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How to File Taxes Early

Learn how to file taxes early so that your return can get to the front of the line and you can receive your refund as quickly as possible.

Wallet hard-hit by the holidays? Join the crowd. The only thing more depressing than picking mutilated wrapping paper off the floor is taking a look at your credit card statement. Yikes!

Thankfully, Uncle Sam is here to save the day. Soon after you ring in the New Year it will be time to take account of the old by filing a 2012 tax return. And for many people, this means a sizable tax refund. If every year you pay for your holiday spending with the tax refund you expect to receive in January, you’re hardly alone. But that means it’s imperative you get your refund as quickly as possible.

Unfortunately, this year IRS e-file doesn’t start until January 22nd, a week later than in recent years. But you can get a jump on the start of the season by learning how to file taxes early. In fact on RapidTax you can prepare your return as early as January 3rd.

“What’s the point of preparing my return before I can file it?” you may ask. Well, filing early has several advantages. Continue reading “How to File Taxes Early”

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IRS 2012 Tax Changes

Look over these important changes to the tax code before you file your 2012 taxes

Every year the IRS tweaks the tax code at least a little bit: introducing new credits and deductions, discontinuing temporary provisions of the tax code, and adjusting various numbers for inflation.

Some years, depending on what happens in Congress, there are really big changes that end up affecting everyone pretty dramatically. But for the 2012 tax year the changes were relatively small. Still, you should be aware of them before you go gallivanting off into the tax preparation sunset.

Here, without further ado, are the tax changes for the 2012 year:

  • Income limits for excluding education savings bond interest increased – Your modified adjusted gross income (MAGI) must be less than $87,850 if you’re a single filer or less than $139,250 if you’re married filing jointly or a qualifying widow(er) in order to exclude education savings bond interest. Continue reading “IRS 2012 Tax Changes”
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How to Contact the IRS or State Tax Authority

Need to contact the IRS? Here’s what you need to know.

When in the course of the tax season it becomes necessary to contact the IRS, you may have to wade into the tangled thickets of the nation’s tax bureaucracy. But never fear! Talking to the IRS is not as dreadful as it seems on first take.

Individuals can reach the IRS toll-free at 1-800-829-1040, Monday-Friday, 7:00 a.m. – 7:00 p.m. your local time (though Alaska and Hawaii should follow Pacific Time).

The IRS has a special phone number for those who believe they are the victim of identity theft. If this has happened to you call 1-800-908-4490.

When you call, you will have to navigate through an automatic system designed to direct your call to the right department. If you wish to bypass the automated system, press “0” repeatedly and you will be immediately routed to a live agent. Try it: it works!

Continue reading “How to Contact the IRS or State Tax Authority”