Rapid Tax

A blog focused on providing informative tax and personal finance information.

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Double-check Checklist

Tuesday, February 2nd, 2010

Before you guffaw and navigate away, listen to this: the list below is created from the IRS’s list of most common (and sometimes, expensive) yearly filing mistakes. Our list is meant to be a simple catalog of things to double-check before you lick the stamp or mouse-over the “send” button on your tax filing.

If your eyes are straining from rolling too much, we suggest you simply bookmark this page for the final seconds prior to your sending off for your return. Why?

The IRS charges 6% interest and up to a 20% penalty for incorrect filings. A double-check can save you tons of time, and possibly, tons of money.

  • Did you include your W-2?

    • Obviously this won’t be a problem for e-filings, but for our snailmail brothers and sisters, it’s one of the most-repeated mistakes.
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Category: Uncategorized, taxes
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Schedule M Errors in Making Work Pay Forms

Monday, February 1st, 2010

In a trend that surprises no one, tax payers are making critical errors with a new tax form.

The Schedule M form is for anyone needing to account for the Making Work Pay credit or retirees who got the free $250 from the government last year. The Making Work Pay credit comes from the February 2009 stimulus package, which stated that working taxpayers can get up to a $400 benefit.

This benefit was automatically adjusted in the witholdings of most Americans’ paychecks; your “benefit” should’ve resulted in a slight increase in your take-home pay. If you’re a self-employed employee, however, you likely didn’t see a dime of it. You’ll need to file a schedule M, and there’ve been more than a few mistakes.
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Considering a tax preparer this year?

Friday, January 22nd, 2010

Before you pay someone to do your taxes for you here’s some federal income tax advice to remember before you pull the trigger.

  • Complaints about tax preparers were up 80% in five years. This includes complaints for things like late filing, missing W-2s, base inaccuracies, or completely missing or lost filings. The solution is to get help with your filing from a service like RapidTax. You get 24-hour help if you’ve any questions, and you know for a fact that it was sent in on time.

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State Income Tax: Living in One State, Working in Another

Monday, June 15th, 2009

Most people in the US live and work in the same state, which can make state taxes pretty easy to understand: you’re earning money, and you’re paying a tax on it. But what if you live in one state and work in another? Are you getting taxed on where you live when you make money, or where you make your money?

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