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Obamacare & Your 2014 Tax Return

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!  Continue reading “Obamacare & Your 2014 Tax Return”

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Are There Tax Extensions for Military Personnel?

If you’re in the military and overseas, you have an extension on the date you must file your taxes by.

Here at RapidTax, we salute all the brave men and women serving our country. We also all military personnel to understand the military tax advantages.

Serving in the military is far from easy. The last thing on your mind is taxes. Luckily, the IRS offers a few tax extensions for military personnel. These tax extensions are offered to the following military personnel;

  • overseas active duty
  • combat zone

That means, if you fall within one of the two categories above, you won’t be required to file your taxes by the April 15th tax deadline. Additonally, there are other tax credits you may be eligible for. RapidTax is here to help you save time and money when filing!

Overseas Personnel

If you serve outside of the United States or Puerto Rico and you’re on assignment during the tax deadline (April 15), you are granted an automatic two-month filing extension to file.

That means, you have until June 15 to file your taxes. However, you do not have an extension to pay your taxes and must pay your tax liability by the April 15 deadline. Continue reading “Are There Tax Extensions for Military Personnel?”

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End of Year Tax Tips to Maximize Your Refund

Tax Season 2015 is around the corner. Increase your 2014 tax refund with these tax tips…

The end of year marks an eventful time for many. Not only does Starbucks release their Holiday menu but most of us can already taste Thanksgiving dinner. Then, there’s the surge of Black Friday holiday shopping and before you know it, you’ll be decorating holiday cookies!

With so many cookies to bake and gifts to wrap, don’t forget to take the time to plan ahead for the upcoming 2015 tax season. After all, once the holiday season comes to an end, the 2015 Tax Season will begin shortly after.

Although the IRS has yet to announce the first day to file 2014 taxes, it’s the perfect time to take steps to maximize your tax refund.

2014 Tax Return Coupon

Make A Holiday Donation

Can you think of a better way to spread holiday cheer than giving? Rather than just giving to your family and friends this holiday season, spread some holiday spirit to those in need.

When you give, you receive, specifically when it comes to taxes. Donations are tax deductible. Continue reading “End of Year Tax Tips to Maximize Your Refund”