You can start preparing your 2011 taxes now, however the IRS will not begin processing tax returns until January 17, 2012.
Typically the tax season ends on April 15th, however this year the 15th falls on a Sunday and the 16th is Emancipation Day in the District of Columbia. So you have until April 17th 2012 this year.
* This is the projected date that the refund will be direct deposited or mailed.
It may take up to 5 additional days for the financial institution to post the
refund to your account, or for mail delivery
| IRS accepts your return (by 11:00 am) between… | Projected Direct Deposit Sent* | Projected Paper Check Mailed* |
|---|---|---|
| Jan 17 and Jan 18, 2012 | Jan 25, 2012 | Jan 27, 2012 |
| Jan 19 and Jan 25, 2012 | Feb 1, 2012 | Feb 3, 2012 |
| Jan 26 and Feb 1, 2012 | Feb 8, 2012 | Feb 10, 2012 |
| Feb 2 and Feb 8, 2012 | Feb 15, 2012 | Feb 17, 2012 |
| Feb 9 and Feb 15, 2012 | Feb 22, 2012 | Feb 24, 2012 |
| Feb 16 and Feb 22, 2012 | Feb 29, 2012 | Mar 2, 2012 |
| Feb 23 and Feb 29, 2012 | Mar 7, 2012 | Mar 9, 2012 |
| Mar 1 and Mar 7, 2012 | Mar 14, 2012 | Mar 16, 2012 |
| Mar 8 and Mar 14, 2012 | Mar 21, 2012 | Mar 23, 2012 |
| Mar 15 and Mar 21, 2012 | Mar 28, 2012 | Mar 30, 2012 |
| Mar 22 and Mar 28, 2012 | Apr 4, 2012 | Apr 6, 2012 |
| Mar 29 and Apr 4, 2012 | Apr 11, 2012 | Apr 13, 2012 |
| Apr 5 and Apr 11, 2012 | Apr 18, 2012 | Apr 20, 2012 |
| Apr 12 and Apr 18, 2012 | Apr 25, 2012 | Apr 27, 2012 |
| Apr 19 and Apr 25, 2012 | May 2, 2012 | May 4, 2012 |
| Apr 26 and May 2, 2012 | May 9, 2012 | May 11, 2012 |
| May 3 and May 9, 2012 | May 16, 2012 | May 18, 2012 |
| May 10 and May 16, 2012 | May 23, 2012 | May 25, 2012 |
| May 17 and May 23, 2012 | May 30, 2012 | Jun 1, 2012 |
| May 24 and May 30, 2012 | Jun 6, 2012 | Jun 8, 2012 |
| May 31 and Jun 6, 2012 | Jun 13, 2012 | Jun 15, 2012 |
| Jun 7 and Jun 13, 2012 | Jun 20, 2012 | Jun 22, 2012 |
| Jun 14 and Jun 20, 2012 | Jun 27, 2012 | Jun 29, 2012 |
| Jun 21 and Jun 27, 2012 | Jul 4, 2012 | Jul 6, 2012 |
| Jun 28 and Jul 4, 2012 | Jul 11, 2012 | Jul 13, 2012 |
| Jul 5 and Jul 11, 2012 | Jul 18, 2012 | Jul 20, 2012 |
| Jul 12 and Jul 18, 2012 | Jul 25, 2012 | Jul 27, 2012 |
| Jul 19 and Jul 25, 2012 | Aug 1, 2012 | Aug 3, 2012 |
| Jul 26 and Aug 1, 2012 | Aug 8, 2012 | Aug 10, 2012 |
| Aug 2 and Aug 8, 2012 | Aug 15, 2012 | Aug 17, 2012 |
| Aug 9 and Aug 15, 2012 | Aug 22, 2012 | Aug 24, 2012 |
| Aug 16 and Aug 22, 2012 | Aug 29, 2012 | Aug 31, 2012 |
| Aug 23 and Aug 29, 2012 | Sep 5, 2012 | Sep 7, 2012 |
| Aug 30 and Sep 5, 2012 | Sep 12, 2012 | Sep 14, 2012 |
| Sep 6 and Sep 12, 2012 | Sep 19, 2012 | Sep 21, 2012 |
| Sep 13 and Sep 19, 2012 | Sep 26, 2012 | Sep 28, 2012 |
| Sep 20 and Sep 26, 2012 | Oct 3, 2012 | Oct 5, 2012 |
| Sep 27 and Oct 3, 2012 | Oct 10, 2012 | Oct 12, 2012 |
| Oct 4 and Oct 10, 2012 | Oct 17, 2012 | Oct 19, 2012 |
| Oct 11 and Oct 17, 2012 | Oct 24, 2012 | Oct 26, 2012 |
| Oct 18 and Oct 24, 2012 | Oct 31, 2012 | Nov 2, 2012 |
| Oct 25 and Oct 31, 2012 | Nov 7, 2012 | Nov 9, 2012 |
| Nov 1 and Nov 7, 2012 | Nov 14, 2012 | Nov 16, 2012 |
| Nov 8 and Nov 14, 2012 | Nov 21, 2012 | Nov 23, 2012 |
| Nov 15 and Nov 21, 2012 | Nov 28, 2012 | Nov 30, 2012 |
| Nov 22 and Nov 28, 2012 | Dec 5, 2012 | Dec 7, 2012 |
| Nov 29 and Dec 5, 2012 | Dec 12, 2012 | Dec 14, 2012 |
| Dec 6 and Dec 12, 2012 | Dec 19, 2012 | Dec 21, 2012 |
| Dec 13 and Dec 19, 2012 | Dec 27, 2012 | Dec 31, 2012 |
| Dec 20 and Dec 26, 2012 | Jan 3, 2013 | Jan 7, 2013 |
* The IRS does not guarantee a specific date that a refund will be deposited into a taxpayer’s financial institution account or when it will be mailed.
You can check the status of your refund 72 hours after IRS acknowledges receipt of your e-filed return. For the fastest information call 1-800-829-1954 or 1-800-829-4477.
Based on the date your return was accepted by the IRS, the earliest your refund will be direct deposited or mailed is shown on the chart above. This is a projected date based on normal processing. On the Wednesday prior to the projected date, you can go to www.irs.gov and click on Where’s my refund? to get any changes to the projected date.
The 2011 Earned Income Credit (EIC) chart.
iPhone and other pdf enabled mobile devices click the link at the bottom of the page
Make sure you have all the needed documents, including all your Forms W-2, before you file your 2011 tax return. You should receive an IRS Form W-2, Wage and Tax Statement, from each of your employers. Employers have until Jan. 31, 2012 to issue your 2011 Form W-2 earnings statement.
If you haven’t received your W-2, follow these four steps:
1. Contact your employer If you have not received your W-2, contact your employer to inquire if and when the W2 was mailed. If it was mailed, it may have been returned to the employer because of an incorrect or incomplete address. After contacting the employer, allow a reasonable amount of time for them to resend or issue the W2.
2. Contact the IRS If you do not receive your W-2 by Feb. 14, contact the IRS for assistance at 800-829-1040. When you call, you must provide your name, address, Social Security number, phone number and have the following information:
• Employer’s name, address and phone number
• Dates of employment
• An estimate of the wages you earned, the federal income tax withheld, and when you worked for that employer during 2011. The estimate should be based on year-to-date information from your final pay stub or leave-and-earnings statement, if possible.
3. File your return You still must file your tax return or request an extension to file by April 17, 2012, even if you do not receive your Form W-2. If you have not received your Form W-2 in time to file your return by the due date, and have completed steps 1 and 2, you may use Form 4852, Substitute for Form W-2, Wage and Tax Statement. Attach Form 4852 to the return, estimating income and withholding taxes as accurately as possible. There may be a delay in any refund due while the information is verified.
4. File a Form 1040X On occasion, you may receive your missing W-2 after you file your return using Form 4852, and the information may be different from what you reported on your return. If this happens, you must amend your return by filing a Form 1040X, Amended U.S. Individual Income Tax Return.
Form 4852, Form 1040X and instructions are available on this website or by calling 800-TAX-FORM (800-829-3676).
The Earned Income Tax Credit is a financial boost for workers earning $49,078 or less in 2011. Four of five eligible taxpayers filed for and received their EITC last year. The IRS wants you to get what you earned also, if you are eligible.
1. As your financial, marital or parental situations change from year to year, you should review the EITC eligibility rules to determine whether you qualify. Just because you didn’t qualify last year doesn’t mean you won’t this year.
2. If you qualify, the credit could be worth up to $5,751. EITC not only reduces the federal tax you owe, but could result in a refund. The amount of your EITC is based on your earned income and whether or not there are qualifying children in your household. The average credit was around $2,240 last year.
3. If you are eligible for EITC, you must file a federal income tax return and specifically claim the credit – even if you are not otherwise required to file. Remember to include Schedule EIC, Earned Income Credit when you file your Form 1040 or, if you file Form 1040A, use and retain the EIC worksheet.
4. You do not qualify for EITC if your filing status is Married Filing Separately.
5. You must have a valid Social Security number for yourself, your spouse – if filing a joint return – and any qualifying child listed on Schedule EIC.
6. You must have earned income. You have earned income if you work for someone who pays you wages, you are self-employed, you have income from farming, or – in some cases – you receive disability income.
7. Married couples and single people without children may qualify. If you do not have qualifying children, you must also meet the age and residency requirements, as well as dependency rules.
8. Special rules apply to members of the U.S. Armed Forces in combat zones. Members of the military can elect to include their nontaxable combat pay in earned income for the EITC. If you make this election, the combat pay remains nontaxable.
9. Free help is available at Volunteer Income Tax Assistance sites to help you prepare and claim your EITC. If you are preparing your taxes electronically, the software will figure the credit for you. To find a VITA site near you, visit the IRS.gov website.
For more information about the EITC, see IRS Publication 596, Earned Income Credit. The 2011 EIC Chart has all your earned income credit amounts based on total income. You can download this publication and chart from this website or order it by calling 800-TAX-FORM (800-829-3676). The IRS.gov site has a Spanish version if needed.
Earned Income Tax Credit
Publication 596, Earned Income Credit (EIC)
Tax Topic 601, Earned Income Credit
2011 EIC Chart
WASHINGTON – The Internal Revenue Service and the Justice Department today announced the results of a massive national sweep cracking down on suspected identity theft perpetrators as part of a stepped-up effort against refund fraud and identity theft.
Working with the Justice Department’s Tax Division and local U.S. Attorneys’ offices, the nationwide effort targeted 105 people in 23 states. The coast-to-coast effort took place over the last week and included indictments, arrests and the execution of search warrants involving the potential theft of thousands of identities and taxpayer refunds. In all, 939 criminal charges are included in the 69 indictments and information related to identity theft.
In addition, IRS auditors and investigators conducted extensive compliance visits to money service businesses in nine locations across the country in the past week. The approximately 150 visits occurred to help ensure these check-cashing facilities aren’t facilitating refund fraud and identity theft.
“This unprecedented effort against identity theft sends a strong, unmistakable message to anyone considering participating in a refund fraud scheme this tax season,” said IRS Commissioner Doug Shulman. “We are aggressively pursuing cases across the nation with the Justice Department, and people will be going to jail. This is part of a much wider effort underway at the IRS to help protect taxpayers.”
“The Justice Department is working closely with the IRS to investigate, prosecute, and punish tax refund crimes committed through the theft of identities,” said Principal Deputy Assistant Attorney General John A. DiCicco of the Tax Division. “Now, more than ever, we must remain vigilant against the unauthorized use of identification information to defraud the U.S. government.”
The national effort is part of a comprehensive identity theft strategy the IRS has embarked on that is focused on preventing, detecting and resolving identity theft cases as soon as possible. In addition to the law-enforcement crackdown, the IRS has stepped up its internal reviews to spot false tax returns before tax refunds are issued as well as working to help victims of the identity theft refund schemes.
The law-enforcement sweep started last week across the country, reflecting investigative efforts stretching back months and even years.
The nationwide effort by the Justice Department and the IRS led to actions taking place in 23 locations across the country with 105 individuals. The actions included 80 complaints/indictments and information, 58 arrests, 19 search warrants, 10 guilty pleas and four sentencings. A map of the locations and additional details on the actions are available on IRS.gov, the IRS Civil and Criminal Actions page and the Department of Justice Tax Division page.
Beyond the criminal actions, the IRS enforcement personnel conducted a special sweep last week and on Monday to visit 150 money services businesses to help make sure these businesses are not knowingly or unknowingly facilitating identity theft or refund fraud. The visits occurred in nine high-risk places identified by the IRS covering areas in and surrounding Atlanta, Birmingham, Ala., Chicago, Los Angeles, Miami, New York, Phoenix, Tampa and Washington, D.C.
In addition, the IRS has more than 250 check-cashing operations under audit across the country and will be looking for indicators of identity theft as part of the exam effort.
The information from these audits and compliance visits will be used to assist continuing IRS investigations into refund fraud and identity theft.
The IRS also is taking a number of additional steps this tax season to prevent identity theft and detect refund fraud before it occurs. These efforts includes designing new identity theft screening filters that will improve the IRS’s ability to spot false returns before they are processed and before a refund is issued, as well as expanded efforts to place identity theft indicators on taxpayer accounts to track and manage identity theft incidents.
To help taxpayers, the IRS earlier this month created a new, special section on IRS.gov dedicated to identity theft matters, including YouTube videos, tips for taxpayers and a special guide to assistance. The information includes how to contact the IRS Identity Protection Specialized Unit and tips to protect against “phishing” schemes that can lead to identity theft.
Identity theft occurs when someone uses another’s personal information without their permission to commit fraud or other crimes using the victim’s name, Social Security number or other identifying information. When it comes to federal taxes, taxpayers may not be aware they have become victims of identity theft until they receive a letter from the IRS stating more than one tax return was filed with their information or that IRS records show wages from an employer the taxpayer has not worked for in the past.
If a taxpayer receives a notice from the IRS indicating identity theft, they should follow the instructions in that notice. A taxpayer who believes they are at risk of identity theft due to lost or stolen personal information should contact the IRS immediately so the agency can take action to secure their tax account. The taxpayer should contact the IRS Identity Protection Specialized Unit at 800-908-4490. The taxpayer will be asked to complete the IRS Identity Theft Affidavit, Form 14039, and follow the instructions on the back of the form based on their situation.
Taxpayers looking for additional information can consult the Taxpayer Guide to Identity Theft or the IRS Identity Theft Protection page on the IRS website.
Even though each individual tax return is different, some tax rules affect every person who may have to file a federal income tax return. These rules include dependents and exemptions. The IRS has six important facts about dependents and exemptions that will help you file your 2011 tax return.
1. Exemptions reduce your taxable income. There are two types of exemptions: personal exemptions and exemptions for dependents. For each exemption you can deduct $3,700 on your 2011 tax return.
2. Your spouse is never considered your dependent. On a joint return, you may claim one exemption for yourself and one for your spouse. If you’re filing a separate return, you may claim the exemption for your spouse only if they had no gross income, are not filing a joint return, and were not the dependent of another taxpayer.
3. Exemptions for dependents. You generally can take an exemption for each of your dependents. A dependent is your qualifying child or qualifying relative. You must list the Social Security number of any dependent for whom you claim an exemption.
4. If someone else claims you as a dependent, you may still be required to file your own tax return. Whether you must file a return depends on several factors including the amount of your unearned, earned or gross income, your marital status and any special taxes you owe.
5. If you are a dependent, you may not claim an exemption. If someone else – such as your parent – claims you as a dependent, you may not claim your personal exemption on your own tax return.
6. Some people cannot be claimed as your dependent. Generally, you may not claim a married person as a dependent if they file a joint return with their spouse. Also, to claim someone as a dependent, that person must be a U.S. citizen, U.S. resident alien, U.S. national or resident of Canada or Mexico for some part of the year. There is an exception to this rule for certain adopted children. See IRS Publication 501, Exemptions, Standard Deduction, and Filing Information for additional tests to determine who can be claimed as a dependent.
For more information on exemptions, dependents and whether you or your dependent needs to file a tax return, see IRS Publication 501. The publication is available below or can be ordered by calling 800-TAX-FORM (800-829-3676).
The IRS announced on Thursday (Jan 26, 2012) that some tax refunds may be delayed that were filed in the first week of the tax season. The delayed tax refunds could take as much as 14 days to process instead of the usual 7 to 10 days.
“As with the start of any tax season, there are system validations that occur requiring some fine-tuning of our systems. As part of this, some taxpayers will receive refunds approximately one week later than initial projections they may have received, but these are still in line with historical refund delivery times” the IRS said.
Apparently their new validation system is working. Two tax preparers in Detroit have been arrested and a third is on the run, for attempting to defraud the governmnet by filing over 350 tax returns using the stolen identities of recently deceased people across the country. The fraud resulted in around $800,000 in fraudulent tax refunds.
Based on the date you file your taxes you can see the expected date to receive your tax refund by visiting 2012 IRS e-file Refund Cycle Chart. You can also use the IRS page Where’s my refund? to see if their was a problem with your tax return.
The IRS “apologizes for any inconvenience caused by the revised refund dates.”
Sometimes taxpayers need a copy of an old tax return, but can’t find or don’t have their own records. There are three easy and convenient options for getting tax return transcripts and tax account transcripts from the IRS: on the web, by phone or by mail. There are eight things you need to know about getting federal tax return information from a previously filed tax return.
1. You can order transcripts online or by phone for the current tax year as well as the past three tax years. Earlier tax years must be requested with Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript.
2. A tax return transcript shows most line items from your tax return as it was originally filed, including any accompanying forms and schedules. It does not reflect any changes made after the return was filed.
3. A tax account transcript shows any later adjustments either you or the IRS made after the tax return was filed. This transcript shows basic data, including marital status, type of return filed, adjusted gross income and taxable income.
4. To request either transcript online from this website use our online tool called Order a Transcript. To order by phone, call 800-908-9946 and follow the prompts in the recorded message. When you use these automated self-service options, the selected transcript will be mailed to your current address of record. To have your transcript mailed to a different address, complete and mail Form 4506-T, Request for Transcript of Tax Return. The IRS does not charge a fee for transcripts.
5. To request a 1040, 1040A or 1040EZ tax return transcript through the mail, complete IRS Form 4506T-EZ. Businesses, partnerships and individuals who need transcript information from other forms or need a tax account transcript must use the Form 4506T.
6. If you order online or by phone, you should receive your tax return transcript within five to 10 calendar days from the time the IRS receives your request. Allow 30 calendar days for delivery of a tax account transcript if you order by mail using Form 4506T or Form 4506T-EZ.
7. If you still need an actual copy of a previously processed tax return, it will cost $57 for each tax year you order. Complete Form 4506, Request for Copy of Tax Return, and mail it to the IRS address listed on the form for your area. Copies are generally available for the current year as well as the past six years. Please allow 60 days for actual copies of your return.
8. Visit this website to determine which form will meet your needs. Forms 4506, 4506T and 4506T-EZ can be downloaded here or by calling the IRS forms and publications order line at 800-TAX-FORM (800-829-3676).
There are many benefits that come from being your own boss. If you work for yourself, as an independent contractor, or you carry on a trade or business as a sole proprietor, you are generally considered to be self-employed.
Here are six key points about self-employment and self- employment taxes:
1. Self-employment can include work in addition to your regular full-time business activities, such as part-time work you do at home or in addition to your regular job.
2. If you are self-employed you generally have to pay self-employment tax as well as income tax. Self-employment tax is a Social Security and Medicare tax primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners. You figure self-employment tax using a Form 1040 Schedule SE. Also, you can deduct half of your self-employment tax in figuring your adjusted gross income.
3. You file an IRS Schedule C, Profit or Loss from Business, or C-EZ, Net Profit from Business, with your Form 1040.
4. If you are self-employed you may have to make estimated tax payments. This applies even if you also have a full-time or part-time job and your employer withholds taxes from your wages. Estimated tax is the method used to pay tax on income that is not subject to withholding. If you fail to make quarterly payments you may be penalized for underpayment at the end of the tax year.
5. You can deduct the costs of running your business. These costs are known as business expenses. These are costs you do not have to capitalize or include in the cost of goods sold but can deduct in the current year.
6. To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that is helpful and appropriate for your business. An expense does not have to be indispensable to be considered necessary.
For more information see the Self-employment Tax Center, IRS Publication 334, Tax Guide for Small Business, IRS Publication 535, Business Expenses and Publication 505, Tax Withholding and Estimated Tax, available below or by calling the IRS forms and publications order line at 800-TAX-FORM (800-829-3676).
Related Forms & Publications:
Publication 334, Tax Guide for Small Business
Publication 535, Business Expenses
Publication 505, Tax Withholding and Estimated Tax
Schedule C, Profit or Loss from Business and instructions
Schedule C-EZ, Net Profit from Business
Schedule SE, Self-Employment Tax and instructions
Form 1040-ES, Estimated Tax for Individuals
Your children may help you qualify for some valuable tax benefits.
Here are 10 things parents should consider when filing their taxes this year.
1. Dependents In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information.
2. Child Tax Credit You may be able to take this credit for each of your children under age 17. If you do not benefit from the full amount of the Child Tax Credit, you may be eligible for the Additional Child Tax Credit. For more information see IRS Publication 972, Child Tax Credit.
3. Child and Dependent Care Credit You may be able to claim this credit if you pay someone to care for your child or children under age 13 so that you can work or look for work. See IRS Publication 503, Child and Dependent Care Expenses.
4. Earned Income Tax Credit The EITC is a tax benefit for certain people who work and have earned income from wages, self-employment or farming. EITC reduces the amount of tax you owe and may also give you a refund. IRS Publication 596, Earned Income Credit, has more details.
5. Adoption Credit You may be able to take a tax credit for qualifying expenses paid to adopt an eligible child. If you claim the adoption credit, you must file a paper tax return with required adoption-related documents. For details, see the instructions for IRS Form 8839, Qualified Adoption Expenses.
6. Children with earned income If your child has income earned from working, they may be required to file a tax return. For more information, see IRS Publication 501.
7. Children with investment income Under certain circumstances a child’s investment income may be taxed at their parent’s tax rate. For more information, see IRS Publication 929, Tax Rules for Children and Dependents.
8. Higher education credits Education tax credits can help offset the costs of higher education. The American Opportunity and the Lifetime Learning Credits are education credits that can reduce your federal income tax dollar-for-dollar. See IRS Publication 970, Tax Benefits for Education, for details.
9. Student loan interest You may be able to deduct interest paid on a qualified student loan, even if you do not itemize your deductions. For more information, see IRS Publication 970.
10. Self-employed health insurance deduction If you were self-employed and paid for health insurance, you may be able to deduct any premiums you paid for coverage for any child of yours who was under age 27 at the end of the year, even if the child was not your dependent.
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