separate form 8888.

How to Check on Your Federal Tax Refund

For anyone wanting to check the status of their tax refund, simply go to the IRS’s Where’s my refund (irs.gov/individuals/article/0,,id=96596,00.html) webpage where you’ll find an easy to use tool to request the information. If you would rather check the refund status by phone, you may call 1-800-829-1954. The IRS asks that you wait 3 days after filing electronically, or 3 weeks after mailing a return before checking for a status update. For those who file an amended return, however, the period to receive a refund check will take 8-12 weeks.

Tips on Ensuring a Quick Refund

By eliminating mistakes, consumers can ensure that their refund is received in as timely a fashion as possible. The most common mistakes, which can cause delays in receiving a refund, are listed below:

  1. Social security number missing or incorrect
  2. Incorrect tax result, given reported income and filing status, was entered
  3. Mathematical errors in figuring the taxable income, withholding and estimated tax payments, Earned Income Credit, Standard Deduction for age 65 or over or blind, the taxable amount of social security benefits, and child and dependent care credit
  4. Items entered on incorrect line, especially estimated tax and withholding
  5. General Math Errors

State Tax Refund Process

As you might expect, each state has its own specific agencies and rules that govern taxation processes. Many states have a Department of Revenue that deals with tax filings and returns, for other states it may be the Tax Commission, Department of Taxation, or some other similar named department. Find out more infromations here: http://money.usnews.com/money/blogs/my-money/articles/2016-02-02/how-to-get-the-biggest-tax-refund-this-year

To check status on a state tax refund, find the state taxation agency for your particular state and go their website. Most state agencies, like the IRS, provide tools or resources for consumers to check on tax refund status.

Are You Getting a Tax Refund?

In case you are unsure whether or notyou are due a tax refund, then you definitely should check. There are agencies that can assist with filing for refunds, which means you don’t need to worry about it. Just check the records for the tax filing you did for this year and tally it with the report with the IRS. It has been recorded that more than 80% of people are accountable for refunds, so be certain that you’re not in the majority list. There are actually different kinds of refunds, so first understand the type or category you fit into. You will find categories for the self-employed, for sportspersons, artists, US residents living abroad, and so forth. There’s a special tax refund facility for older people. This can be a great help to those with little money.

There are specific rules with regards to applying for tax refunds. If you’re unsure of your rights, you can go unaware that a lot of money is due to you. When you file for a tax refund, get hold of someone who definitely makes the job simpler for you. The paperwork will likely be enough to drive you crazy if you don’t know how to go about it. You have only a three year period of time in which you have to file for the refund. If not, the money is gone, and you won’t get it back.

The processing time for your application for the tax return normally depends upon the visa you possess and the year that you are filing it. If you decide to were working in the US, now is the time to file for it and the tax deadline will be April 15th. You can send the required documents to prove that you are eligible for the refund; the agency will give you explicit details of the documents required. If you decide to want a quick tax refund, you need to take action now.

Sometimes, the last date for tax returns refunds will be extended. However, you will not be penalized for trying for the refund at a later date. Just don’t cross the deadline, that’s all. The Financial Management Service will verify your tax refund details before the IRS pays it back. It will also check for any debts that you have to pay and if all is well, then you’ll receive the money back. It is possible to check for the details of the tax refund by contacting the Automated Tax Refund Service at their toll free number. However, the details will be available only after 6 weeks of filing for the refund.

If the law states that you must file your tax statements, then the same law mandates that you file for the refund too. On average you can earn up to $700. Alternatively, if you file late, your refund will be late too.

Avoid Tax Refund Loans

To best enjoy the money that you will get from the taxman, avoid getting loans from individuals hoping to pay them back with the amount of money that you will receive in form of tax refund. This is because you may end up receiving less money than you anticipated; something that can turn out to your disadvantage.

If you make an effort of putting these four tips to practice, you can be sure that you will enjoy greatly the sweat that comes with working hard for the refunds that are due to you. For more related information, you can visit our online website at taxreturn247.com.au.