As the end of 2012 winds down, it is important to know which filing status applies to you and how it will affect the amount of taxes you could owe. Your federal tax filing status, which is based on your marital and family situation, is used to determine your filing requirements, eligibility for certain credits, what your standard deduction is, whether you must file a return and your correct tax. Your marital status on the last day of the year determines your status for the entire year. If more than one filing status applies to you, you may choose the one that gives you the lowest tax obligation. [Read More...]

There are many events in life that have a noteworthy tax impact. In this series, we will discuss how simple life changes such as marriage, the birth of a child, divorce or separation, job loss and starting a new career can significantly impact your tax liability or refund. This week we will discuss the tax consequences of a life change like getting married. One of the biggest headaches about getting married and filing your taxes is simply changing your name.  If you changed your name as a result of a recent marriage, you will need to take the necessary steps to ensure that the name on your Social Security Card matches the name on the tax return. A mismatch between the name on your tax return and the name registered with the Social Security Administration can cause problems in the processing of your tax return and can even affect when you receive your refund. If you took your spouse’s last name or both spouses hyphenated their last names, you will need to notify the Social Security Administration. If you do not, when you file your tax return using your new last name, the IRS computers will not be able to match the new name with your social security number. However, the steps to inform the Social Security Administration of a name change are easy. You will need to file a Form SS-5, Application for a Social Security Card at your local SSA office. When you go to fill out this form, it is important to bring a recently issued document, an original marriage certificate, as proof of your legal name change. The new card that the Social Security Administration will administer to you will show your new legal name, but contain your same social security number. If your spouse has a previous tax balance with the IRS, you can prevent your portion of a jointly filed tax refund from being used to offset their remaining tax balance by filing your 1040 along with a Form 8379, Injured Spouse Allocation. The Injured Spouse Allocation form should only be filed if all or part of your portion of the tax refund is expected to be applied to your spouse’s past-due federal tax, state tax, child or spousal support, or a federal nontax debt, such as a student loan.   Tune in next week as we discuss the tax consequences of having a child!

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.

Ever wonder what your refund will be while you’re on the go? TaxSlayer.com has taken care of that with the new phone app. Answer a few simple questions, and you will have an estimate of your tax refund for the year. It’s simple, quick, and easy. The following steps will give you an estimate in no time: • Fill out your filing status • Use a pay stub • Get the results When entering your pay stub, make sure to clarify whether it is weekly, bi-weekly, or monthly. When tax season comes around again, use TaxSlayer.com to get the largest refund. There is something to look forward to about taxes. A large refund can be a great start to the new year. It is never too early to start preparing. Package Size:0.091 MBInstall Size:0.17 MB. The app is available on the Droid market, and a push has been made to get it on the IPhone as well. Angry birds, Scrabble, Banking. All of these kinds of phone apps have taken off in popularity. Why not taxes? It may seem a little dry at first, but how many of those other apps guarantee money in your pocket? Companies are getting into the smart phone market, and TaxSlayer.com is no different. We want to reach our customers in every way. This app is completely free too. Taxes may seem intimidating; but the more familiar you become, the easier it will be. If you plan on working your job all year, it makes it even simpler. Paying those federal and social security taxes do have a benefit. Before filing next year, it is crucial that you get your W-2 before finalizing tax preparation. Using a pay stub alone can give you a great estimate, but there are countless cases where people get trigger happy at the beginning of the year by just using their pay stub. This can lead to the dreaded amended return that can delay your refund by weeks. TaxSlayer.com is with you the whole way for tax help. Take a look at the phone app just to get a feel for your refund now. When it comes time, use our services for simple web e-file of taxes.