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Picture this; You filed your taxes and went on with your life. Weeks later, you wake up in the middle of the night realizing you forgot to include your daughter (born over the past year), as a dependent.
Not only did you forgot to include your own child on your tax return, but you also forgot to claim extra tax dollars. What’s next? You briefly remember hearing about tax return amendments but wonder how to amend a tax return? Good news, you can file an amended tax return and correct any mistakes with RapidTax.
What is an Amended Tax Return?
Filing an amended tax return (known as Form 1040X) is necessary when you need to change information to an already filed return. Tax filers usually file an amended return in one of two situations; the IRS reported errors on the tax return or you want to add or delete something on the tax return. If you reported the wrong filing status, the number of dependents, deductions, credits or income, you’ll need to file an amended tax return. However, if you made math errors, you don’t need to file an amended tax return. The IRS computers will correct math errors.
Once upon a time, there was an IRS refund cycle chart that told taxpayers when they could expect to receive their tax refund.
Don’t plan on the IRS posting a 2015 Refund Cycle Chart. In 2012, the refund cycle chart fairy tale ended and the IRS eliminated the chart.
However, there are still helpful tools out there to help filers get an idea on when they can expect to receive their tax refund in 2015. Since each year differs slightly, you can check out the 2016 refund cycle dates HERE.
Where do I go to find out when I will receive my refund?
The IRS no longer posts a tax refund chart, however, they did post an article last year explaining a refund tool available on their website called “Where’s My Refund?”. Once your 2014 tax return is filed, you can check your refund status on the IRS site. You’ll need to enter the following information;
- social security number
- filing status
- refund amount.
Continue reading “What are the 2015 Refund Cycle Dates?”
Do you have to file a business tax return? The IRS recently announced they will accept 2013 business tax returns starting today, Monday, January 13, 2014.
The first day to file a business tax returns, January 13, falls 18 days before the first day to file 1040 returns (1040 tax filing start date is January 31st). If you need to file a business tax return with income derived from forms 1065 or 1120S , you can today on RapidTax.
Business tax returns accepted by the IRS starting on January 13, include any return on the IRS Business Master File (BMF). BMF returns include the following federal forms:
- 1120 (corporations)
- 1120S (S corporations)
- 1065 (partnerships or entities taxed as partnerships)
- 1041 (trusts and estates)
- 720 (excise)
- 940 (FUTA)
- 941 (FICA)
- 2290 (Heavy Highway Vehicle Use Tax)
Continue reading “When Can I File a Business Tax Return?”
