Update: The IRS has announced that the tax season will begin January 28, 2019 to start filing your 2018 tax returns!
Did you try calling the IRS?
Many taxpayers are confused as to how the government shutdown will affect the 2019 tax season. If you pick up the phone and contact the IRS, you’ll receive a short message instead of the typical menu. “Welcome to the IRS. Live telephone assistance is not available at this time. Normal operations will resume as soon as possible,” is what you hear when you call their toll free number.
Overall, this means that all IRS offices are closed because of the government shutdown. Read on to find out what you need to know for this tax season.
First off, what does “government shutdown” mean?
Continue reading “How the government shutdown affects your taxes.”
We’re here to make your user experience easier for you.
Our site has been updated to reflect how easy it is to use our site, including our transparent pricing page! You can also take a look at our Tax Tools section to locate our Tax Blog. We keep you updated on what’s happening with current tax changes by reading our blogs on the Tax Cuts and Jobs Act.
Why choose RapidTax?
First, we know that filing your taxes can time consuming. Rather than going to visit a tax accountant who charges hourly for your tax return, finish your taxes online with us in just 10 minutes. We accommodate your tax situation from one income statement to complex returns with numerous expenses and multiple tax forms like Schedule C, Schedule K-1 forms, and more.
You may have to file a gift tax return for presents on the expensive side…
We all know that we can’t write off a designer bag or a watch that we’ve bought for ourselves. On the other hand, let’s say you want to surprise someone with a brand new first car for the holidays. If you didn’t know, the IRS establishes an limited amount until you have to file a tax return, just for the gift you’re planning on giving!
Here’s what you need to look out for when you’re going all out for the holidays.
First off, what is the federal gift tax?
The federal gift tax applies to the transfer of money or property to an individual while receiving less than the full value in return or nothing at all. There is a gift tax exclusion (subject to inflation per tax year) which sets a limit of how much in value they can gift per person before having file Form 709 to the IRS.
Here are the gift tax exclusion amounts from tax years 2002 to 2018. Continue reading “The Holidays are Coming and so is the Gift Tax!”