When Is My Tax Return Free on RapidTax?

Posted by Tax Advisor on December 19th, 2014
Last modified: December 19, 2014

Wondering how to file your tax return free this year? Look no further. You might be eligible to file taxes online free with RapidTax!

If you’re like the majority of us, you most likely dread filing taxes. Even if you’re filing online, there’s something obnoxiously annoying about the annual IRS filing requirement.

Even worse than being forced to file your taxes is being forced to overpay to file your taxes. Plan on going to an accountant? You’ll end up paying a couple hundred dollars.

Luckily, RapidTax offers online tax filing free for some filers. Depending on your filing status and what information your reporting will determine whether or not you’ll face a small (we promise) fee.

Who Qualifies for Free Tax Filing on RapidTax?

You may be able to file your taxes online free with RapidTax! You’ll be able to file free if:

  • your filing status is single or married filing separately
  • you have no dependents to report
  • you’re taking the standard deduction
  • you aren’t reporting any above-the-line deductions
  • the only credit you’re claiming is the Earned Income Credit (without a qualifying child) or you’re not claiming any credits at all

Additionally, the income your reporting on your taxes can only come from the following sources;

  • wages, salaries or tips (reported on Form W-2)
  • government unemployment (reported on Form 1099-G)
  • interest or dividends (1099-INT & 1099-DIV) Read the rest of this entry »

Exemptions From the Obamacare Fee

Posted by Tax Advisor on December 11th, 2014
Last modified: December 11, 2014

Don’t have Health Insurance? You may fall within the Exemptions from the Obamacare Fee…

Although 8 million more Americans are now insured thanks to the Affordable Care Act (ACA), there’s still many who remain uninsured. These uninsured Americans fall into one of two categories;

  1. those who will face penalties or
  2. those who qualify for an exemption.

That means, if you don’t plan on paying the uninsured fee when filing your 2014 taxes, you’ll need proof that you fall on the list of health insurance mandate exemptions.

Exemptions from the Fee for Not Having Health Insurance

If you fall within any of the following categories for 2014, you most likely qualify as an exemption;

  • you were uninsured for less than 3 months of the year
  • you have an approved religious objection to health care coverage
  • your yearly income is below the threshold to file a tax return
  • you went without coverage for less than 3 consecutive months during the year
  • coverage was unaffordable and you have premiums totaling more than 8% of your annual household income
  • you’re a member of a recognized health care sharing ministry
  • you’re a member of a federally recognized tribe (or eligible for services through an Indian Health Service provider)
  • you’re not lawfully present in the US
  • you’re incarcerated (detained or jailed) and not being held pending disposition of charges
  • you qualify for a hardship exemption Read the rest of this entry »

I Don’t Have Health Insurance- What Happens When I File Taxes?

Posted by Tax Advisor on December 11th, 2014
Last modified: December 11, 2014

If you don’t have insurance you’ll face penalties under ACA when filing your 2014 Taxes.

Obamacare aka The Affordable Care Act requires you and each member of your family to have basic health coverage. This insurance coverage can be through any of the following;

  1. employer-sponsored plan
  2. private health insurance company
  3. government program (ie. Medicare or Medicaid)
  4. federal or state marketplace (health insurance exchange)

If you don’t have health insurance under one of the four sources mentioned above, you’ll be forced to pay a fee when filing your taxes in 2015. The only way to get around this fee is if you qualify as an exemption.

You’ll be Forced to Pay a Penalty

If you’re not exempt from buying health insurance, you’ll be forced to pay a penalty when you file your 2014 Tax Return. This payment is called the Individual Shared Responsibility and will total the greater of;

  • $95/ per adult + $47.50 per child (up to $285 per family)

OR

How do I Report Health Insurance Through My Employer on My Taxes?

Posted by Tax Advisor on December 10th, 2014
Last modified: December 10, 2014

If you received insurance coverage through your employer in 2014, it will be reported in Box 12 of your W-2 Form.

Obamacare – also known as the Affordable Care Act, or the ACA – is a law enacted to ensure that all Americans can afford health insurance. It also requires Americans to have qualified health insurance as of January 1, 2014 through one of the following forms of coverage;

  • employer-sponsored plan
  • private health insurance company
  • government program (ie. Medicare or Medicaid)
  • federal or state marketplace (health insurance exchange)

If you received health coverage through your employer, the insurance information that you’ll need to report on your 2014 taxes will be found on your W-2 Form.

If you didn’t receive insurance through your employer and instead were enrolled in the Marketplace during 2014, visit the RapidTax Blog post “ I’m Enrolled in Obamacare Marketplace- How Do I Report it On My Taxes?”.

Reporting Employer-Sponsored Health Coverage on 2014 Taxes

If you received insurance coverage through your employer in 2014, follow these steps;

1. By the end of January 2015, you’ll receive a Form W-2. You may also receive a 1095-C. Hold onto each of these.

2. Your employer is not required to send you Form 1095-C. If they do, you’ll notice your health insurance information listed. You may want to review this form. Next year, you’ll definitely receive one. Read the rest of this entry »

I’m Enrolled in Obamacare Marketplace- How Do I Report it On My Taxes?

Posted by Tax Advisor on December 9th, 2014
Last modified: December 9, 2014

Enrolled in the Health Insurance Marketplace? Here’s how you’ll report your coverage on your 2014 Taxes

Obamacare – also known as the Affordable Care Act, or the ACA – is a law enacted to ensure that all Americans can afford health insurance.

If you enrolled in the Obamacare Marketplace, you’ll need to report it on your 2014 Tax Return. The information you report will directly impact your tax refund.

Below, you’ll find out how to report your health care insurance that you purchased through the marketplace on your 2014 taxes.

Reporting Obamacare on 2014 Tax Return

If you purchased your health care insurance through the marketplace for 2014, refer to the following steps;

  1. By the end of January 2015, you’ll receive a Form 1095-A in the mail. Don’t throw this form away! You’ll need it in order to complete your 2014 tax return.

  2. Look over the Form 1095-A. The following information will be reported;

  • effective date
  • the total amount of your premium through the Health Insurance Marketplace
  • the total premium assistance you received (aka the advanced payments of the premium tax credit paid directly to your insurance company to lower your out-of-pocket monthly premiums)
  1. Once the 2015 tax season begins and you’re ready to file your 2014 taxes, have your Form 1095-A (and any other tax documents) on hand. Read the rest of this entry »

Obamacare & Your 2014 Tax Return

Posted by Tax Advisor on December 8th, 2014
Last modified: December 12, 2014

You’ll be required to report your “health insurance status” on your 2014 Taxes

Obamacare aka the Affordable Care Act (ACA) was introduced by President Obama to increase the quality and affordability of health insurance.

Although the changes to government may seem confusing, RapidTax is here to help you through filing your 2014 taxes!  The questions below will help you get a better idea of what your tax situation will look like before it’s time to file.

1. Did you have Health Insurance in 2014?

The Affordable Care Act will especially affect your 2014 Taxes if you didn’t have health insurance coverage throughout 2014.

You’re safe if you received coverage from one of the following sources;

If you don’t have coverage from one of the sources listed above, the only way you’ll avoid paying extra when filing is to fall within the list of qualified Exemptions. View the complete Exemptions list on the RapidTax blog!  Read the rest of this entry »

Are There Tax Extensions for Military Personnel?

Posted by Tax Advisor on December 5th, 2014
Last modified: December 5, 2014

If you’re in the military and overseas, you have an extension on the date you must file your taxes by.

Here at RapidTax, we salute all the brave men and women serving our country. We also all military personnel to understand the military tax advantages.

Serving in the military is far from easy. The last thing on your mind is taxes. Luckily, the IRS offers a few tax extensions for military personnel. These tax extensions are offered to the following military personnel;

  • overseas active duty
  • combat zone

That means, if you fall within one of the two categories above, you won’t be required to file your taxes by the April 15th tax deadline. Additonally, there are other tax credits you may be eligible for. RapidTax is here to help you save time and money when filing!

Overseas Personnel

If you serve outside of the United States or Puerto Rico and you’re on assignment during the tax deadline (April 15), you are granted an automatic two-month filing extension to file.

That means, you have until June 15 to file your taxes. However, you do not have an extension to pay your taxes and must pay your tax liability by the April 15 deadline. Read the rest of this entry »

If You Work Remotely Where Do You Pay Taxes?

Posted by Tax Advisor on December 3rd, 2014
Last modified: December 3, 2014

Do you work remotely for a company located in a different state than where you live? Here’s what you’ll need to know on working remotely taxes…

In the RapidTax post “Living in One State, Working in Another”,  we explained state taxes for filers who work in one state, but live in another state.

However, with all the (exciting) advances in technology, more and more individuals are trading in their commutes to the office to instead work remotely from home.

If you work remotely and the company you work for is in a different state than the state you live in,  than your tax situation will differ from someone who physically travels to another state for work.

We understand that you may have no idea how to file your state taxes. We’re here to help!

Do I File Taxes to 1 or 2 States?

Depending on your specific situation, you may need to file two state tax returns; a resident return and a non-resident return. Read the rest of this entry »

End of Year Tax Tips to Maximize Your Refund

Posted by Tax Advisor on November 24th, 2014
Last modified: November 24, 2014

Tax Season 2015 is around the corner. Increase your 2014 tax refund with these tax tips…

The end of year marks an eventful time for many. Not only does Starbucks release their Holiday menu but most of us can already taste Thanksgiving dinner. Then, there’s the surge of Black Friday holiday shopping and before you know it, you’ll be decorating holiday cookies!

With so many cookies to bake and gifts to wrap, don’t forget to take the time to plan ahead for the upcoming 2015 tax season. After all, once the holiday season comes to an end, the 2015 Tax Season will begin shortly after.

Although the IRS has yet to announce the first day to file 2014 taxes, it’s the perfect time to take steps to maximize your tax refund.

2014 Tax Return Coupon

Make A Holiday Donation

Can you think of a better way to spread holiday cheer than giving? Rather than just giving to your family and friends this holiday season, spread some holiday spirit to those in need.

When you give, you receive, specifically when it comes to taxes. Donations are tax deductible. Read the rest of this entry »

Last Chance to Claim Your Tax Refund 2011 is April 15, 2015

Posted by Tax Advisor on November 7th, 2014
Last modified: November 7, 2014

The very last day to claim your 2011 tax refund is April 15, 2015!

Do you remember what you were doing in 2012? Hopefully, sometime during the 2012 tax season, you filed your 2011 tax return. If not, we understand. Things come up, life happens and taxes get put on the back-burner.

However, you should keep in mind that your last chance to claim a tax refund 2011 is April 15, 2015.

Doing your taxes may seem tedious, but think of the extra money you’ll miss out on if you wait too long to file your 2011 taxes.

In fact, if you wait past the April 15th deadline, there’s no chance you’ll be able to get your 2011 refund.

How to File a 2011 Tax Return

You’ll be able to get caught up on your late tax return with RapidTax. Whatever your tax situation may be, whether you’re expecting a 2011 refund or have tax due, the filing process becomes a lot less “tedious” with RapidTax. Read the rest of this entry »