Tag: e-file 2015

Posts Tagged ‘e-file 2015’

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…)

When Does E-File End for 2015 Tax Returns?

Posted by Robert Flanagan on December 13, 2016
Last modified: December 16, 2016

The e-file deadline was October 17th, 2016 for 2015 tax returns.

Do you happen to be reading this after the deadline mentioned above? No worries. You can still file your 2015 tax return. You’ll just need to paper file it instead.

How to prepare and paper file your 2015 tax return online?

Sure, the e-file season for 2015 is over. You’re not completely out of luck. You can still prepare your tax return as you normally would. You’ll just need to send it into the IRS instead of submitting it online.

For example, if you typucally use RapidTax each year, you can also use us for your late returns. Here’s how it works:

  1. Create an account with a unique username and password.
  2. Begin entering in your 2015 tax information to our user-friendly application. Feel free to contact our support team with any questions along the way!
  3. Continue through the checkout process and submit your return to be prepared on IRS tax forms.
  4. Print, sign and mail your return to the IRS.

(more…)

7 Filing Tips to Get Your Tax Refund ASAP

Posted by Robert Flanagan on March 9, 2016
Last modified: October 6, 2016

Waiting for your tax refund can really test your patience.

Unfortunately, we can’t speed up the actual processing time of your tax return once the IRS gets hold of it. However, there are actions we can take to ensure a smoother journey through the IRS database. Let’s take a look at seven steps you can take when filing your tax return this year.

E-File your tax return.

Oh, how far technology has come. You can e-file your tax return worry-free until the April deadline. After that date, you can still e-file until the October deadline. However, if you can’t get it filed before mid-April and you’re not sure if you’re getting a refund, you’ll want to file an extension. Either way, the IRS processing time is quickest with e-filing. Compared to mailing in your return, you could be speeding up your refund by almost a month!

Choose direct deposit to receive your refund.

Many businesses offer a direct deposit option to their employees, so it only makes sense that the IRS would offer the same. After all, it’s your money. This is preferred by many taxpayers, based on convenience. On top of that, waiting on direct deposit will eat up less of your time than waiting on a check in the mail.

Make sure you’re the only one claiming your dependent(s).

This can be easier said than done in some cases. However, if you know someone who could also claim your dependent on their tax return, do your best to verify that they won’t be. Why? A person can only be claimed once per year. If a dependent is claimed by more than one person, then the second tax return to claim them will be rejected by the IRS. If the second person to claim the same dependent appeals to the IRS, the IRS may pull the first return for review, to make sure that taxpayer was allowed to claim the dependent. In either case, this will ultimately delay your tax refund. (more…)

When is the Last Day to E-File a 2015 Tax Return?

Posted by Robert Flanagan on March 3, 2016
Last modified: March 7, 2016

Get all your ducks in a row this tax season.

April is great. Spring has sprung. The snow has melted. And you’ve just remembered….you still need to file your 2015 tax return!

The tax filing deadline is April 18th, 2016.

This is not a typo. You get 3 extra days this year to e-file your tax return with the IRS. Why is that, you ask? If the typical April 15th deadline just so happens to fall on a weekend (including Friday), the IRS will push it back to the following Monday. Hence, April 18th.

Expecting a refund?

If an excess amount of federal taxes were withheld from your paychecks this year, then you can expect a refund from the IRS. The deadline still applies to you and you still need to file a tax return. However, if you don’t e-file by April 18th, you won’t face any penalties from the IRS. In fact, you can claim your 2015 tax refund until 2019 thanks to the three-year statute of limitations!

If you’re not ready, file an extension.

Even if you can’t file your actual tax return by April 18th and you have a tax liability, you can file your 2015 tax extension with RapidTax for free. This will give you until October 17th, 2016 to e-file your tax return, penalty-free.

When filing an extension, you will need to estimate your tax liability and pay a small amount towards it. Even $5 will do (it’s all about showing initiative here).

Oh, the penalties you’ll face for not filing (and paying) on time.

Miss curfew? Get a lecture from mom. Late to a meeting? Get reprimanded by your boss. Miss the tax filing deadline? Get penalty fees tacked onto your tax bill by the IRS. Below is a breakdown of what the IRS will charge you if you don’t file your taxes by April 18th (or October 17th with an extension). (more…)

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

(more…)

What You Need to Know About Claiming Your Dependent Relative

Posted by Robert Flanagan on February 26, 2015
Last modified: October 6, 2016

Taking care of an aging parent or relative can be hard, not to mention expensive. The good news is that you may be able to claim them on your tax return and get a bigger refund.

Supporting a relative can impact many areas of your life.  The most obvious are the changes to your living situation, amount of free time you have, and your finances.

To help relieve the financial strain of caring for a relative, you can report these relatives as dependents on your tax return. Doing so can save you thousands of dollars in taxes, because for every qualified dependent you claim your taxable income is reduced by $3,950.

Your dependent will belong to either one of the two following categories:

  • qualifying child 
  • qualifying relative

To learn more about claiming a qualifying child, refer to this RapidTax post.

Who Can I Claim as a Qualifying Relative Dependent?

The term “relative” may be unclear. For example, is your cousin’s wife considered your relative? How about his ex-wife? (more…)

Exemptions from the Obamacare Fee

Posted by Emma Lawrence on December 11, 2014
Last modified: November 1, 2016

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.

For some, the information reported on your 2014 tax return will be adequate proof. For others however, the exemption will first need to be granted by the marketplace and an Exemption Certificate Number will be required when filing.

Are there exemptions from the fee for not having health insurance?

If you fall within any of the following categories for 2014, you’ll qualify as an exemption when filing your 2014 Tax Return and WILL NOT be required to enter a Exemption Certificate Number to claim the exemption:

  • 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  (premiums totaled more than 8% of your annual household income)
  • you’re not lawfully present in the US

If you fall within any of the following categories, you WILL be required to enter a Exemption Certificate Number granted by the Marketplace in order to claim the exemption:

  • you have an approved religious objection to health care coverage
  • 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 incarcerated (detained or jailed) and not being held pending disposition of charges
  • you were ineligible for Medicaid because your state didn’t expand it’s Medicaid eligibility AND  you fall below the 138% federal poverty level (Click here to view whether or not your state participated in the Medicaid expansion)
  • you qualify for a hardship exemption (see below)

Who does the “Hardship Exemption” include?

According to HealthCare.gov, you  may qualify for a hardship exemption if in 2014;

  • you were homeless
  • you were facing eviction or foreclosure or you were evicted in the past 6 months
  • a utility company sent you a shut-off notice
  • you experienced domestic violence
  • a close family member died
  • you experienced a fire, flood or other natural or human-caused disaster which caused substantial damage to your property
  • you filed for bankruptcy in the last 6 months
  • you have substantial debt due to medical expenses you couldn’t pay in the last 24 months
  • you had an unexpected increase in expenses due to caring for an ill, disabled or aging family member
  • your individual insurance plan was cancelled and Marketplace plans are unaffordable to you

As stated above, you’ll need to be granted by the Marketplace that you qualify for the hardship exemption and enter a ECN on your 2014 Taxes.

How does this affect filing 2014 taxes?

If you qualify as an exemption, you won’t face the fee for not having health coverage when filing your 2014 taxes. You’ll simply report your exemption information on your 2014 Taxes.

With RapidTax, reporting your exemption information on your 2014 taxes will be easy!  Create an Account and e-file your 2014 Taxes today.

If you have any questions along the way, call, chat or send an email to the RapidTax team! We’re here to help.

Photo via Keoni Cabral on Flickr

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

Posted by Emma Lawrence on December 10, 2014
Last modified: November 1, 2016

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. (more…)

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…)

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…)