Tag: 2015 taxes

Posts Tagged ‘2015 taxes’

10 Reasons You Should File a 2015 Tax Extension

Posted by Robert Flanagan on March 7, 2016
Last modified: October 6, 2016

Searching for a reason to file a 2015 tax extension?

It’s never a good idea to do anything out of pure laziness. However, if you can justify your logic for filing a 2015 tax extension, then by all means, DO. Here are ten good reasons why you should file a tax extension this year.

1. It does not require IRS approval.

As long as you apply for a tax extension, you’ll get one. It’s not like filing an actual tax return where you need to wait for the IRS to review and approve it. In fact, there is no process at all. Just submit the form to the IRS, and your extension will be on record.

2. You will skip the April 18th deadline rush.

Have you ever tried calling the IRS or your accountant in April? How long were you placed on hold? If you file an extension, you have an extra 6 months to figure out your tax situation.

3. It will NOT trigger an IRS audit.

Some taxpayers shy away from filing a tax extension because they assume it will increase their chance of being audited. The majority of audits happen because of tax returns that are against the typical patterns. When something out of the ordinary is picked up on a tax return by the IRS, they note that something may be wrong and take a further look. Many taxpayers think of an extension to be paired with doing something wrong. In all actuality, tax returns filed in October show a higher rate of being approved since they are filed accurately and completely.

4. You lost your W-2 or 1099.

When you misplace your income statements, it can be a hassle to get another copy. If you can’t get one from your employer, then you’ll need to request a transcript from the IRS. This is an easy process, but it can take up to 10 days to reach your mailbox. And if the transcript is incomplete due to IRS delays, you’ll need to contact your employers directly for a new copy of any W-2s or 1099s you’re missing.


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

Posted by Emma Lawrence on December 9, 2014
Last modified: November 1, 2016

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 you’re ready to prepare your 2014 taxes, have your Form 1095-A (and any other tax documents) on hand. (more…)

What are the 2015 Refund Cycle Dates?

Posted by Robert Flanagan on September 26, 2014
Last modified: March 21, 2017

E-File Your Tax Return with RapidTax and Receive your Refund Within 21 Days!

In the past, the IRS released a refund cycle chart. This chart allowed tax filers to know exactly when they would receive their tax refund. Sounds helpful, right?

Unfortunately, the IRS no longer posts the refund cycle chart. Luckily, there are charts out there which give a pretty accurate prediction on when you’ll get your refund.

You may want to know how long it will take to receive your tax refund once you file your 2014 tax return.  Luckily, we’ve provided a refund cycle chart below.

Keep in mind however, these dates are NOT definite. They are only expected dates, based off of previous year trends. (more…)