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April 17, 2014April 17, 2014

How To Pay Taxes Due After The Tax Deadline

The IRS Failure-to-Pay Penalty is 1/2 of 1% of your taxes due for each month or part of a month after the April 15th due date.

Did you file your taxes by the tax deadline and while doing so were caught off guard by the tax due amount? Maybe you were expecting a tax refund, but instead realized you actually owe the IRS. If you have other bills to pay, this might put you into a sticky situation.

The tax due amount you owe will increase as time passes. If you can’t pay the tax due, the IRS will most likely work with you. Regardless of your tax due amount, be sure that you have filed your taxes. If not, you will face failure-to-file penalties on top of your failure-to-pay penalties.

How much is the penalty for not paying tax due on time?

The IRS failure-to-pay penalty is ½ of 1% of your unpaid taxes for each month or part of a month after the due date. With each month, the penalty adds up and can grow up to 25% of your unpaid taxes. To avoid these extra fees, it’s best to pay your late tax-due amount as soon as possible.

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April 14, 2014

How to File a Tax Extension on Your Mobile Phone or Tablet

File a tax extension before midnight on April 15th and you’ll have until October 15th to file your 2013 tax return!

Are you nervous because the tax filing deadline is here and you are not prepared to file your taxes? Take a deep breath…. it will be okay. Why? Well, you can file a tax extension on RapidTax. Not only that, but you can file a tax extension directly from your phone or tablet.

Can I File a Tax Extension From My Phone on RapidTax.com?

You can in fact file a tax extension on your phone or tablet from RapidTax.com and your tax deadline will be moved from April 15 to October 15.

Wondering how? Simply go to the Create an Account page and clicking “File An IRS Extension” in the “Choose Your Tax Year” drop down menu. If you already created an account, simply pick “File an IRS Extension” from the “Tax Year” drop down menu.

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March 10, 2014October 6, 2016

How To Choose Between Itemizing Deductions or Standard Deduction

To take the standard deduction or to itemize deductions- that is the question.

If you usually take the standard tax deduction and debating on itemizing your deductions this year, then you might find yourself unsure on what deduction amount to take when filing your taxes. The answer; whatever results in a higher deduction amount.

Before creating an account to file your 2013 taxes, you can first read our guide to help decide if itemizing your deductions or taking the standard deduction is right for you;

1st: Understand if you can take the standard deduction.

Those who don’t qualify for the standard deduction include married couples file separately with one spouse itemizing deductions. In other words, if you are married filing separately and your spouse is itemizing, then you must itemize your deductions.

2nd: Learn your standard deduction amount based on your filing status.

The IRS standard deduction amounts are as follows for those under the age of 65;