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Prepare a Business Tax Return with RapidTax

Let RapidTax help you and your business this year!

Starting this year, RapidTax is offering online business tax return preparation and e-filing. We’ll now be able to further assist existing customers who already use our website to prepare their individual returns. We’ll also be able to welcome new customers with businesses who need to file a tax return. Below are a few questions that you’ll want answered before preparing your business tax return with RapidTax.

What type of businesses can use RapidTax Business preparation?

Your business entity is determined when you register your business with the state you are located in. Our team at RapidTax welcomes four main business entities when it comes to preparing and e-filing business returns. These include the following:

  • Single Member LLCs
  • Partnerships
  • S-corporations
  • C-corporations

If you do not fall under one of these business entities or you’re unsure of what type of business you have, feel free to give our tax team a call at 844-CORPTAX (267-7829) to help you out. Continue reading “Prepare a Business Tax Return with RapidTax”

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5 Reasons You’ll Want to File a 2015 Tax Return

Having trouble deciding if you should file a 2015 tax return?

Many people dread filing their tax return each year; so much so that they put it off until they convince themselves that it isn’t even really necessary. Tread carefully when making this decision. Below are five reasons that you may want to file a return this year…even be excited to (imagine that!).

1. You are not a rule-breaker.

Not sure if you want to or even need to file a tax return at all for 2015? Generally speaking, there are three main factors, according to the IRS, that determine whether or not you need to file. These are your:

  • filing status
  • age
  • income

Continue reading “5 Reasons You’ll Want to File a 2015 Tax Return”

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How Many Kids Can You Claim on Taxes?

Kids are great! But they can be taxing…in more ways than one.

Growing up, my parents would always give me an increase on my allowance around April. They would say it was to teach me how to budget my money. Not to sell out my parents or anything but now I know that they were able to give me a little extra once a year because they were getting more back from the IRS after filing and claiming me as a dependent.

Let’s just say, those little bonuses stopped once I began filing my own taxes.

Is there a limit to how many dependents I can claim on my tax return?

No, there is no maximum amount of dependents you’re allowed to claim on your tax return. You can claim all dependents who are qualified child dependents according to IRS rules. Consider it a token of appreciation for supporting the ever-increasing costs of diapers, astronomical college tuition fees and for simply putting food on the table each night.

What qualifies a child as my dependent?

You may see this question to have a simple answer if you are married parents filing a joint return. However, for single parents, married parents who file separately or other relatives, the answer is not as clear.

A qualifying child dependent has slightly different requirements than a qualifying relative dependent does. In order to be considered a qualifying child dependent, they must meet all of the following requirements:

Continue reading “How Many Kids Can You Claim on Taxes?”