Last Minute Tax Tips - What If You Can't Pay And Other Advice

Tomorrow at midnight is Tax Day, the annual tax filing deadline for U.S. taxpayers. In keeping with this yearly ritual, I came across a piece from NBC's "The Today Show" that featured financial news correspondent Sharon Epperson (from the network's sister financial cable network, CNBC) providing last minute tax tips for late filers. In the video (below) Epperson provides, among other things, advice on what to do should you owe the I.R.S. money but can't pay at the time of filing--as well as other last-minute filing advice.

Happy filing!

IRS Opens Tax Refund Inquiry Resources

A few weeks ago, I posted the projected Internal Revenue Service (IRS) tax refund schedule ("IRS Delays The Start Of Tax Season") for the millions of electronic tax filers (e-filers) due to the late start of the income tax season this year (and yes, April 15th is still the due date).  Well, for the rest of us who are not in such a hurry to (pay others to) prepare and receive our tax refunds, the IRS has officially begun to make available it's Tax Refund Status inquiry center.
Filer can now log onto the IRS "Get Refund Status" website, and retrieve information on when they can expect to receive their tax refunds.  However, in order to retrieve this information, you will need to remember your filing status, your social security number, and the exact amount you expect to be receiving.
Additionally, the IRS cautions that there are guidelines filers should follow in making these inquiries:

• Refund information for the most current tax year that you filed will generally be available 72 hours after we acknowledge receipt of your e-filed return, or three to four weeks after you mail your paper return
• Get Refund Status does not track refunds that are claimed on amended tax returns. Amended/corrected returns may take 8 to 12 weeks, or longer, to process.
• If it's been more than 8 weeks since you filed your amended return and you haven't received your refund, please contact a customer service representative by calling 800-829-1040. From outside the U.S., call 267-941-1000. TTY/TDD: 800-829-4059

Get Refund Status is available almost all of the time. However, our system is not available every Monday, early, from 12:00 am (Midnight) to 3:00 am Eastern Time.  The IRS's Change of Address and Refund Trace features are not available during the following times (Eastern Time):

Sunday           12:00 am (Midnight) to 7:00 pm
Monday          12:00 am (Midnight) to 6:00 am
Tuesday          3:30 am to 6:00 am
Wednesday     3:30 am to 6:00 am
Thursday         3:30 am to 6:00 am
Friday             3:30 am to 6:00 am
Saturday         3:30 am to 6:00 am and 9:00 pm to Midnight


Finally, the IRS's online and telephone information retrieval systems do not operate on a 24 hours, 7 days a week level of availability.  The window of opportunity to get this information is as follows:


Also, occasionally the system may be unavailable on Sundays between 1:00 am and 7:00 am, Eastern Time.

IRS Delays Start of the 2013 Tax Season

Earlier this month, Congress—in a rare display of intraparty cooperation—made changes in the tax law under the American Taxpayer Relief Act (ATRA), reflecting the changes of the late tax law enacted Jan. 2. Earlier this week, the Internal Revenue Service (IRS) announced plans to open the 2013 tax filing season, and begin processing individual income tax returns starting on January 30th. Late changes in the tax law required that the IRS update forms and instructions as well as make critical processing system adjustments before it can begin accepting tax returns.
So, starting on 30th, the IRS plans to begin accepting tax returns for processing (after updating current forms and its refund processing systems). This means that tax filers filing the relatively simple 1040 and 1040EZ forms—more than 120 million households—should be able to start filing tax returns starting on that date. Those filing more complex tax returns—individuals residential energy credits, depreciation of property or general business credits—should be able to begin filing in early February (and because of the extensive nature of these latter tax returns, individuals in this group tend to file closer to the April 15th deadline).
The IRS will not process paper tax returns before the anticipated January 30th starting filing date (and there is no advantage to filing on paper before the opening date). As to be expected, taxpayers using e-file with direct deposit will receive their refunds, if owed, much faster than paper filers.
As always, the best option for taxpayers is to file electronically.

Estimated 2013 E-File Schedule for 2012 Income Tax Filing:

IRS accepts your return (by 11:00 am) between…*					Projected Direct Deposit Sent*	Projected Paper Check Mailed*
				January 30, 2013	2/6/2013	2/8/2013
January 31		and		February 6, 2013	2/13/2013	2/15/2013
February 9		and		February 13, 2013	2/20/2013	2/22/2013
February 16		and		February 20, 2013	2/27/2013	3/1/2013
February 23		and		February 27, 2013	3/6/2013	3/8/2013
March 1		and		March 6, 2013	3/13/2013	3/15/2013
March 8		and		March 13, 2013	3/20/2013	3/22/2013
March 15		and		March 20, 2013	3/27/2013	3/29/2013
March 22		and		March 27, 2013	4/3/2013	4/5/2013
March 29		and		April 3, 2013	4/10/2013	4/12/2013
April 5		and		April 10, 2013	4/17/2013	4/19/2013
April 12		and		April 17, 2013	4/24/2013	4/26/2013
April 19		and		April 24, 2013	5/1/2013	5/3/2013
April 26		and		May 1, 2013	5/8/2013	5/10/2013
May 3		and		May 8, 2013	5/15/2013	5/17/2013
May 10		and		May 15, 2013	5/22/2013	5/24/2013
May 17		and		May 22, 2013	5/29/2013	5/31/2013
May 24		and		May 29, 2013	6/5/2013	6/7/2013
May 31		and		June 5, 2013	6/12/2013	6/14/2013
June 7		and		June 12, 2013	6/19/2013	6/21/2013
June 14		and		June 19, 2013	6/26/2013	6/28/2013
June 21		and		June 26, 2013	7/3/2013	7/5/2013
June 28		and		July 3, 2013	7/10/2013	7/12/2013
July 5		and		July 10, 2013	7/17/2013	7/19/2013
July 12		and		July 17, 2013	7/24/2013	7/26/2013
July 19		and		July 24, 2013	7/31/2013	8/2/2013
July 26		and		July 31, 2013	8/7/2013	8/9/2013
August 2		and		August 7, 2013	8/14/2013	8/16/2013
August 9		and		August 14, 2013	8/21/2013	8/23/2013
August 16		and		August 21, 2013	8/28/2013	8/30/2013
August 23		and		August 28, 2013	9/4/2013	9/6/2013
August 30		and		September 4, 2013	9/11/2013	9/13/2013
September 6		and		September 11, 2013	9/18/2013	9/20/2013
September 13		and		September 18, 2013	9/25/2013	9/27/2013
September 20		and		September 25, 2013	10/2/2013	10/4/2013
September 27		and		October 2, 2013	10/9/2013	10/11/2013
October 4		and		October 9, 2013	10/16/2013	10/18/2013
October 11		and		October 16, 2013	10/23/2013	10/25/2013
October 18		and		October 23, 2013	10/30/2013	11/1/2013
October 25		and		October 30, 2013	11/6/2013	11/8/2013
November 1		and		November 6, 2013	11/13/2013	11/15/2013
November 8		and		November 13, 2013	11/20/2013	11/22/2013
November 15		and		November 20, 2013	11/27/2013	11/29/2013
November 22		and		November 27, 2013	12/4/2013	12/6/2013
November 29		and		December 4, 2013	12/11/2013	12/13/2013
December 6		and		December 11, 2013	12/18/2013	12/20/2013
December 13		and		December 18, 2013	12/25/2013	12/27/2013
December 20		and		December 25, 2013	1/1/2014	1/3/2014