Millions Prepare for Tax Deadline

"Better to Mega"
Mega Refund
04.15.2016

Here is a brief summary over the Tax Deadline for 2015 Income Tax Reporting! Enjoy!




WASHINGTON — The Internal Revenue Service today offered last-minute advice today as more than 10 million taxpayers prepare to file tax returns in the next few days and millions more seek six-month extensions.

Millions of tax returns are expected to be filed each day as the tax deadline approaches, with more than 5 million returns possible on April 18.

According to statistics issued today, the IRS has received 107 million individual income tax returns about 70 percent of the 150.6 million the agency projects that it will receive during 2016.

The IRS reminds taxpayers that quick and easy solutions are available if they can’t file their returns by the April 18 deadline (April 19 for taxpayers in Maine and Mass.).
For those who have yet to file and need more time to finish their returns, tax-filing extensions are available. Remember, this is an extension of time to file; not an extension of time to pay. The IRS projects that it will receive 13.5 million requests for extensions of time to file, the majority of these will be e-filed.



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Source article found at IRS.GOV

For more on the latest tax updates and news, follow us online at MegaRefundIncomeTax.com! 

-Mega Refund

DeadLine for 2015 Filing Report!

"Better to Mega" 
Mega Refund
04.06.2016

Here is an article on the latest news from the IRS; filing date changes for the End of the Tax Season!




IRS:

When to file

Generally, April 15 of each year is the due date for filing your federal individual income tax return if you are a calendar year filer whose tax year ends on December 31. If you use a fiscal year (which is a year ending on the last day of any month other than December), your return is due on or before the 15th day of the fourth month after the close of your fiscal year. If the due date falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day (for example, Friday, April 15, 2016, is Emancipation Day, so tax year 2015 returns are due Monday, April 18, 2016. Taxpayers in Maine and Massachusetts observe Patriots' Day on April 18, 2016, so they will have until Tuesday, April 19, 2016 to file). Your return is considered filed timely if the envelope is properly addressed and postmarked by the due date.

If you served or are serving in a combat zone or a contingency operation, or become hospitalized resulting from an injury received while serving in such an area or operation, after the end of your tax year but before the normal filing due date of your return, you may have additional time to file and pay taxes. You have at least 180 days after you leave the designated combat zone/contingency operation to file and pay taxes. See Publication 3, Armed Forces' Tax Guide. If the Service determines you to be affected by a presidentially declared disaster or a terroristic or military action, you may have up to one year after the due date of your return to file and pay taxes, depending on the deadline specified by the Service. If you are living and working outside the United States and Puerto Rico, please refer to the instructions in Form 4868 (PDF), Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, and to Topic 304.

Extensions to file - If you cannot file by the due date of your return, then you can request an extension of time to file. To receive an automatic 6-month extension of time to file your return, you can file Form 4868 by the due date of your return. See Topic 304 for more information. However, an extension of time to file is not an extension of time to pay. You will owe interest on any past-due tax and you may be subject to a late-payment penalty if the payment of tax is not made by the original due date of your return.

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Source information found at IRS.GOV. 

For the latest in Tax law updates and news, follow us online at MegaRefundIncomeTax.com 

-Mega Refund 

California Refunds Update!

"Better to Mega"
Mega Refund
03.28.2016

This update is in response to the late distributions on CA tax return amounts for the 2015 Tax Year. Please take a moment to read through this information from the Franchise Tax Board!

Most Tax Refunds Arrive Within 12 Business Days; Some Take Longer as FTB Seeks To Prevent Tax Theft, Fraud


Sacramento – The Franchise Tax Board (FTB) today reported that most tax refunds are arriving within 12 business days for taxpayers who file electronically and request direct deposit.

However, some refunds can take significantly longer as FTB joins a nationwide effort to protect taxpayers’ money by preventing fraud, tax theft, and other abusive practices. According to the IRS, identity theft and other criminal schemes involving fraudulently filed tax returns are becoming more common.

“No one wants to see refunds delayed,” said Controller Betty T. Yee, FTB chair and the state’s chief fiscal officer. “However, FTB’s anti-fraud efforts help to assure all taxpayers that everything possible is being done to safeguard their hard-earned dollars.”

Since January 1, FTB has issued 4.2 million refunds with an average amount of $700. About 84 percent of all refunds were issued within seven to 12 days when the taxpayer elected to use direct deposit. That figure was down slightly from 90 percent in the past two years.

While most California taxpayers will see no delay, some will be asked by the FTB for more information to confirm the figures reported on their returns. Other returns will go through additional reviews to check for accuracy, completeness, and common indicators of fraud or identity theft.

The IRS reports that scammers have tried to trick taxpayers via threatening phone calls in which they impersonate tax agents and through phishing schemes aimed at stealing sensitive tax information. The U.S. Inspector General last weekurged taxpayers to stay on high alert through the end of the 2016 tax filing season.

The reviews can mean extended processing times for some taxpayers. FTB has taken this action to make sure the correct refund amount is issued to the right person.

Taxpayers may track the status of their refunds at ftb.ca.gov or download the FTB Refund Mobile App available for iPhone.

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Source information at ftb.ca.gov

For the latest in tax news and updates, please follow us on social media or our website at MegaRefundIncomeTax.com ! 

-Mega Refund

Home Based Business Deductions!

"Better to Mega"
Mega Refund
03.24.2016

Please take a moment to read one of the latest articles on business deductions for the 2015 tax year. Enjoy!

Tax Time Guide: Many Home-Based Businesses Can Use Simplified Method for Claiming Home Office Deduction; Taxpayers May Deduct up to $1,500 a Year.


WASHINGTON — The Internal Revenue Service today reminded people with home-based businesses filling out their 2015 federal income tax returns that they can choose a simplified method for claiming the deduction for business use of a home.

This is the fourth in a series of 10 IRS tips called the Tax Time Guide. These tips are designed to help taxpayers navigate common tax issues as this year’s April 18 deadline approaches.

In tax year 2013, the most recent year for which figures are available, more than 3.4 million taxpayers claimed deductions totaling just over $9.6 billion for business use of a home, commonly referred to as the home office deduction.

Introduced in tax year 2013, the optional deduction is designed to reduce the paperwork and recordkeeping burden for small businesses. The optional deduction is capped at $1,500 per year, based on $5 a square foot for up to 300 square feet.

Normally, home-based businesses are required to fill out a 43-line form (Form 8829) often with complex calculations of allocated expenses, depreciation and carryovers of unused deductions. Instead, taxpayers choosing the simplified method need only complete a short worksheet in the tax instructions and enter the result on their tax return. Self-employed individuals claim the home office deduction on Schedule C, Line 30; farmers claim it on Schedule F, Line 32 and eligible employees claim it on Schedule A, Line 21.

Though homeowners using the simplified method cannot depreciate the portion of their home used in a trade or business, they can claim allowable mortgage interest, real estate taxes and casualty losses on the home as itemized deductions on Schedule A. These deductions need not be allocated between personal and business use, as is required under the regular method.

Business expenses unrelated to the home, such as advertising, supplies and wages paid to employees, are still fully deductible. Long-standing restrictions on the home office deduction, such as the requirement that a home office be used regularly and exclusively for business and the limit tied to the income derived from the particular business, still apply under the simplified method. 

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Source information found at IRS.GOV 

For more on the latest in tax news and updates, please follow us online at MegaRefundIncomeTax.com! 

-Mega Refund

Tax Time Guide!

"Better to Mega"

Mega Refund

03.19.2016

The IRS has recently updated and released several tools to help you and your loved ones find the answers you are looking for with ease! Here is a brief article on the updates for this coming year! 

IRS Releases Tax Time Guide: Use IRS.gov Tools for Quicker Answers


WASHINGTON — With a month left before the tax deadline, the Internal Revenue Service today encouraged taxpayers working on their 2015 tax returns to take advantage of the numerous online tools and resources available on IRS.gov.

This is the first in a series of 10 IRS tips called the Tax Time Guide. These tips are designed to help taxpayers navigate common tax issues as this year’s April 18 deadline approaches. It will offer taxpayers tips on how to get help along with important options and issues to keep in mind as the tax deadline approaches.

The IRS has a wide variety of easy-to-use, online tools on IRS.gov. Through these, taxpayers can check the status of their refund, request a copy of their tax transcript or get an answer to their tax questions around the clock.

“We are doing everything we can to help taxpayers get the assistance they need this tax season," said IRS Commissioner John Koskinen. "IRS.gov and its online tools, such as the Interactive Tax Assistant, can answer most taxpayer questions — getting them the tax help they need, when they need it.” IRS information and some tools also are in Spanish.

The Interactive Tax Assistant takes taxpayers through a series of questions and provides them with responses to tax law questions about credits, deductions and general filing issues. Taxpayers get the same answers as if they’d called and spoken with an IRS representative, and they can print out the answers for their records.


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Source information found at IRS.gov. 

For the latest in tax news and updates follow us on social media & on our website at MegaRefundIncomeTax.com !

-Mega Refund

IRS Alerts for Businesses!

"Better to Mega"
03.07.2016
Mega Refund

 Another alert from the IRS! Helpful tips to aid you in the fight against digital theft in the business sector! Enjoy! 


IRS:

WASHINGTON — The Internal Revenue Service today issued an alert to payroll and human resources professionals to beware of an emerging phishing email scheme that purports to be from company executives and requests personal information on employees.

The IRS has learned this scheme — part of the surge in phishing emails seen this year — already has claimed several victims as payroll and human resources offices mistakenly email payroll data including Forms W-2 that contain Social Security numbers and other personally identifiable information to cybercriminals posing as company executives.

“This is a new twist on an old scheme using the cover of the tax season and W-2 filings to try tricking people into sharing personal data. Now the criminals are focusing their schemes on company payroll departments,” said IRS Commissioner John Koskinen. “If your CEO appears to be emailing you for a list of company employees, check it out before you respond. Everyone has a responsibility to remain diligent about confirming the identity of people requesting personal information about employees.”

IRS Criminal Investigation already is reviewing several cases in which people have been tricked into sharing SSNs with what turned out to be cybercriminals. Criminals using personal information stolen elsewhere seek to monetize data, including by filing fraudulent tax returns for refunds.

This phishing variation is known as a “spoofing” email. It will contain, for example, the actual name of the company chief executive officer. In this variation, the “CEO” sends an email to a company payroll office employee and requests a list of employees and information including SSNs.

The following are some of the details contained in the e-mails:
Kindly send me the individual 2015 W-2 (PDF) and earnings summary of all W-2 of our company staff for a quick review.


Can you send me the updated list of employees with full details (Name, Social Security Number, Date of Birth, Home Address, Salary).


I want you to send me the list of W-2 copy of employees wage and tax statement for 2015, I need them in PDF file type, you can send it as an attachment. Kindly prepare the lists and email them to me asap.

The IRS recently renewed a wider consumer alert for e-mail schemes after seeing an approximate 400 percent surge in phishing and malware incidents so far this tax season and other reports of scams targeting others in a wider tax community.

The emails are designed to trick taxpayers into thinking these are official communications from the IRS or others in the tax industry, including tax software companies. The phishing schemes can ask taxpayers about a wide range of topics. E-mails can seek information related to refunds, filing status, confirming personal information, ordering transcripts and verifying PIN information.

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Source information found at IRS.gov. 

For more on the latest in tax news and updates, follow us online at MegaRefundIncomeTax.com! 

-Mega Refund

LITC Announcement

"Better to Mega"

Mega Refund

02.25.2016

Here is some information from the IRS about the announcement for LITC qualifications! 

WASHINGTON — The Internal Revenue Service today announced it will accept applications for a part-year Low Income Taxpayer Clinic (LITC) matching grant from qualified organizations, in certain identified geographic areas, to provide representation to low income taxpayers and education about taxpayer rights and responsibilities to individuals who speak English as a second language.

The supplemental application period will run from March 1, 2016, to April 1, 2016.

Geographic Underserved Areas in Need of LITC Services

Alabama – Statewide

California – El Dorado, Imperial, Nevada, Placer, Riverside, Sacramento, San Bernardino, Sutter, Yolo and Yuba counties

Colorado – Statewide

Georgia - Statewide

Illinois – Southern Part of the State

Mississippi – Statewide

Nevada – Statewide

New Mexico – Statewide

New York – Nassau and Suffolk counties

North Carolina – Statewide

North Dakota – Statewide

Oklahoma – Statewide

Puerto Rico – Commonwealth-wide

South Carolina – Statewide

Tennessee – Eastern Part of the State

Texas – Statewide

Utah – Statewide

Washington – Central Part of the State




Grants will cover the last six months of the 2016 grant year, from July 1, 2016, to Dec. 31, 2016. Organizations currently receiving grants are not eligible. Grant funds may be awarded for start-up expenditures incurred during the grant year. An organization awarded a part-year grant will be expected to submit a separate application for full-year funding for the 2017 grant year during the 2017 grant application period, when announced later this year.

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Source information at IRS.gov

For the latest in tax law updates and news, please follow us on social media or our website at MegaRefundIncomeTax.com 

-Mega Refund 

Dirty Dozen!

"Better to Mega"

Mega Refund

02.10.2016

A statement form the IRS! Here is a clip of their latest "Dirty Dozen" article! 

Falsely Padding Deductions on Returns is on the IRS Annual “Dirty Dozen” List of Tax Scams to Avoid!

IR-2016-21, Feb. 10, 2016

WASHINGTON — The Internal Revenue Service today warned taxpayers to avoid the temptation of falsely inflating deductions or expenses on their returns to under pay what they owe and possibly receive larger refunds.

The vast majority of taxpayers file honest and accurate tax returns on time every year. However, each year some taxpayers fail to resist the temptation of fudging their information. That’s why falsely claiming deductions, expenses or credits on tax returns is on the “Dirty Dozen” tax scams list for the 2016 filing season.

"Taxpayers should file accurate returns to receive the refunds they are entitled to receive and shouldn't gamble with their taxes by padding their deductions," said IRS Commissioner John Koskinen.

Taxpayers should think twice before overstating deductions such as charitable contributions, padding their claimed business expenses or including credits that they are not entitled to receive – like the Earned Income Tax Credit or Child Tax Credit.

Increasingly efficient automated systems generate most IRS audits. The IRS can normally audit returns filed within the last three years. Additional years can be added if substantial errors are identified or fraud is suspected.

Significant civil penalties may apply for taxpayers who file incorrect tax returns including:
20 percent of the disallowed amount for filing an erroneous claim for a refund or credit.
$5,000 if the IRS determines a taxpayer has filed a “frivolous tax return.” A frivolous tax return is one that does not include enough information to figure the correct tax or that contains information clearly showing that the tax reported is substantially incorrect.
In addition to the full amount of tax owed, a taxpayer could be assessed a penalty of 75 percent of the amount owed if the underpayment on the return resulted from tax fraud.


Taxpayers even may be subject to criminal prosecution (brought to trial) for actions such as:
Tax evasion
Willful failure to file a return, supply information, or pay any tax due
Fraud and false statements
Preparing and filing a fraudulent return, or
Identity theft.

Criminal prosecution could lead to additional penalties and even prison time.

Using tax software is one of the best ways for taxpayers to ensure they file an accurate return and claim only the tax benefits they’re eligible to receive. IRS Free File is an option for taxpayers to use online software programs to prepare and e-file their tax returns for free.

Community-based volunteers at locations around the country also provide free face-to-face tax assistance to qualifying taxpayers helping make sure they file their taxes correctly, claiming only the credits and deductions for which they’re entitled by law.

Taxpayers should remember that they are legally responsible for what is on their tax return even if it is prepared by someone else, so they should be wise when selecting a tax professional. The IRS offers important tips for choosing a tax preparer at IRS.gov.

More information about IRS audits, the balance due collection process and possible civil and criminal penalties for noncompliance is available at the IRS.gov website.

Taxpayers can also learn more about the Taxpayer Bill of Rights at IRS.gov. This is a set of fundamental rights each and every taxpayer should be aware of when dealing with the IRS, including when the IRS audits a tax return.

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Source information at the IRS.gov. 

For more on the latest in tax law news and updates, follow us on Facebook, Twitter, Blogger and our website! 

-Mega Refund

Dirty Dozen List of Tax Scams

"Better to Mega"
Mega Refund
02.05.2016

A message from the IRS on how to spot just one of the 'Dirty Dozen' in Tax scams! 

Hiding Money or Income Offshore Resides on the Dirty Dozen List of Tax Scams for the 2016 Filing Season

IR-2016-17, Feb. 5, 2016

WASHINGTON — The Internal Revenue Service today said avoiding taxes by hiding money or assets in unreported offshore accounts remains on its annual list of tax scams known as the “Dirty Dozen” for the 2015 filing season.

"Our continued enforcement actions should discourage anyone from trying to illegally hide money and income offshore," said IRS Commissioner John Koskinen. "We have voluntary options to help taxpayers get their taxes and filing obligations in order."

Since the first Offshore Voluntary Disclosure Program (OVDP) opened in 2009, there have been more than 54,000 disclosures and we have collected more than $8 billion from this initiative alone. The IRS conducted thousands of offshore-related civil audits that have produced tens of millions of dollars. The IRS has also pursued criminal charges leading to billions of dollars in criminal fines and restitutions.

The IRS remains committed to our priority efforts to stop offshore tax evasion wherever it occurs. Even though the IRS has faced several years of budget reductions, the IRS continues to pursue cases in all parts of the world, regardless of whether the person hiding money overseas chooses a bank with no offices on U.S. soil.

Through the years, offshore accounts have been used to lure taxpayers into scams and schemes.

Compiled annually, the “Dirty Dozen” lists a variety of common scams that taxpayers may encounter anytime, but many of these schemes peak during filing season as people prepare their returns or hire people to help with their taxes.

Illegal scams can lead to significant penalties and interest and possible criminal prosecution. IRS Criminal Investigation works closely with the Department of Justice (DOJ) to shut down scams and prosecute the criminals behind them.

Hiding Income Offshore

Over the years, numerous individuals have been identified as evading U.S. taxes by hiding income in offshore banks, brokerage accounts or nominee entities and then using debit cards, credit cards or wire transfers to access the funds. Others have employed foreign trusts, employee-leasing schemes, private annuities or insurance plans for the same purpose.

The IRS uses information gained from its investigations to pursue taxpayers with undeclared accounts, as well as the banks and bankers suspected of helping clients hide their assets overseas. The IRS works closely with the Department of Justice (DOJ) to prosecute tax evasion cases.

While there are legitimate reasons for maintaining financial accounts abroad, there are reporting requirements that need to be fulfilled. U.S. taxpayers who maintain such accounts and who do not comply with reporting requirements are breaking the law and risk significant penalties and fines, as well as the possibility of criminal prosecution.

Since 2009, tens of thousands of individuals have come forward voluntarily to disclose their foreign financial accounts, taking advantage of special opportunities to comply with the U.S. tax system and resolve their tax obligations. And, with new foreign account reporting requirements being phased in over the next few years, hiding income offshore is increasingly more difficult.

At the beginning of 2012, the IRS reopened the Offshore Voluntary Disclosure Program (OVDP) following continued strong interest from taxpayers and tax practitioners after the closure of the 2011 and 2009 programs. This program will be open for an indefinite period until otherwise announced.

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Source information found at IRS.gov. 

For all the latest in tax news and updates, follow us online! Blogger - Twitter - Facebook and more! 

-Mega Refund

Missing your W-2 ?

"Better to Mega"
Mega Refund
02.03.2016

This is an article from the IRS, over the issue of not knowing when your W-2 statement will be arriving. For those of you who are facing a similar problem, this article might help you report your pending W-2 statement!






IRS Tax Tip 2016-12, February 3, 2016

Most people get their W-2 forms by the end of January. Form W-2, Wage and Tax Statement, shows your income and the taxes withheld from your pay for the year. You need it to file an accurate tax return.

If you haven’t received your form by mid-February, here’s what you should do:
Contact your Employer. Ask your employer (or former employer) for a copy. Be sure they have your correct address.


Call the IRS. If you are unable to get a copy from your employer, you may call the IRS at 800-829-1040 after Feb. 23. The IRS will send a letter to your employer on your behalf. You’ll need the following when you call:
Your name, address, Social Security number and phone number;
Your employer’s name, address and phone number;
The dates you worked for the employer; and
An estimate of your wages and federal income tax withheld in 2015. You can use your final pay stub for these amounts.


File on Time. Your tax return is normally due on or before April 18, 2016. Use Form 4852, Substitute for Form W-2, Wage and Tax Statement, if you don't get your W-2 in time to file. Estimate your wages and taxes withheld as best as you can. If you can’t get it done by the due date, ask for an extra six months to file. Use Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, to request more time. You can also e-file a request for more time. Do it for free with IRS Free File.


Correct if Necessary. You may need to correct your tax return if you get your missing W-2 after you file. If the tax information on the W-2 is different from what you originally reported, you may need to file an amended tax return. Use Form 1040X, Amended U.S. Individual Income Tax Return, to make the change.

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Source information at IRS.GOV. 

For more on the latest in tax law changes and updates, follow us on Facebook, Twitter and Blogger! 

-Mega Refund

10th Anniversary of EITC Awareness Day

"Better to Mega"

Mega Refund

01.29.2016

Awareness of your EITC

The IRS recently announced (in an effort to keep the public aware) that the EITC credit is available to everyone with qualifying situations. Here is a clip from the recent statement from the IRS.

Enjoy!

WASHINGTON — The Internal Revenue Service joins partners across the country in promoting the Earned Income Tax Credit on EITC Awareness Day, Friday, January 29, 2016. This is the 10thanniversary of the EITC Awareness Day campaign, a nationwide effort to alert millions of low and moderate-income workers who may be missing out on this significant tax credit.

Millions of taxpayers who earned $53,267 or less last year may qualify for EITC for the first time in 2016, making awareness critical. Local officials and community organizations nationwide are holding events on EITC Awareness Day highlighting this key benefit.

“One-third of the population eligible for EITC changes each year as their personal circumstances change,” said IRS Commissioner John Koskinen. “We want workers who may qualify for EITC for the first time to have all the information they need to get the EITC and get it right. This is an important credit for hard-working Americans, and one of the government’s best tools to fight poverty.”

Last year, more than 27.5 million eligible workers and families received almost $66.7 billion in EITC; with an average EITC amount of more than $2,400.

IRS.gov is a valuable first stop to help taxpayers get it right this filing season, from information on claiming the EITC, to learning about the Affordable Care Act (known as the health care law), to finding free tax help and preparation for qualified taxpayers. The IRS encourages everyone to use the EITC Assistant, an interactive tool on IRS.gov/eitc, to find out if they are eligible for the credit. The IRS website also provides helpful information on the health care law and how it may affect tax returns at IRS.gov/aca.

Workers, self-employed people and farmers who earned $53,267 or less last year could receive larger refunds if they qualify for the EITC. Eligible families with three or more qualifying children could get a maximum credit of up to $6,242. EITC for people without children could mean up to $503 added to their tax refund. Unlike most deductions and credits, the EITC is refundable. In other words, those eligible may get a refund from the IRS even if they owe no tax.

The IRS reminds taxpayers to be sure they have valid Social Security numbers in hand for themselves, as well as each qualifying child, before they file their return. Moreover, to get the EITC on a 2015 return, they must get these SSNs before the tax-filing deadline (April 18, 2016, for most people or Oct. 17, 2016, for those who get extensions).

Workers potentially eligible to claim the credit should visit IRS.gov/eitc to learn if they qualify and how to claim the credit. The IRS recommends that all workers who earned around $54,000 or less use the EITC Assistant to determine their filing status, if they have a qualifying child or children, if they qualify to receive the EITC and estimate the amount of the EITC they could get. If an individual doesn’t qualify for EITC, the Assistant explains why. A summary of the results can be printed and kept with the worker’s tax papers.

The IRS also reminds taxpayers about the availability of myRA, a new, free, retirement savings account from the Treasury Department. Taxpayers who have a myRA account may use Free File to deposit their tax refund or a portion of their refund into their myRA account. They just need to use Form 8888 or follow their software product’s instructions.

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Source information from IRS.gov. 

For more on the latest in tax news and updates, follow us on Facebook, Blogger, twitter and our website! Mega Refund

-Mega Refund

IRS Withholding Calculator

"Better to Mega"

Mega Refund

01.26.2016

TAX Withholding Calculator

The IRS has a great tool for those of you who are curious about how to calculate your Tax Withholding for the previous year. Be sure to try out the link and pre-calculate the amounts on your W-2. After the results, you might need to take another look at your W-4 reporting! 

Tax Calculator 

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Source information found at IRS.gov

For more on the latest tax news and updates, please follow us on facebook, blogger and our website! 

-Mega Refund

  

The Kick OFF to the Tax Season!

"Better to Mega"
Mega Refund
01.19.2016

IRS Ready to Start 2016 Tax Season!

Today (January 19th 2016) is the offical start of the Tax Season! In anticipation, the IRS has announced approximately 150,000,000 tax returns will be filed during the tax season. That's a whole lot of filing! 

Here is a snippet of the IRS article and please be sure to read the entire announcement at the IRS website!

IRS - 2016

WASHINGTON — The Internal Revenue Service announced that the nation’s 2016 individual income tax filing season opens Jan. 19, with more than 150 million tax returns expected to be filed this year.

People will have several extra days to file their tax returns this year. Taxpayers have until Monday, April 18 to file their 2015 tax returns and pay any tax due because of the Emancipation Day holiday in Washington, D.C., falling on Friday, April 15. Taxpayers in Maine and Massachusetts will have until Tuesday, April 19 because of Patriot’s Day observances on April 18.

The IRS expects more than 70 percent of taxpayers to again receive tax refunds this year. Last year, the IRS issued 109 million refunds, with an average refund of $2,797.

“IRS employees have been working hard to get ready to help taxpayers this filing season,” IRS Commissioner John Koskinen said. “As part of our Security Summit initiative, the IRS has been working closely with the tax industry and state revenue departments to provide taxpayers with stronger protections against identity theft during the tax filing season.”

The IRS encouraged taxpayers to plan ahead and take advantage of the online resources available on IRS.gov.

“IRS.gov is the best place for taxpayers to go for information about filing their income tax returns this year,” Koskinen said. “Although we will have more people staffing our phone lines this year, we expect those lines to remain busy so we encourage people to visit the web first as the quickest and easiest way to get assistance.”

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Source information from IRS.gov. 

For more on the latest tax news updates, please follow us online at BetterRefundIncomeTax.com

~Better Refund / Mega Refund

Tips to keeping security.

"Better to Mega"Mega Refund
01.13.2016

We want to be sure that we keep everyone aware of the scams that exist outside of the home and workplace. Here are a few tips that might help you and your family this year! 

Here are just a few of the easy and practical steps to better protect your tax records:

-Always retain a copy of your completed federal and state tax returns and their supporting materials. These prior-year returns will help you prepare your next year’s taxes, and receipts will document any credits or deductions you claim should question arise later.


-If you retain paper records, you should keep them in a secure location, preferably under lock and key, such as a secure desk drawer or a safe.


-If you retain you records electronically on your computer, you should always have an electronic back-up, in case your hard drive crashes. You should encrypt the files both on your computer and any back-up drives you use. You may have to purchase encryption software to ensure the files’ security.


-Dispose of old tax records properly. Never toss paper tax returns and supporting documents into the trash. Your federal and state tax records, as well as any financial or health records should be shredded before disposal.


-If you are disposing of an old computer or back-up hard drive, keep in mind there is sensitive data on these. Deleting stored tax files will not remove them from your computer. You should wipe the drives of any electronic product you trash or sell, including tablets and mobile phones, to ensure you remove all personal data. Again, this may require special disk utility software.

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Source information at IRS.gov.

For more on the latest in tax laws updates and more, follow us online at BetterRefundIncomeTax.com

-Better Refund / Mega Refund

Starting the New Season!

"Better To Mega"
Mega Refund
01.05.2016

Starting the Income Tax process - 2016!

Greetings everyone!

Welcome to a new year of Tax Filing for 2016! As of last month (Dec.) the IRS has announced that the opening BELL for Tax Season will be January 19th 2016. It is our hope that the date will stay the same, but as always, any IRS date is subject to change. We are sure that you and your family have plenty of questions, so we want to do our best to give you a few quick reminders of what you may need to bring for this season.


Standard Resources:


The W-2 .   Among the most common of filing types, the W-2 makes up the bulk of personal returns each year! Be sure to check with your Employer for the due date of YOUR W-2 !

The 1099.  Many whom are paid by 1099 are typically paid by (conventional or non-conventional) commission. Be sure you have all of your past commission earnings before filing your Taxes!

The K-1. Business Earnings. This is most common in those who gain directly from a form of Corporation (s).

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Additional Forms:


School Forms: 1098-T  (College Education Tuition)

Medical ID (Current)

Medical Insurance/ Obama Care: ACA 1095 Series forms. (As needed*)

Dependent Information. (Social Security Number / Name / Age / Status )

ITIN (As needed*)

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Every situation is unique and because of this fact, we want to encourage you to give us a call about questions or concerns you may have about your 2016 Income Taxes. We are now open Monday thru Saturday from 9am to 7pm.


Last but not least, we are PROUDLY announcing our long awaited transition to MEGA REFUND! We are launching our "Better to Mega" Campaign to all of our resources and will continue the transition into the end of the year. Although we are upgrading the name of our business, we are maintaining our quality standard of Family Service & Filing Excellence.



Thank you all for the support throughout the years, we will continue to deliver quality service for many - MANY MORE. Mega Results for a Mega Refund! 



See you soon,
- Mega Refund Staff