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IRS Accepting E-Filed Tax Returns

E-File Your 2014 Tax Return today!

The 2015 tax season began on January 20, 2015 and will end on April 15, 2015.

You can e-file your 2014 taxes with RapidTax throughout the 2015 tax season.

How to Get Your Refund Early in 2015 

Want your refund as quick as possible in 2015? We don’t blame you. Follow these steps to receive your refund as quickly as possible;

1. Get Organized: Gather together all your tax information, tax forms, etc. that you’ll need to prepare your tax return. You’ll avoid wasting hours of your time frantically searching for them last minute.

2. Create a RapidTax account: At the start of January, RapidTax will have the 2014 Tax Application aviable for users to enter their 2014 Tax Return information. With that said, create an account on RapidTax at the start of the new year and start entering your tax information.

3. Choose Direct Deposit: If you opt to have your tax refund direct deposited into your account than you’ll probably receive it within 21 days. Avoid having your refund mailed to you via an IRS check, it will take much longer.

4. E-File: Electronically filing is MUCH faster than paper filing. Thanks to sites like RapidTax, you can e-file your taxes with ease, avoid waiting for your tax return and refund to be processed via paper filing (and of course, you’ll be able to skip a trip to the post office).

5. Avoid Mistakes: If you mis-report information on your tax return, the IRS may reject your return or take longer processing your return. Either scenario will cause a delay in getting your refund. To avoid this from happening, double check the information you’ve entered before submitting your tax return.

E-File with RapidTax!

To get started on your 2014 taxes, create an account on RapidTax.

As always, our tax team is standing by to help you. Reach out by phone, email or chat with any questions you may have.

1/29/2014: Photo via Caden Crawford on Flickr

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How to File an Amended Tax Return

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.

Continue reading “How to File an Amended Tax Return”

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Federal Tax on Military Retirement Pay

Most military retirement pay is treated (and taxed) as normal income, but in certain cases it can be excluded

In the eyes of the federal government military retired pay is no different from any other form of income, which means that you have to pay income tax on it.

Generally payment you receive as a member of the military is taxed as wages. But retirement pay is taxed like a pension. If your retirement pay is based on age or length of service it is taxable and must be included on your tax return on the section for pensions and annuities (this is line 16 on the actual Form 1040 [U.S. Individual Income Tax Return]).

In fact taxes should be withheld from your retired pay before you even get it. How much is withheld depends on how many exemptions you claim on your Form W-4 [Employee’s Withholding Allowance Certificate] after retirement. You can change how much tax is withheld by completing a new W-4. Claiming 0 exemptions means that the maximum amount of tax will be withheld; the more exemptions you claim the less will be withheld.

In January after the end of the tax year you should receive a Form 1099-R [Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.] showing how much retired pay you received and how much tax was withheld. You must report this information on your tax return. Continue reading “Federal Tax on Military Retirement Pay”