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Tax Reform: Tax Tips for Lowering Rates for 2018 Taxes!

tax reform
Be ready for the new tax reform.

Get your to do list out and take some action to reduce your 2018 taxes now! Although taxpayers might be hurriedly finishing their 2017 tax returns before the e-file deadline, some tax deductions will not be there for the next tax season due to the Tax Cuts and Jobs Act. (TCJA) Ultimately, the design of the new tax reform is to lower taxes for individuals of all income groups until 2025. Bear in mind that along with that idea, many individuals who itemize their deductions are worried about the tax turmoil they’ll face when filing with each capped or eliminated deduction.

Did you know that can take steps in 2018 to decrease your taxes for next tax season? Here’s a few tax tips for you.

Rack up your medical receipts.

Continue reading “Tax Reform: Tax Tips for Lowering Rates for 2018 Taxes!”

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When is the Last Day to E-File a 2015 Tax Return?

Get all your ducks in a row this tax season.

April is great. Spring has sprung. The snow has melted. And you’ve just remembered….you still need to file your 2015 tax return!

The tax filing deadline is April 18th, 2016.

This is not a typo. You get 3 extra days this year to e-file your tax return with the IRS. Why is that, you ask? If the typical April 15th deadline just so happens to fall on a weekend (including Friday), the IRS will push it back to the following Monday. Hence, April 18th.

Expecting a refund?

If an excess amount of federal taxes were withheld from your paychecks this year, then you can expect a refund from the IRS. The deadline still applies to you and you still need to file a tax return. However, if you don’t e-file by April 18th, you won’t face any penalties from the IRS. In fact, you can claim your 2015 tax refund until 2019 thanks to the three-year statute of limitations!

If you’re not ready, file an extension.

Even if you can’t file your actual tax return by April 18th and you have a tax liability, you can file your 2015 tax extension with RapidTax for free. This will give you until October 17th, 2016 to e-file your tax return, penalty-free.

When filing an extension, you will need to estimate your tax liability and pay a small amount towards it. Even $5 will do (it’s all about showing initiative here).

Oh, the penalties you’ll face for not filing (and paying) on time.

Miss curfew? Get a lecture from mom. Late to a meeting? Get reprimanded by your boss. Miss the tax filing deadline? Get penalty fees tacked onto your tax bill by the IRS. Below is a breakdown of what the IRS will charge you if you don’t file your taxes by April 18th (or October 17th with an extension). Continue reading “When is the Last Day to E-File a 2015 Tax Return?”

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Are There Tax Extensions for Military Personnel?

If you’re in the military and overseas, you have an extension on the date you must file your taxes by.

Here at RapidTax, we salute all the brave men and women serving our country. We also all military personnel to understand the military tax advantages.

Serving in the military is far from easy. The last thing on your mind is taxes. Luckily, the IRS offers a few tax extensions for military personnel. These tax extensions are offered to the following military personnel;

  • overseas active duty
  • combat zone

That means, if you fall within one of the two categories above, you won’t be required to file your taxes by the April 15th tax deadline. Additonally, there are other tax credits you may be eligible for. RapidTax is here to help you save time and money when filing!

Overseas Personnel

If you serve outside of the United States or Puerto Rico and you’re on assignment during the tax deadline (April 15), you are granted an automatic two-month filing extension to file.

That means, you have until June 15 to file your taxes. However, you do not have an extension to pay your taxes and must pay your tax liability by the April 15 deadline. Continue reading “Are There Tax Extensions for Military Personnel?”