You Can Still E-file A Late 2013 Tax Return

Posted by Tax Advisor on June 18th, 2014

You have until October 15th to e-file your 2013 tax return. After that, you’ll only be able to prepare your taxes online and be forced to mail them in.

The 2014 deadline to file your 2013 taxes by was April 15, 2014. If you missed the deadline and still need to file, you’ll want to do so as soon as possible. Why? If you wait, you won’t be able to e-file.

What’s the big deal? Well, if you wait to file your 2013 taxes, you’ll be forced to do more work. You’ll have to send in your tax return yourself. Not to mention, if you owe tax, the number is gradually increasing by the day.

Avoiding filing and paying your taxes is like digging your own grave- and you’re just making the situation worse. RapidTax is here to help you file your late 2013 taxes.

Why It’s Best to E-File Your Late Taxes Now…

  1. E-File is faster: The system of filing taxes electronically is much faster than mailing your taxes to the IRS. Not only that but if you’re expecting a tax refund, you’ll get it much faster by e-filing.
  2. Penalties Increase as Time Passes: If you have a tax liability, then you’re failure-to-file penalties and failure-to-pay penalties are increasing as time passes.
  3. Claim Your Refund Before It’s Too Late: If you’re expecting a refund, the IRS has a three year statute of limitations for claiming tax refunds. Why not claim it now?
  4. Avoid having to Paper File: Waiting past October 15 to file your taxes means you won’t be able to file them online and you’ll be forced to paper file. Why give yourself the extra work and hassle?

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Life Changed but your W-4 Didn’t: Why You Need to Update Your W-4 Withholding

Posted by Tax Advisor on June 13th, 2014

If you paid a large tax liability bill after filing your taxes, you might want to update your W-4 Form.

Are your friends on a summer vacation (thanks to their tax refund checks) while you’re stuck at home because you were forced to write a check for your tax due?

If you ended up writing a large check to the IRS for the total of your tax liability, it’s good to know that you’re (somewhat) in control of  what that total will be next year. Surprisingly, it isn’t some randomly generated number, nor is it based on luck. In fact, it’s linked to the number of allowances listed on your W-4 form. That means, you’ll want to take a look at the number reported on your W-4 Form.

What a W-4 Form Is & How it Affects your Tax Refund

For those of you unsure of what a W-4 form is- it’s one of the forms you were handed upon your first days of employment at your job. To be more precise, a W-4 form is used by your employer to determine the amount of taxes to be withheld from your pay. The number of exemptions claimed on it directly affects your tax refund or tax due.

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Will I Receive My Federal Tax Refund within 21 Days?

Posted by Tax Advisor on April 25th, 2014

If you e-filed your tax return this month, you are probably wondering the status of your tax refund.

Perhaps you are constantly checking your bank account balance, hoping your tax refund has been deposited into your account. Instead, maybe you’be been running to your mailbox looking for your refund check.

Whatever your case may be, it’s good to know  that it generally takes the IRS 21 days to process tax refunds. RapidTax is here to help you track down your tax refund. If you haven’t filed your 2013 yet, you can create an account and file your late 2013 tax return now and within 21 days you’ll have your tax refund.

I Waited Until April to File, When Will I Receive my Federal Tax Refund?

It’s good to know, if you filed your tax return in April, it will most likely take the IRS a longer period of time to process your refund compared to someone who e-filed in Mid- February or March.

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How To Pay Taxes Due After The Tax Deadline

Posted by Emma Lawrence on April 17th, 2014

The IRS Failure-to-Pay Penalty is 1/2 of 1% of your taxes due for each month or part of a month after the April 15th due date.

Did you file your taxes by the tax deadline and while doing so were caught off guard by the tax due amount? Maybe you were expecting a tax refund, but instead realized you actually owe the IRS. If you have other bills to pay, this might put you into a sticky situation.

The tax due amount you owe will increase as time passes. If you can’t pay the tax due, the IRS will most likely work with you. Regardless of your tax due amount, be sure that you have filed your taxes. If not, you will face failure-to-file penalties on top of your failure-to-pay penalties.

How much is the penalty for not paying tax due on time?

The IRS failure-to-pay penalty is ½ of 1% of your unpaid taxes for each month or part of a month after the due date. With each month, the penalty adds up and can grow up to 25% of your unpaid taxes. To avoid these extra fees, it’s best to pay your late tax-due amount as soon as possible.

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How to File a Tax Extension on Your Mobile Phone or Tablet

Posted by Tax Advisor on April 14th, 2014

File a tax extension before midnight on April 15th and you’ll have until October 15th to file your 2013 tax return!

Are you nervous because the tax filing deadline is here and you are not prepared to file your taxes? Take a deep breath…. it will be okay. Why? Well, you can file a tax extension on RapidTax. Not only that, but you can file a tax extension directly from your phone or tablet.

Can I File a Tax Extension From My Phone on RapidTax.com?

You can in fact file a tax extension on your phone or tablet from RapidTax.com and your tax deadline will be moved from April 15 to October 15.

Wondering how? Simply go to the Create an Account page and clicking “File An IRS Extension” in the “Choose Your Tax Year” drop down menu. If you already created an account, simply pick “File an IRS Extension” from the “Tax Year” drop down menu.

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Tax Filing Tips Every Parent Should Know

Posted by Tax Advisor on April 11th, 2014

If parenthood could be summed up in one word, that word would be responsibility. Being a parent means not only are you responsible for yourself, but also another human being.

With new responsibilities comes new pressures. However, RapidTax wants to help take that pressure off your shoulders, at least when it comes to the responsibility of filing your taxes.  That’s why we have created this list of top tax tips for parents filing taxes. These tips will not only save you money, but also save you time when filing your taxes.

How to Increase your Tax Refund when Claiming Your Child:

The credits below apply to you if you are claiming a child on your taxes. Be sure to read through the entire list or you might mix some extra tax dollars!

1. Each child is a dependent exemption: When filing, each child you claim is counted as a tax exemption of $3900.

2. Claim the Child Tax Credit: For each child you claim (under the age of 17), there is a non-refundable tax credit of $1000. This credit is phased out if your modified adjusted gross income is over $75,000 if your single or over $110,000 if married filing jointly.

3. Child Care is a Tax Credit:  The Child and Dependent Care Credit allows filers to claim up to $1,050 of child care related expenses paid for one qualifying dependent, as long as the child is under 13 years old. Did you spend money on child care expenses for two or more children? You can claim up to $2,100 for two or more dependents with this credit. Read the rest of this entry »

How Can I Find My E-File PIN From Last Year?

Posted by Emma Lawrence on March 28th, 2014

With so many things to remember, you might not remember your E-File Personal Identification Number (PIN).

Remember when you had to memorize phone numbers? Thanks to cell phones, you no longer need to remember a list of phone numbers. Instead,  you now have (so) many account log-ins and passwords to remember- e-mails, twitter, Instagram, online banking accounts, the list goes on and on.

Eventually, you’ll get around to compiling a list of each important electronic account. That point is- with so many electronic usernames to remember- when it’s time to file taxes, most of us can’t seem to remember our e-file personal identification number (PIN). This leaves us all screaming “Help-How can I Find my E-File Pin?”.

RapidTax is here to help you find that darn e-file PIN. That way, filing your 2013 taxes on RapidTax can be a completely smooth, painless task!

You Filed Your 2012 Taxes & Forgot Your PIN:

How To File Taxes for the First Time

Posted by Emma Lawrence on March 18th, 2014

If you’re filing your taxes for the first time, you’re most likely in your twenties, maybe born between 1985-1995 and probably not overly excited about it.

In fact, your parents might have been nagging you since January to file by April 15th. But let’s be honest, you don’t exactly know where to start.

No worries, RapidTax understands and we’re here to help you through the process. If you need to file taxes for the first time, here’s what to do;

Before Filing:

  • Get Organized: Gather your W-2s, 1099s, 1098-E (this shows the interest you paid on student loans), etc.
  • Know Your Filing Status: Your file status will be one of the following; Single, Head of Household, Married Filing Jointly, or Married Filing Separately.
  • Decide if you’re taking the Standard Deduction or Itemizing: Everyone who files has the option to take one of two tax deductions; itemized deductions or the standard deduction. Itemizing deductions means you will list all your eligible deductions, and the combined total is deducted from your taxable income. Most take the standard deduction. This amount depends on your filing status. Read the rest of this entry »

How To File 2010 Taxes in 2014

Posted by Emma Lawrence on March 17th, 2014

It’s 2014- Three years ago today thousands of 2010 tax returns were being filed.

If your 2010 tax return wasn’t one of the returns being filed in 2011, it’s not too late to still claim your 2010 tax refund. However, after April 15, 2014 it will be too late. With that said, you shouldn’t wait any longer to file your 2010 taxes in 2014.

There’s a Three Year Statute of Limitations for Tax Refunds

Thanks to the three year statute of limitations, April 15, 2014 is the last day you can get a 2010 tax refund. After the deadline the IRS will not be issuing 2010 refunds.

Nervous about filing late 2010 tax return? If you’re expecting a 2010 tax refund, you won’t have to face any late penalties or interest. However, if you don’t have a refund coming for you 2010 taxes, you should expect to pay penalties and interest. Not to mention, you should file your 2010 as soon as possible, considering the penalties will continue to increase.

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How To Choose Between Itemizing Deductions or Standard Deduction

Posted by Emma Lawrence on March 10th, 2014

To take the standard deduction or to itemize deductions- that is the question.

If you usually take the standard tax deduction and debating on itemizing your deductions this year, then you might find yourself unsure on what deduction amount to take when filing your taxes. The answer; whatever results in a higher deduction amount.

Before creating an account to file your 2013 taxes, you can first read our guide to help decide if itemizing your deductions or taking the standard deduction is right for you;

1st: Understand if you can take the standard deduction.

Those who don’t qualify for the standard deduction include married couples file separately with one spouse itemizing deductions. In other words, if you are married filing separately and your spouse is itemizing, then you must itemize your deductions.

2nd: Learn your standard deduction amount based on your filing status.

The IRS standard deduction amounts are as follows for those under the age of 65;

  • Single: $6,100
  • Married Filing Jointly: $12,200
  • Head of Household: $8,950
  • Married Filing Separately: $6,100
  • Qualifying Widow(er): $12,200.

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