The 2014 Tax Tables

Find your 2014 Tax Rate with the 2014 Tax Tables!

Have you filed your 2014 Tax Return yet?

If you’ve already filed, congratulations! If not, you may be wondering what the 2014 tax rates are.

Here at RapidTax, we’ve designed  the 2014 tax tables just for you. In fact, you can save these tax tables to your computer and refer back to the tax rates as needed.

Keep in mind that these tax tables are based on your filing status and total income earned throughout the year. You’ll need to know each in order to find your 2014 tax rate.

Continue reading “The 2014 Tax Tables”

Can I Claim the Child Tax Credit 2014?

If you meet the requirements to claim the Child Tax Credit 2014, expect to see a larger tax refund in 2015

If you have a child, you know first hand that being a parent changes your life.

Along with the new responsibility comes the expenses of having a child, such as food, clothing, classes, pictures, day care and so much more. Luckily, the IRS offers a few tax advantages to help with the never ending costs. One in particular is the Child Tax Credit.

Keep in mind however, just because you have a child, it does not automatically qualify you to claim the Child Tax Credit on your 2014 Taxes.

In order to claim the credit on your 2014 Tax Return, you’ll have to meet the 7 IRS Child Tax Credit requirements

1. Relationship

In order to claim the child tax credit, the child must be one of the following;

  • your child
  • your stepchild
  • a foster child placed with you by a court or authorized agency
  • an adopted child (even if the adoption is not final by the end of the tax year)
  • your brother
  • your sister
  • your stepbrother
  • your stepsister
  • your niece
  • your nephew Continue reading “Can I Claim the Child Tax Credit 2014?”

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

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. Continue reading “I’m Enrolled in Obamacare Marketplace- How Do I Report it On My Taxes?”