Category: Tax News | Blog

oday-27The RapidTax teams stays up-to-date on current tax news from the IRS and other reliable sources. Check back here to catch up on the latest about tax laws and regulations.

Questions about IRS tax news updates? Leave us a blog comment and our team will give you the answers you need!

Archive for the ‘Tax News | 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?

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Quick Guide: RapidTax CPA Review

Posted by Robert Flanagan on April 26, 2016
Last modified: October 6, 2016

Afraid to stray from your accountant but also tired of paying the fancy price tag?

I have some pretty fond memories of road-tripping to my parents’ accountant on a beautiful Spring afternoon. I’d wait on the black leather couch with nothing but a bag of pretzels and a Game Boy to keep me busy while they crunched numbers. By the time we were out of there, my parents were balls of frustration and I had lost my sunny Saturday.

RapidTax is here to save the day (and hopefully a few sunny afternoons of your own)! While many have now taken the modern road, preparing their own tax returns online, some of us have stayed in the accountant safety net. Change is hard, and we hear what you’re saying. That’s why we’re now offering you accountant services online with the RapidTax CPA Review service!

Why switch things up? Let’s take a look at the most common concerns when it comes to making the switch.

Is this really just as good as going to an accountant in person?

After doing some research, we’ve found that this is the dilemma holding people back the most from hopping aboard the online tax movement. Yes, it is just as good, if not better. In fact, one of the best parts is not having to go in person at all. Here are some other highlights to choosing an online CPA review with RapidTax: (more…)

5 Reasons You’ll Want to File a 2015 Tax Return

Posted by Emma Lawrence on January 25, 2016
Last modified: November 1, 2016

Having trouble deciding if you should file a 2015 tax return?

Many people dread filing their tax return each year; so much so that they put it off until they convince themselves that it isn’t even really necessary. Tread carefully when making this decision. Below are five reasons that you may want to file a return this year…even be excited to (imagine that!).

1. You are not a rule-breaker.

Not sure if you want to or even need to file a tax return at all for 2015? Generally speaking, there are three main factors, according to the IRS, that determine whether or not you need to file. These are your:

  • filing status
  • age
  • income

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RapidTax Prices Change for the Better!

Posted by Robert Flanagan on March 18, 2015
Last modified: April 21, 2015

We’ve lowered our prices!

Signed up but haven’t filed your 2014 tax return yet? You’ll be happy to hear that we’ve lowered our prices! 

And you still get expert tax help by phone or chat!

Retirees Now File Free!

Are you retired, aged 59 1/2 – that means you were born on or before September 16, 1955 – and received income from a retirement plan or social security? Your federal tax return is now free with RapidTax!

Not a retiree? Visit our pricing page to see who else qualifies for a free return.

File a State Return for $9.95!

The cost to file a state tax return with your federal return is now $9.95. That’s a savings of 50%!

Claiming Dependents? Deluxe drops to $24.95!

If you’re claiming a dependent(s) on your federal tax return, you’ll need our Deluxe Package. The great news is that the Deluxe Package price has decreased to $24.95!

You will also need the Deluxe Package if you’re reporting any of the following items:

  • any above the line deductions
  • alimony income
  • early distributions from retirement plans
  • Premium Tax Credit

Reporting Business Income? E-File for $34.95!

If you earned business or self-employment income in 2014, you’ll also save this tax season! Premier Package customers can now file a federal return for $34.95.

Premier include those reporting any of the following items, along with unlimited professional tax advice:

  • business or self-employment income
  • rental  income
  • royalties
  • capital gains or losses

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How to Find E-File PIN From Last Year

Posted by Emma Lawrence on March 28, 2014
Last modified: February 7, 2017

Did you forget your E-File Personal Identification Number (PIN)? We’re here to help.

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 e-file PIN. That way, filing your 2014 taxes on RapidTax can be a completely smooth, painless task!

How To Obtain Your E-File PIN

  1. Look at a copy of your 2013 Tax Return: Contact whoever prepared your tax return last year for a copy of your tax return. If you filed on Rapid, simply Sign-In to your 2013 account to download it.
  2. Your e-file PIN will be listed on the return (probably towards the bottom of the last page). This is the PIN you’ll need to e-file a 2014 tax return.
  3. Your 2013 AGI (adjusted gross income) will also be listed on the 2013 tax return. You can use this number on your 2014 taxes in place of a PIN. If you paper filed your 2013 return, you’ll need to use your 2013 AGI.

OR 

  • Go to the IRS PIN Website: You can use the IRS PIN Website to obtain your PIN.
  • Call the IRS: Rather than using the IRS website, you can call the IRS directly at 1-800-829-1040 to obtain your PIN.

How To Use a E-File PIN If You Never Filed Taxes Before:

The IRS gives the option to either enter your PIN or AGI listed on your 2013 return, however, if you never filed before, you don’t have either. If this is the case, we recommend Paper Filing rather than e-filing your 2014 Tax Return. You can still prepare your 2014 return on RapidTax, the only difference is that you will have to mail your return to the IRS rather than e-filing it.

E-File Your 2014 Tax Return Today 

Once you’ve tracked down your e-file pin you can start your 2014 Tax Return. To get started,  create an account. If you have any questions along the way, the RapidTax team is available via phone, chat and email support.

Keep in mind, if you create a new 5-digit PIN while filing your 2014 taxes this year, be sure to write it down. You’ll need it when e-filing next year.

Photo via opensource.com on Flickr

What’s the Difference Between E-Filing and Paper Filing?

Posted by Emma Lawrence on February 26, 2014
Last modified: March 21, 2017

Last year, roughly 113 million people e-filed their federal returns during the tax season. By the end of this year’s tax season, that number will be even larger.

Although e-filing is the most popular way to file, some still wish to paper file their returns. Others, don’t have a choice and are required to paper file. Whether you want or need to paper file, you’ll first have to prepare your tax return(s). With RapidTax, you can prepare your return anytime.

E-Filing in 2014

Want to receive your refund as soon as possible? E-filing is the way to go, and much faster than paper filing. Electronically submitting your tax return is faster than paper filing. The IRS has stated “9 out of 10 e-file tax refunds would be processed within 21 days or less.”

Paper Filing in 2014

Although the majority of filers elect to e-file their tax return, there are the outliers. Some simply prefer taking the responsibility of mailing their tax return over filing online. Others, are required to paper file. The latter group not eligible to e-file include those without income to report (no AGI), those filing prior year tax returns, etc.

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Where to File: Customer Reviews of RapidTax

Posted by Emma Lawrence on February 11, 2014
Last modified: January 29, 2016

Not sure where to file your 2015 taxes? Check out what customers had to say about filing with RapidTax.

Your tax filing options are endless. 

You can drive to get your taxes prepared and dish out a couple hundred dollars. You can pay that tax preparer “friend” and cross your fingers that you’ll see your tax refund. Or you can pick an online tax company and file your taxes at home, in your pajamas. 

Most importantly, you want to be sure your federal and state taxes are filed safely. RapidTax offers safe, online tax filing so you can file your taxes quickly and easily! 

That means, instead of dishing out hundreds of bills after driving to a tax company or instead of taking risks with a questionable website or that tax filing “friend”,  you can file your taxes with RapidTax without wasting time and money. In fact, previous RapidTax customers agree.

You don’t have to take our word for it. Check out what filers had to say about their RapidTax experience!

 

RT Reviews

We are thrilled to hear the positive words and testimonials! We also love hearing any constructive comments, which we use to improve the tax filing process each year. Feel free to leave your comments below.

If before, you weren’t convinced about using the RapidTax website to file your 2015 taxes, maybe the customer testimonials helped. Take their word and let RapidTax guide you through a smooth tax filing experience this year.

RapidTax Blog Footer 2

 

Updated for 2015 tax year.

Can I File My Taxes On a Phone or Tablet?

Posted by Emma Lawrence on January 31, 2014
Last modified: October 6, 2016

Let’s face it, we no longer run home to use our desktop computer. Instead, we have everything in the palms of our hands.

30 years ago, just about everyone drove to a tax filer to file their taxes. The annual routine became nothing but a memory when taxpayers realized they didn’t have to leave home to file their taxes and could do everything online. The age of e-commerce has allowed businesses to grow in the cyber world while transforming the tax filing process.

Can the 56% of Americans with a smartphone use it to file taxes?

Today, 80% of Americans age 18-34 have a smartphone, while 56% of all Americans have one. With phones and tablets basically being an extension to our bodies, it shouldn’t come as a surprise that we not only want to talk, text, tweet and read a book on one device, we also want to file our taxes from our phones. The big question is, can you really file your taxes from the palm of your hand? With RapidTax, you can.

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IRS Accepting E-Filed Tax Returns

Posted by Emma Lawrence on January 29, 2014
Last modified: March 21, 2017

E-File Your 2014 Tax Return today!

The 2015 tax season began on January 20, 2015 and will end on April 15, 2015.

You can e-file your 2014 taxes with RapidTax throughout the 2015 tax season.

How to Get Your Refund Early in 2015 

Want your refund as quick as possible in 2015? We don’t blame you. Follow these steps to receive your refund as quickly as possible;

1. Get Organized: Gather together all your tax information, tax forms, etc. that you’ll need to prepare your tax return. You’ll avoid wasting hours of your time frantically searching for them last minute.

2. Create a RapidTax account: At the start of January, RapidTax will have the 2014 Tax Application aviable for users to enter their 2014 Tax Return information. With that said, create an account on RapidTax at the start of the new year and start entering your tax information.

3. Choose Direct Deposit: If you opt to have your tax refund direct deposited into your account than you’ll probably receive it within 21 days. Avoid having your refund mailed to you via an IRS check, it will take much longer.

4. E-File: Electronically filing is MUCH faster than paper filing. Thanks to sites like RapidTax, you can e-file your taxes with ease, avoid waiting for your tax return and refund to be processed via paper filing (and of course, you’ll be able to skip a trip to the post office).

5. Avoid Mistakes: If you mis-report information on your tax return, the IRS may reject your return or take longer processing your return. Either scenario will cause a delay in getting your refund. To avoid this from happening, double check the information you’ve entered before submitting your tax return.

E-File with RapidTax!

To get started on your 2014 taxes, create an account on RapidTax.

As always, our tax team is standing by to help you. Reach out by phone, email or chat with any questions you may have.

1/29/2014: Photo via Caden Crawford on Flickr

How to File an Amended Tax Return

Posted by Emma Lawrence on January 27, 2014
Last modified: October 6, 2016

Picture this; You filed your 2013 taxes and went on with your life. Weeks later, you wake up in the middle of the night realizing you forgot to include your daughter (born over the past year), as a dependent.

Not only did you forgot to include your own child on your tax return, but you also forgot to claim extra tax dollars. What’s next? You briefly remember hearing about tax return amendments but wonder how to amend a tax return? Good news, you can file an amended tax return and correct any mistakes with RapidTax.

What is an Amended Tax Return?

Filing an amended tax return (known as form 1040X)  is necessary when you need to change information to an already filed return. Tax filers usually file an amended return in one of two situations; the IRS reported errors on the tax return or you want to add or delete something on the tax return. If you reported the wrong filing status, number of dependents, deductions, credits or income, you’ll need to file an amended tax return. However, if you made math errors, you don’t need to file an amended tax return. The IRS computers will correct math errors.

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