Category: Late Taxes | Blog

oday-22Filing late taxes with RapidTax is hassle-free. We’ll help you maximize your tax refund and reduce any penalty fees that you have acquired from the IRS. Let us assist you prepare your tax returns dating back to 2005. Find out if you owe the IRS or can still claim your tax refund.

Questions about filing late? Reach out to our tax team via phone, live chat or email Monday through Friday!

Archive for the ‘Late Taxes | Blog’ Category

Tax Relief for Victims of Natural Disasters in 2017

Posted by Divya Hansraj on November 14, 2017
Last modified: November 21, 2017

Hurricane Effects
A tax relief will give you the break you need.

There are few calamities that compare to the damage and loss of a natural disaster. Hurricane Harvey forced thousands of residents from Texas out of their homes and left stranded without power and clean drinking water. Similarly, residents of Florida had to evacuate coastal areas due to flood zones. These events can leave families in a wreck, taking years to recover from. As horrific as these events can be, the IRS provides tax relief for taxpayers living in disaster areas.

Read on to learn more about how the IRS handles tax reliefs and find out if you qualify.

What is a natural disaster?

According to the IRS, a natural disaster is a nature-related event. Usually, these events are hurricanes, floods, earthquakes, and tsunamis. However, there are more. Nonetheless, it was surprising to find mine cave-ins and sonic booms on the list!

Do I qualify?

(more…)

How to E-File 2014 Taxes in 2017

Posted by Robert Flanagan on December 14, 2016
Last modified: December 19, 2016

There is a time and place for everything…including your 2014 tax return.

The 2015 tax season was that time and place. Although you’re a little late, you can still file your 2014 taxes. You just won’t be able to electronically file (e-file) it.

IRS e-file dates and deadlines

Each December, the IRS comes out with the e-file start dates and deadlines for that year’s upcoming tax season. For 2014 returns, those dates fell between January and October of 2015. The IRS promptly closes their e-filing system after that.

Can I still submit my 2014 taxes to the IRS?

Yes! You can and you should. You’ll need to sign and mail your tax return to the IRS instead of just submitting it online like you may be used to. The preparation process that you typically follow can remain the same. Not sure where to prepare your return? We can help you with that on RapidTax! It’s quick and easy; even for late tax returns. All you need to do is create an account with a unique username and password. Then begin entering your tax information into our user-friendly application. It’s even free to try with several pricing packages to fit your tax situation once you enter all of your information.

Can I still claim a 2014 tax refund?

That’s a yes! The IRS has a Statute of Limitations in place that allows taxpayers three years from the original due date to claim a refund. That means you can claim your 2014 IRS refund until April 2018.  Keep in mind that it will take a bit longer than usual to receive that refund in the mail since it is a prior year return now. It can take the IRS about 6 weeks to process an accurately completed late tax return.

What penalties am I facing for a 2014 tax due amount?

There are currently two penalties when it comes to late filing a tax return with the IRS. (more…)

What Do I Need Before Tax Season 2017 Begins?

Posted by Michelle O'Brien on December 5, 2016
Last modified: December 16, 2016

Ditch the stress! Preparation is key this tax season.

Tax Season 2017 is around the corner. There are important things to know along with forms and information to have before you sit down to file your 2016 tax return.

The most important thing to remember before filing your 2016 taxes is to have all your ducks in a row. For example, if you’re itemizing your deductions, you don’t want to wait until the last minute to scramble together your receipts from the year.

How to prepare:

Know the start dates and deadlines:

  • January 1st is the first day that RapidTax with begin preparing 2016 tax returns.
  • January 23rd is the e-file start date.
  • April 18th is tax day.

Get organized: Make a list of everything you believe is tax related in your life. Start out with big things like college loans, mortgages, etc. then move to the smaller details like organizing daycare receipts, health expenses.

Know changes in personal details: Did you retire this year? Did you change jobs this year? Purchased a house? Maybe you got married or divorced? These are all personal details you will need to include on your tax return.

Know updated tax laws: Updated tax laws will indicate if you fit in certain brackets for paying more (or less) in taxes. Feel free to always check back here for the up-to-date IRS news.

Know your state’s tax regulations: Many people forget to focus on the state return. Specific states have specific tax incentives.
For example, in Georgia, if your child goes to private school and you donate to a scholarship fund, you may receive a $2000 tax credit on state taxes.

Donate: Charitable donations will help you save on your taxes if you itemize your return. If you have donated thousands of dollars of clothing to Goodwill, this will definitely benefit you. (more…)

2015 IRS Late Tax Penalties

Posted by Robert Flanagan on March 18, 2016
Last modified: October 6, 2016

Failure to file or failure to pay; is there a lesser of two evils?

There are two IRS tax penalties that you put yourself in jeopardy of paying when you don’t file your tax return on time.

  1. Failure-to-File Tax Penalty. This applies to you if you did not file your tax return by the tax filing deadline and owed tax to the IRS.
  2. Failure-to-Pay Tax Penalty. This applies to you if you filed your tax return but did not pay your entire tax liability due by the tax filing deadline.

If you are expecting a refund, you will never be held liable for a penalty fee.

How do I calculate my failure-to-file tax penalty?

The late filing penalty is 5% of the additional taxes owed amount for every month or fraction of a month that your return is late. This is capped at 25%. Let’s take a look at an example.

Let’s say you owe the IRS $950. One September morning, you wake up and it hits you. You forgot to file your 2015 tax return! You can assume that you will owe the IRS an additional $240. Here’s the math:

$950 tax liability x 5% = $47.50 per month late (more…)

Help! I Still Need to File My 2013 Taxes!

Posted by Robert Flanagan on January 15, 2015
Last modified: October 6, 2016

Running late? Luckily, you can file a late 2013 tax return online with RapidTax!

You desperately need to file your 2013 taxes but somehow continue to put it off.

Sound familiar? You’re not alone. Filing taxes, especially late taxes, can seem overwhelming, time consuming and draining.

Rather than trying to file your late 2013 tax return yourself, you can pay an accountant outrageous fees to do it for you. Don’t waste your time or money. Instead, file your 2013 taxes online with RapidTax and have it completed within 15 minutes.

Will I pay late fees for filing my 2013 taxes late?

If the IRS owes you a refund from your 2013 tax return, you won’t have to pay any late fees.

However, you will be penalized if you have tax due. There are two IRS late fees you could end up facing:

  • Late-Filing Penalty: For every month past the deadline that your tax return has not been filed, a 5% penalty of your tax bill amount, up to a maximum of 25% (the minimum penalty is $135 or 100% of your unpaid tax; whichever smaller) is added to the amount you already owe.

  • Late-Payment Penalty: For every month your tax bill goes unpaid, there’s a fee totaling .5% (½ of 1%) of your tax bill.

That’s a lot of extra money you’re giving away to the IRS. (more…)

Do I Need To File a 2014 Tax Return?

Posted by Robert Flanagan on January 5, 2015
Last modified: October 6, 2016

Learn if you’re required to file a 2014 Tax Return…

With RapidTax, you have until October 15, 2015 to e-file your 2014 Tax Return.

However, you may be unsure whether or not you need to go to the effort of filing a 2014 Tax Return. You should first know that the requirement to file a federal tax return depends on your;

  • filing status
  • age
  • income
  • dependency status
  • other unique circumstances

Does Your Income Require Your To File a 2014 Tax Return?

If you’re under 65 and you earned the following income (or more), you’re required to file a 2014 Tax Return;

  • Single: $10,150
  • Head of Household: $13,050
  • Married Filing Jointly: $20,300
  • Married Filing Separately: $3,950
  • Qualifying Widow(er): $16,350

If you are 65 or older and you earned the following income (or more), you’re required to file a 2014 Tax Return:

  • Single: $11,700
  • Head of Household: $14,600
  • Married Filing Jointly: $21,500
  • Married Filing Separately: $3,950
  • Qualifying Widow(er): $17,550

If you are being claimed as a dependent and you earned more than $6,100 in 2014, then you’ll need to file a tax return. (more…)

Obamacare & Your 2014 Tax Return

Posted by Emma Lawrence on December 8, 2014
Last modified: November 1, 2016

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.

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!  (more…)

How To File 2013 Taxes Late

Posted by Robert Flanagan on October 28, 2014
Last modified: October 6, 2016

You’ll no longer be able to e-file, but you can still file your 2013 tax return

The deadline to e-file a 2013 tax return was October 15, 2014.

If you haven’t yet filed your 2013 taxes, you’ll still be able to prepare your 2013 tax return online but you’ll need to mail it to the IRS rather than electronically filing.

With RapidTax, you can file 2013 taxes late. All you’ll have to do is enter your information and after your return is prepared, you’ll print and mail it to the IRS.

Whatever you do, don’t put off doing your 2013 taxes. The later you file, the more you’ll end up handing over to the IRS. Save your money, and the headaches and get it out of the way!

You can still get your 2013 tax refund

If you’re late filing 2013 taxes and expecting a tax refund, you’ll be happy to hear you can still collect your refund.

The IRS Statute of Limitations allows tax filers three years to collect a tax refund. That means, you have until April 15, 2017. After this date the IRS will no longer send out 2013 tax refund checks. (more…)

Can I File My 2011 Taxes in 2015?

Posted by Robert Flanagan on October 15, 2014
Last modified: October 6, 2016

April 15, 2015 was the last day to file your 2011 taxes to claim your refund!

Yes, you can still file your 2011 tax return. Unfortunately, you can no longer claim your 2011 refund.

Thanks to the IRS statute of limitation, you only have three years from the original tax return due date to get your refund. Once the three years passes by, don’t expect to see a penny of your refund money.

If you still need to file your 2011 taxes & owe tax…

If you still need to file your 2011 taxes, you should do so as soon as possible. If you weren’t expecting a 2011 tax refund and instead have tax due, you should keep in mind that failure-to-file fees, failure-to-pay fees and interest increase by the day. The longer you wait, the more you’ll end up paying. (more…)

Capital Gains Tax 2014

Posted by Robert Flanagan on October 10, 2014
Last modified: October 6, 2016

Here’s what You Should Know about Capital Gains Tax 2014

Did you sell certain assets such as stocks or bonds during the tax year? If so, you’ll need to report it on your tax return as a capital gains.  The tax you pay on it will be dependent on the type of capital gain it is and your income tax bracket.

As of 2013, the capital gains tax rate has become significantly more complicated. Fortunately, RapidTax is here to help clarify how much you’ll need to pay in capital gain tax. We’re also here to help you report your capital gains; both short term and long term.

Difference Between Long Term & Short Term Capital Gains

You may incur capital gains if you sell a certain asset such as;

  • stocks
  • bonds
  • property owned & used for personal purposes
  • property owned & used for investment purposes

Do note however; not all capital gains are the same. The IRS divides capital gains into two categories; short-term and long-term. Short-term and long-term capital gains are taxed differently. Before learning the capital gains rates, you’ll first need to know the difference between the two;

  • Short-term capital gains: assets held for one year or less and sold
  • Long-term capital gains: assets held for longer than one year and sold (more…)