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Obamacare & Your 2014 Tax Return

You’ll be required to report your “health insurance status” on your 2014 Taxes

Obamacare aka the Affordable Care Act (ACA) was introduced by President Obama to increase the quality and affordability of health insurance.

Although the changes to government may seem confusing, RapidTax is here to help you through filing your 2014 taxes!  The questions below will help you get a better idea of what your tax situation will look like.

1. Did you have Health Insurance in 2014?

The Affordable Care Act will especially affect your 2014 Taxes if you didn’t have health insurance coverage throughout 2014.

You’re safe if you received coverage from one of the following sources;

If you don’t have coverage from one of the sources listed above, the only way you’ll avoid paying extra when filing is to fall within the list of qualified Exemptions. View the complete Exemptions list on the RapidTax blog!  Continue reading “Obamacare & Your 2014 Tax Return”

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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.

Continue reading “How To Pay Taxes Due After The Tax Deadline”