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How To File Taxes for the First Time

If you’re filing your taxes for the first time, you’re most likely a college student, have your first job and probably not overly excited about it.

In fact, your parents might have been nagging you since January to file by April 15th. But let’s be honest, you don’t exactly know where to start.

All that aside, RapidTax understands and we’re here to help you through the process. If you need help filing taxes for the first time, here’s what to do.

Before Filing:

  • Get Organized: Gather your W-2s, 1099s, 1098-E (this shows the interest you paid on student loans), 1098-T (tuition payments and qualified expenses), etc.
  • Know Your Filing Status: There are many filing statuses; Single, Head of Household, Married Filing Jointly, or Married Filing Separately. Most likely, if your filing status may just be Single.
  • The Standard Deduction vs Itemizing: Everyone who files has the option to take one of two tax deductions; itemized deductions or the standard deduction. Itemizing deductions means you will list all your eligible deductions, and the combined total is deducted from your taxable income. Most are only eligible for the standard deduction. This amount depends on your filing status. Continue reading “How To File Taxes for the First Time”
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Can I File My Taxes On a Phone or Tablet?

Let’s face it, we no longer run home to use our desktop computer. Instead, we have everything in the palms of our hands.

30 years ago, just about everyone drove to a tax filer to file their taxes. The annual routine became nothing but a memory when taxpayers realized they didn’t have to leave home to file their taxes and could do everything online. The age of e-commerce has allowed businesses to grow in the cyber world while transforming the tax filing process.

Can the 56% of Americans with a smartphone use it to file taxes?

Today, 80% of Americans age 18-34 have a smartphone, while 56% of all Americans have one. With phones and tablets basically being an extension to our bodies, it shouldn’t come as a surprise that we not only want to talk, text, tweet and read a book on one device, we also want to file our taxes from our phones. The big question is, can you really file your taxes from the palm of your hand? With RapidTax, you can.

Continue reading “Can I File My Taxes On a Phone or Tablet?”

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How to File Your Taxes Without a W-2

Filing your taxes is hard enough when everything goes according to plan. But what do you do when you’re missing crucial documents?

How can you get your employer to give you the forms you need, and, if that doesn’t work, you can you file without a W-2 form?

First, you need to determine why you didn’t get a W-2. If your employer says you’re not supposed to receive one, you can file a form SS-8 with the IRS. They’ll be able to tell you whether your current status entitles you to a W-2.

2014 Tax Return Coupon

If your employer has shut down their business, it’s a matter for the IRS to decide. Similarly, if they are just refusing to hand out a W-2 even though you are supposed to have one, the IRS will go after them and start charging fines (the fine, at up to $50 per violation, is not enough to wreck a company or even ruin someone’s day – but sending the form is cheaper).

Filing Taxes Without a W-2

If you want to actually do the filing, you’ll need to fill out a different document: Form 4852. This form allows you to estimate your income and tax withholdings, based on previous pay stubs. If your pay stub shows your year-to-date contributions, you can just use that. Otherwise, you can add up all of your pay stubs. If you don’t have them, you can even make an estimate.

And what happens if you file your taxes without a W-2 and then your employer finally coughs it up? You can just fill out a 1040X to amend your previous filing, and everything will be back to normal.

Unusual tax problems call for unusual help. Fortunately, you can find tax preparers who specialize in this kind of issue. When you file your taxes without a W-2, you will fill out some fairly simple forms. But the details can be tricky, and since it may involve estimating some numbers that are pretty hard to estimate, it’s best to work with an experienced professional who knows which questions to ask and what to look out for.

With RapidTax, you’ll be able to receive help from the RapidTax team of tax experts.