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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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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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Tax Filing Tips Every Parent Should Know

If parenthood could be summed up in one word, that word would be responsibility. Being a parent means not only are you responsible for yourself, but also another human being.

With new responsibilities comes new pressures. However, RapidTax wants to help take that pressure off your shoulders, at least when it comes to the responsibility of filing your taxes.  That’s why we have created this list of top tax tips for parents filing taxes. These tips will not only save you money, but also save you time when filing your taxes.

How to Increase your Tax Refund when Claiming Your Child:

The credits below apply to you if you are claiming a child on your taxes. Be sure to read through the entire list or you might mix some extra tax dollars!

1. Each child is a dependent exemption: When filing, each child you claim is counted as a tax exemption of $3900.

2. Claim the Child Tax Credit: For each child you claim (under the age of 17), there is a non-refundable tax credit of $1000. This credit is phased out if your modified adjusted gross income is over $75,000 if your single or over $110,000 if married filing jointly.

3. Child Care is a Tax Credit:  The Child and Dependent Care Credit allows filers to claim up to $1,050 of child care related expenses paid for one qualifying dependent, as long as the child is under 13 years old. Did you spend money on child care expenses for two or more children? You can claim up to $2,100 for two or more dependents with this credit. Continue reading “Tax Filing Tips Every Parent Should Know”