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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;

Single: $6,100
Married Filing Jointly: $12,200
Head of Household: $8,950
Married Filing Separately: $6,100
Qualifying Widow(er): $12,200.

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February 18, 2014October 6, 2016

When is the Last Day to File 2014 Taxes?

Tax Day is April 15, 2015. File your 2014 Taxes by the deadline or you’ll end up paying late fees.

April 15th is one of the most recognized dates to US taxpayers. It’s Tax Day or the last day to file your current year tax return.

After April 15, 2015 your 2014 Tax Return will be considered late. If you’re expecting a refund from your 2014 taxes, you won’t be penalized for filing after the April 15 deadline. However, if you have tax due, you’ll end up paying IRS late fees.

To avoid filing late, create an account on RapidTax and file your 2014 Taxes before the April 15 deadline.

I can’t file my taxes by the last day, can I get a tax filing extension?

If for some reason you can’t file your taxes by April 15, 2015, you can instead file an extension. You’ll have to file Form 4868 [Application for Automatic Extension of Time to File U.S. Individual Income Tax Return] by the filing deadline.

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January 15, 2014October 6, 2016

What are the 2015 Refund Cycle Dates?

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;