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Tax Reform: Tax Tips for Lowering Rates for 2018 Taxes!

tax reform
Be ready for the new tax reform.

Get your to do list out and take some action to reduce your 2018 taxes now! Although taxpayers might be hurriedly finishing their 2017 tax returns before the e-file deadline, some tax deductions will not be there for the next tax season due to the Tax Cuts and Jobs Act. (TCJA) Ultimately, the design of the new tax reform is to lower taxes for individuals of all income groups until 2025. Bear in mind that along with that idea, many individuals who itemize their deductions are worried about the tax turmoil they’ll face when filing with each capped or eliminated deduction.

Did you know that can take steps in 2018 to decrease your taxes for next tax season? Here’s a few tax tips for you.

Rack up your medical receipts.

Continue reading “Tax Reform: Tax Tips for Lowering Rates for 2018 Taxes!”

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How to E-File 2014 Taxes in 2017

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. Continue reading “How to E-File 2014 Taxes in 2017”

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When Does E-File End for 2015 Tax Returns?

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.

Continue reading “When Does E-File End for 2015 Tax Returns?”