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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.
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!”
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”