Wednesday, March 4, 2015

IRS Says 3 out of 5 Still Need to File Their 2014 Tax Returns

Issue Number:    IR-2015-38


WASHINGTON — With almost 59 million tax returns filed so far, the Internal Revenue Service estimates that three out of five taxpayers have yet to file their tax returns, according to statistics released today.

2015 FILING SEASON STATISTICS
Cumulative statistics comparing 2/28/14 and 2/27/15
Individual Income Tax Returns:
2014
2015
% change
Total Receipts
58,883,000
58,528,000
-0.6
Total Processed
57,410,000
56,857,000
-1.0
E-filing Receipts:
TOTAL          
54,942,000
55,104,000
0.3
Tax Professionals
30,053,000
28,733,000
-4.4
Self-prepared
24,889,000
26,371,000
6.0
Web Usage:
Visits to IRS.gov
163,397,540
179,918,451
10.1
Total Refunds:
Number
48,429,000
47,547,000
-1.8
Amount
$146.918
Billion
$144.903
Billion
-1.4
Average refund
$3,034
$3,048
0.5
Direct Deposit Refunds:
Number
42,380,000
43,228,000
2.0
Amount
$131.203
Billion
$136.571
Billion
4.1
Average refund
$3,096
$3,159
2.0



For taxpayers still working on their taxes, the Internal Revenue Service added three revised publications to IRS.gov just this week. These publications will help businesses and individuals understand how to figure depreciation as well as pension options.

  • Publication 946, How to Depreciate Property explains how you can recover the cost of business or income-producing property through deductions for depreciation. The publication was updated to reflect the extension of expiring tax provisions in legislation signed into law on Dec. 19.
  • Publication 4587, Payroll Deduction IRAs for Small Businesses explains that individuals saving in a traditional IRA may be able to receive some tax advantages on the money they contribute, and the investments can grow tax-deferred.
  • Publication 4334, SIMPLE IRA Plans for Small Businesses explains how a SIMPLE (Savings Incentive Match Plan for Employees of Small Employers) IRA plan offers great advantages for businesses that have 100 or fewer employees (who earned $5,000 or more during the preceding calendar year) and that do not have another retirement plan.
The IRS constantly adds revised tax forms, publications, instructions and tax information to IRS.gov. The IRS encourages taxpayers to frequently visit IRS.gov, including the forms and pubs page for all current forms and publications, updates and changes, and additional information.


Have A Tax Problem?

  

Contact the Tax Lawyers at 
Marini & Associates, P.A.

for a FREE Tax Consultation
Toll Free at 888-8TaxAid (888 882-9243).


























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