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For this tax season, the internal revenue service is expected to receive more than 150 million individual tax returns in which majority of these are prepared by using tax preparation software and filed electronically. However, note that the IRS will also beginning the processing of the paper type tax return at the same time ensuring that there is no advantage of filing paper tax return in early January as against waiting for e-file to begin.
The tax season 2016 is a little bit different from the past as tax payers will have some extra days to file their return. For example, tax payers will now have till the 18th of April to file their tax return instead of the 15th of April due to the emancipation day holiday in Washington DC that falls on Friday, April 15th. Massachusetts and Maine taxpayers will have an extra day till Tuesday, April 19 to file their tax due to the Patriots day observance on April 18th. Tax payers can use the e-file or free file for this period. For the 2016 tax season, it is expected that more than four out of five will file electronically with similar proportions getting their refunds issued through direct deposit.
It is important to understand that using e-file and direct deposit for getting your tax refunds remain the best, safest and fasted way for filling an accurate tax return and also receiving refunds. For this tax season, the IRS is anticipating the issuance of 9 out of 10 refunds within 21 days.
The free file program of the IRS is available at the IRS website, IRS.gov. It is important to mention that the IRS commercial partners offer free brand name software to a sizeable number of individuals having an income of $62,000 or less. However, all tax payers irrespective of the income will have access to online fillable forms for free which is the electronic version of the paper forms. You can get this option through the IRS.gov website and remember it is completely free. To fill out the IRS Forms, find a reliable form filling tool is as critical as tax return calculation. Wondershare PDFelement can be used as your filling option as it supports form filling as well as protection for high-sensitive documents.
Taxpayers can now enjoy better protections as the IRS is addressing tax related identity theft and other tax fraud with stronger protections for individuals and the entire tax systems which are now being implemented in tax season 2016. The measures taken by the IRS is to help attach these frauds from multiple sides. Therefore, expect new security requirements when you when you are signing in your tax software account to better protect you.
Taxpayers are encouraged to plan ahead with use helpful tools like the online resources available at the IRS.gov. Kindly note that the IRS.gov is the best place to make enquires about filling your tax return in this tax season. It is advisable to go there first to seek for help before calling the IRS phone lines if need be.
Like every other tax season, the tax season 2016 will come with a lot of tax scams and tricks which con artists will use at their disposal. These criminals look for ways in which to get your personal information and convert it into cash. It is your duty to keep your eyes wide open and not to fall for these tricks. The following are 5 common tricks con artist use to perpetuate tax scams.
Impersonating the IRS
You should always be on the watch out for criminals, who employ many tricks to get your personal information. Sometimes, they may trick you or intimidate you into providing your valuable personal information. For example, you can receive phone calls, emails from people who claim to be working for the IRS and threaten to arrest you, revoke your license or even get you deported if you do not comply with their demands. Please note that the IRS will not call you to ask for credit or debit card numbers, the IRS will not demand for an immediate payment or even threaten to bring in law enforcement agents. Please beware of this trick.
Tax Preparer Phishing
This trick is used to target accountants and tax preparation professional. These con artists send out emails to these professionals telling them of the need to update their information in order not be cut off from the IRS e-services portal. The aim is to obtain the usernames, passwords and the electronic filing identification numbers after which they impersonate as tax preparers and get the private information of other individual taxpayers. Beware of this trick and do not fall for it.
Identity Theft
This is one of the most popular tax scams around. Taxpayer’s personal identity is stolen by con men that use them to file false tax return on their behalf. These thieves will provide unscrupulous information on the return that will generate a refund they can withdraw themselves. This scam will become open when the legitimate taxpayer files for their return and only to be told that there return has already been filed. Although the IRS does a lot to reduce these sorts of incidences but the best way is to guard your personal information as well as you can.
Caller ID Spoofing
One trick you should keep your eyes on is the ability of these criminals to your own caller ID system display what looks like a legitimate IRS toll free phone number. In fact, the IRS advice taxpayers when in doubt to hang up and call the IRS on 1-800-829-1040 to be sure that the call is coming from the IRS. With this, you can beat the criminals to their trick.
Bogus Charitable Organization
Be sure you check the charities that even look convincing with the IRS to know if they are legitimately registered with the IRS as tax exempt nonprofit organization. This is because criminals have seen that a lot of people are willing to part with their money for a good cause and will always capitalize on this. Be sure that any charity organization is eligible to receive tax deductable contributions.
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