Posts Tagged ‘Federal Form 1040’

What Can You Do To Expedite Your Income Tax Refund?

Thursday, April 7th, 2022

The exclusive purpose for the information which is provided from this website is to disseminate information, and not to provide tax advice. 

The information that I am seeing on the Internet states that the IRS goal for having your tax refund in to your bank account is twenty-one days.  While this could be “business days”, I am thinking that it’s “calendar days”.  There are decisions that you can make and actions that you can take that will facilitate this process:

  1.  File your tax return electronically!  It has been said that “paper” is to the IRS as Kryptonite was to Superman!
  2.  Check, double-check, and triple-check your tax return for errors BEFORE you e-file!  From your correct name (that is in the Social Security Administration records) and social security number to the birth dates of your dependents to the numbers that you have entered throughout your tax return.  All numbers can be transposed.
  3. If your tax software includes this function run “Error Checking” multiple times.
  4. Be sure that the “Routing Number”, “Your Full Bank Account Number” and “Bank Name” are all correct.
  5. If you are applying for the “Child Tax Credit”, or the “Earned Income Credit”, or if you received payments for the “Economic Recovery Rebate”  be sure that you provide all of the correct information.  If you received advance child tax credit payments last year, or the Economic Recovery Credit you should receive two separate letters from the IRS stating the amounts that you received.
  6. If you have questions, use or the Internet to obtain information from the Frequently Asked Questions (FAQs) or search for the instructions for your forms.

After you have filed your tax return you can use the IRS “Where’s My Refund” hyperlink to obtain the status of your refund ( Refunds | Internal Revenue Service ( )


Should You Use the Standard or Itemized Deduction?

Tuesday, January 11th, 2022

The exclusive purpose for the information which is provided from this website is to disseminate information, and not to provide tax advice. 

There are certain expenses that most taxpayers have every year that qualify as a deduction from your total income on your tax returns.  The resulting calculation becomes an integral component of the tax return that defines your taxable income.  It is the taxable income amount that is used to calculate your state or Federal income taxes.  Additionally, the income tax laws provide a “standard deduction” for taxpayers who do not itemize, or where the taxpayer’s itemized deductions do not meet a certain threshold.  Important – Taxpayers are entitled to use the HIGHER amount in the calculation of their tax liability, their “Itemized Deductions” or the “Standard Deduction”!


Suppose That You Can’t Pay 100% of Your Tax Bill. What Are Your Options???

Tuesday, April 20th, 2021

The exclusive purpose for the information which is provided from this website is to disseminate information, and not to provide tax advice. 

In a nutshell, don’t ignore this legal requirement!!  The old adage, “If I ignore it long enough, it will go away” will never apply.  You’ll also have a very difficult time explaining or justifying your decision when there are several viable options that are available to you.  I always use the IRS website for information, as that is the “gospel”!  This IRS quotation is for tax year 2019:

“The penalty for not filing a Federal tax return by the due date, or extended due date, is generally 5% of the unpaid tax for each month or part of a month that a tax return is late, up to 25% of the unpaid tax. However, if the return is more than 60 days late, a minimum penalty applies. If no return has been filed after 60 days, the minimum penalty that can be charged is $435 or 100% of the unpaid tax, whichever is less.”


Tips For Preparing To File Your 2012 Individual Tax Return

Thursday, January 24th, 2013

The exclusive purpose for the information which is provided from this website is to disseminate information, and not to provide tax advice.

While the earliest time that you can file your 2012 individual tax return (Federal Form 1040) is not until January 30th, there is information that you may need IF you plan to be among the first to file your tax return this year.   If you do not already have sources for the 2012 rules that are applicable, you can use a search engine and the Internet.  Here is a notice from the IRS website at  

Forms & Publications

For taxpayers who can file their individual income tax returns beginning January 30, all forms and instructions needed have been posted to and are accessible by clicking on Current Forms & Pubs below. Some 2012 tax forms that cannot be filed beginning on January 30 are not yet available. We continue to work as quickly as possible on updates and will post them on as updates are completed.

As of today, the 2012 version of Publication 17 (Your Federal Income Tax [For Individuals]) is not yet available.  Many of the tax laws were changed or extended.  Several media sources are also recommending that you also consult with a tax preparer.  You can review pages 15-17 of my 2012 tax return questionnaire, which is available from this website ( )    

IRS Offers Tips to Help Taxpayers with the January 30  
Tax Season Opening

 The IRS will begin processing most individual income tax returns on Jan. 30 after updating forms and completing programming and testing of its processing systems. The IRS anticipated many of the tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), but the final law requires some changes before the IRS can begin accepting tax returns.

 The IRS will not process paper or electronic tax returns before the Jan. 30 opening date, so there is no advantage to filing on paper before then. Using e-file is the best way to file an accurate tax return, and using e-file with direct deposit is the fastest way to get a refund.

 Many major software providers are accepting tax returns in advance of the Jan. 30 processing date. These software providers will hold onto the returns and then electronically submit them after the IRS systems open. If you use commercial software, check with your provider for specific instructions about when they will accept your return. Software companies and tax professionals send returns to the IRS, but the timing of the refunds is determined by IRS processing, which starts Jan. 30.

 After the IRS starts processing returns, it expects to process refunds within the usual timeframes. Last year, the IRS issued more than nine out of 10 refunds to taxpayers in less than 21 days, and it expects the same results in 2013. Even though the IRS issues most refunds in less than 21 days, some tax returns will require additional review and take longer. To help protect against refund fraud, the IRS has put in place stronger security filters this filing season.

 After taxpayers file a return, they can track the status of the refund with the “Where’s My Refund?” tool available on the website. New this year, instead of an estimated date, Where’s My Refund? will give people an actual personalized refund date after the IRS processes the tax return and approves the refund.

 “Where’s My Refund?” will be available for use after the IRS starts processing tax returns on Jan. 30. Here are some tips for using “Where’s My Refund?” after it’s available on Jan. 30:  

  • Initial information will generally be available within 24 hours after the IRS receives the taxpayer’s e-filed return or four weeks after mailing a paper return.
  • The system updates every 24 hours, usually overnight. There’s no need to check more than once a day.
  • “Where’s My Refund?” provides the most accurate and complete information that the IRS has about the refund, so there is no need to call the IRS unless the web tool says to do so.
  • To use the “Where’s My Refund?” tool, taxpayers need to have a copy of their tax return for reference. Taxpayers will need their social security number, filing status and the exact dollar amount of the refund they are expecting.   

For the latest information about the Jan. 30 tax season opening, tax law changes and tax refunds, visit     

Additional IRS Resources:   

IRS YouTube Video:   

  • When Will I Get My Refund? – English