Check out our updated website!

We’re here to make your user experience easier for you.

Our site has been updated to reflect how easy it is to use our site, including our transparent pricing page! You can also take a look at our Tax Tools section to locate our Tax Blog. We keep you updated on what’s happening with current tax changes by reading our blogs on the Tax Cuts and Jobs Act.

Why choose RapidTax?

First, we know that filing your taxes can time consuming. Rather than going to visit a tax accountant who charges hourly for your tax return, finish your taxes online with us in just 10 minutes. We accommodate your tax situation from one income statement to complex returns with numerous expenses and multiple tax forms like Schedule C, Schedule K-1 forms, and more.

Here are the steps you need to take to start filing: Continue reading “Check out our updated website!”

How the Tax Cuts and Jobs Act Affects Businesses

business taxes

The upcoming tax year brings in a lot of changes for self-employed and business taxpayers.

Taxpayers with sole proprietorship, partnerships, trusts, and S corporations will face some difficulties when they’re ready to file for the 2019 tax season because of the Tax Cuts and Jobs Act (TCJA).

Read below for the changes you need to know for your business taxes.

Here’s what qualifies as business income.

In order to have qualified business income (QBI), it must be domestic income from a trade or business. Your qualified business income (QBI) is calculated into a net amount and does not include employee wages, capital gain, interest and dividend income.

The maximum deduction increases.

Prior to the TCJA, you could deduct up to $500,000 for any section 179 property. It has now increased to $1 million. The phase-out threshold also increases from $2 million to $2.5 million. (Subject to change due to inflation.)

The new 20% deduction.

Continue reading “How the Tax Cuts and Jobs Act Affects Businesses”

10 Tax Changes for 2019!

how will my taxes change

After each tax season ends, another creeps up on you.

You might wonder what the Tax Cuts and Jobs Act (TCJA) has in store for you this year. The answer is a lot. Many of the common deductions you know will either be limited or removed until 2025, when the TCJA expires.

  1. No more personal and dependent exemptions.

The $4,050 personal exemption that taxpayers claim for themselves, spouses and dependents are no longer available in 2019. Currently, you can still deduct personal exemptions for the 2017 tax year. Click here to deduct your personal exemptions now.

  1. The Standard Deduction doubles.

Continue reading “10 Tax Changes for 2019!”