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.

Tax time is upon us. The IRS will begin accepting tax returns on January 17th and TaxSlayer.com is already processing thousands of tax returns every day. The question is, what should you do if you don’t have all of your tax forms?? If you are without some of your tax forms don’t fret, as a matter of fact most tax payers have yet to receive all of the forms required to file the tax return. Federal law allows employers, as well as other companies preparing tax documents (such as bank, educational institutions, day care etc.), until January 31st to provide these documents to you. With that being said you may want to get a jump on things so here are some suggestions to make sure you get these documents in your hands ASAP. • Ask your employer: While many companies don’t have to prepare the forms until the end of the month they may be able to generate them easily, especially smaller companies. Make sure you check with your boss and/or payroll department and they may be able to get it for you on the spot. • Check your address: If you have recently moved, the forms could be sent to the wrong address. A lot of the time you may forget to update your address with those that don’t send to you on a regular basis. If this is the case they may be able to resend the documents. • Check online: Many reporting agencies such as banks, mortgage lenders, and school may post the required forms online. In most cases these forms are available online long before you would receive them in the mail so make sure to check. • Contact the IRS: If all else fails you can contact the IRS in early February and they can help you track down the forms and information that you need. In most cases the information will be reported to them as well and they should be able to help. Just make sure that before you call you have all of your personal information ready to dish out. Once you receive all of your paperwork you can submit your return with TaxSlayer.com. With that being said it is not too late to get started regardless of whether or not you have everything you need. You can still register today and get started. TaxSlayer has more tools than ever to help you get the maximum refund possible and our calculations are always guaranteed. So what are you waiting on?? Get started today!!!

We all appreciate the sacrifice that our soldiers make for our country. This is one of the reasons that TaxSlayer.com offers free e-file for military members and families. There is more good news due to a new law, and many military families may be eligible for a stimulus payment this fall. Because of new legislation, the HEART Act (Heroes Earnings Assistance and Relief Tax Act of 2008) will offer a stimulus payment. Before the new act, some military members or families did not receive payment because of an absence of a SSN for a spouse or a child. Below is a quote from the IRS Commissioner: "The IRS wants to make it as easy as possible for military families to get the stimulus payments authorized by the new law. People who already have filed don’t need to do anything else to get their money. We’ll do the rest,” said IRS Commissioner Doug Shulman. “We will work as quickly as possible to put these new provisions in place while making sure the rest of the stimulus payment program continues smoothly through the summer and fall." This November, the Treasury Department will mail checks and make deposits to the qualified military families. Time frame for payments has not been set, but there will be an announcement later in the year. The number of families is estimated to be around 10,000. The IRS has even gone so far as to work with the Department of Defense. They want to make sure that eligible families get their payments from the HEART Act. There are complexities with making the new payments, but the IRS should be commended for doing their best to take care of military personnel and their families. You must have filed a 2007 federal tax return to get the stimulus payment. Even if you e-filed your return, as long as your return was accepted, you are eligible. If you are a married couple that filed a joint return, you don’t need to take any further action. For those that qualify, you should receive a payment up to $1,200 and $300 for each child under 17. Remember that these stimulus payments for military members are based on 2007 returns so if you have not filed a 2007 tax return, make sure to do it as soon as possible.

We know you’re out there. Yes, you, the taxpayer who owes the IRS and still hasn’t filed your tax return or requested an extension. Maybe you’ve put off filing your taxes for so long you’re in a panic and don’t know what to do. However, we’re here to tell you that you can still save money when you e-file, even though you will face penalties. Here’s how. Go ahead and file your tax return, even though you’ve put it off until past the deadline, because the penalties you already owe will increase if you don’t. E-file today and you can keep that from happening. The IRS charges a failure-to-file penalty at 5 percent of the balance due on your taxes per month. Even letting just part of a month lapse will tack on 5 percent- so don’t wait. The increase can be as high as 25 percent of the balance you owe. That is money you will save if you e-file now. The minimum penalty for a return over 60 days late is the less of $135 or the balance due. The IRS also charges a failure-to-pay penalty at 0.5% per month plus a monthly interest charge. The penalty cannot be more than 25% of the unpaid tax. The reality is that the tax deadline has passed and it is too late to file an extension. In order to save yourself some money and sanity, you should complete your return today and pay any tax due.