Now that tax season has passed, it’s time to start planning to ensure you get the biggest tax refund for tax year 2012. 1. Estimate your 2012 taxes now with our tax calculator The easiest way to find out if you are on the path to the largest refund next year, is to simply enter your income and withholdings in TaxSlayer.com’s refund calculator. You just need to plug in your income and withholdings and the calculator will do the rest. 2. Don’t like what you see? Change your Federal withholdings with your employer The easiest way to get a larger refund is to change your tax withholding from your paycheck. If you don’t like what the refund calculator has estimated, you should think about reducing your allowances either to 0 or as close to 0 as possible. If you do this, you will have more federal taxes deducted from your paycheck. In most cases, you will get the extra withholdings back when you file your 2012 tax return. 3. Clean out your closet! Donations are a fast and efficient way to help you get a little extra back on your return. Go through your closet, attic, and storage building and turn your trash into someone else’s treasure. Take your donated clothing to Goodwill or The Salvation Army and claim your receipt. Now sit back and receive your treasure with possibly an extra deduction on your tax return. Getting a larger refund requires planning, just like many other financial matters. Start planning for your refund today, by estimating it with our tax refund calculator.

Without fail it seems that the most common question we get from our customer is “When will I get my refund?” While we estimate that most tax refunds are received by our customers 8-10 days from the date of an accepted e-file, some customers can receive refunds in as little as five days. With that being said, once the return has been filed and accepted the refund process is 100% in the hands of the IRS. Multiple delays in IRS processing have resulted in many tax payer refunds being delayed. This issue has affected taxpayers across the United States and is widespread across online tax prep services and tax preparers. The IRS has not cited an exact reason for these delays although many analysts cite difficulties implementing the new (and supposedly faster) modernized e-file system. We have heard a laundry list of accounts from our customers. Fear not, even my refund was delayed. That’s right, yours truly, a tax preparer of almost 10 years and an employee of TaxSlayer.com, and my refund is out in space somewhere. Below is a screenshot of the information provided to me by the IRS. Keep in mind I filed my tax return on January 21st and this is all of the information that I am being provided. The main thing to keep in mind is that you must be patient. The IRS is going to process all of the refunds in due time and at this point all we can do is wait. The IRS “Where’s My Refund” site can provide the most up to date information. You can get to it here. They also have more detailed answers to questions and scenarios here. Make sure to keep checking and if there is anything else that TaxSlayer.com support can help you with make sure you contact them and they will do everything they can.

Many people go throughout the year leaving money on the table when it comes to filing tax returns. Many feel they shouldn’t file because they earned very little income; CAUTION this could be a huge mistake! People across the U.S. realize that the IRS has income requirements based on filing status, age, and type of income that needs to be met before you are required to file a tax return. However, many people don’t know that you should file even if the IRS doesn’t require it. Everyone knows that understanding taxes isn’t the easiest thing but a simple check could fatten your wallet. Here are seven points you should consider before deciding not to file: 1. Federal Withholdings From Your Income - Practically everyone allows their employer to withhold Federal and State taxes from their pay throughout the year. Many people even make estimated tax payments or have a prior year overpayment applied to this year’s tax. If this year’s tax is less than your payments you are due a refund. 2. Earned Income Tax Credit - For some tax payers that work but did not earn a lot of money, you may qualify for the Earned Income Tax Credit if you meet all the requirements. The Earned Income Tax Credit is a refundable tax credit that is treated as a payment to help offset taxes and whatever is left over can be used to increase your refund. The Earned Income Tax Credit for tax year 2011 can be as much as $5,751 if you qualify. However, the only way to know if you are eligible for the Earned Income Tax Credit is to file a tax return. 3. Additional Child Tax Credit - This is another refundable tax credit that may be available to you if you have at least one qualifying child and you didn’t get the full amount of the Child Tax Credit. 4. American Opportunity Tax Credit - This partially refundable tax credit is available to students or parents/ guardians that are eligible to claim the student. Students in their first four years of college may qualify for the credit. As much as $1,000 can be refunded back to you for each eligible student. 5. Adoption Credit - If you have adopted a child you may be able to claim a refund on qualified expenses you paid to adopt an eligible child. 6. Health Coverage Tax Credit - Eligible candidates must be a Pension Benefit Guaranty Corporation payee or Trade Adjustment Assistant recipient who receives Trade Readjustment Allowance (TRA) or Unemployment Insurance in lieu of TRA. If you qualify and pay 100% of your health plan premiums throughout the year, you can claim and be refunded 65% of your payments on your tax return. 7. First Time Homebuyer - Service members that meet certain time periods outside the United States on qualified extended duty may qualify for up to $8,000 if they meet requirements for the First Time Home Buyers Credit. As you can see, it can possibly cost you thousands of dollars if you decide not to file without looking into it. TaxSlayer.com can help by simply starting a tax return and letting our software guide you on your way to ensuring you receive the maximum refund possible. We guarantee it!