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Single Filing Status Definition: Who Should File as Single

If you don’t qualify for any other filing status you should file as single

Your filing status is one of the first things you enter on your tax return, but it’s also one of the most important. That’s because it has a huge influence on the rest of your return. It determines whether you have to file, what rates you get taxed at, your standard deduction, and eligibility for certain credits and deductions.

There are five different filing statuses:

  • Single
  • Married Filing Jointly
  • Married Filing Separately
  • Head of Household
  • Qualifying Widow(er)

Definition of single

According to the IRS definition:

Your filing status is single if, you are considered unmarried, and you do not qualify for another filing status. Continue reading “Single Filing Status Definition: Who Should File as Single”

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When is the Tax Filing Deadline?

The Tax Filing Deadline is April 15, 2015 for 2014 Tax Returns

The tax filing deadline to e-file a 2014 tax return is April 15, 2015. After this date, your tax return will be considered late.

If you don’t file your 2014 taxes by the April 15th deadline, you may have to pay late penalties if you aren’t all squared away with the IRS.

Luckily, RapidTax helps make filing your taxes easy so that you can file before the tax deadline.

Penalties and interest

Continue reading “When is the Tax Filing Deadline?”

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How and When to Pay Estimated Taxes

If withholding doesn’t cover all of your tax obligations you may have to pay estimated taxes throughout the year.

You don’t need to worry about paying estimated taxes if all your income comes from being an employee. Your employer is required to withhold taxes from every paycheck.

You only need to pay estimated taxes if you have earnings that are not subject to withholding. This income can include

  • self-employment
  • interest
  • dividends
  • alimony
  • rent
  • gains from the sale of assets
  • prizes and awards

Estimated taxes include both income taxes and self-employment tax, as well as other taxes. Continue reading “How and When to Pay Estimated Taxes”