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The Holidays are Coming and so is the Gift Tax!

gift tax 2018

You may have to file a gift tax return for presents on the expensive side…

We all know that we can’t write off a designer bag or a watch that we’ve bought for ourselves. On the other hand, let’s say you want to surprise someone with a brand new first car for the holidays. If you didn’t know, the IRS establishes an limited amount until you have to file a tax return, just for the gift you’re planning on giving!

Here’s what you need to look out for when you’re going all out for the holidays.

First off, what is the federal gift tax?

The federal gift tax applies to the transfer of money or property to an individual while receiving less than the full value in return or nothing at all. There is a gift tax exclusion (subject to inflation per tax year) which sets a limit of how much in value they can gift per person before having file Form 709 to the IRS.

Here are the gift tax exclusion amounts from tax years 2002 to 2018. Continue reading “The Holidays are Coming and so is the Gift Tax!”

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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”

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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”