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How to File Your 2018 Taxes & Important Tax Changes

taxes 2018

Are you starting on your 2018 tax return right now?

Your tax return may seem a bit off when you’re filing. The reason for this is the Tax Cuts and Jobs Act (TCJA) changes.

For on the go taxpayers and those who just need a break.

If you have a hectic schedule or just want to relax at home after a long day, filing your taxes online could be the best option for you. No need for standing in long lines for a tax accountant.

All you need to do is follow these few steps:

  1. Create an account
  2. Enter your tax information (which is conveniently available by clicking user-friendly tabs for your personal information, income, deductions, and credits)
  3. Submit your account for a PDF of your return to paper file to the IRS and/or state!

We’ll prepare your tax return as soon as possible. Keep in mind, taxpayers who have a refund for the 2018 tax year are not subject to any penalties at any point they decide to file. Just make sure you file within three years of the due date of your return to claim your refund. In this case, claim your refund by April 15, 2022.

However, taxpayers with a tax due to the IRS should have filed by the 2018 tax year deadline; April 17, 2019 to avoid tax penalties.

Check out the breakdown of the tax changes this year.

The following are no longer available for the 2018 tax year: Continue reading “How to File Your 2018 Taxes & Important Tax Changes”

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Check out our updated website!

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.

Here are the steps you need to take to start filing: Continue reading “Check out our updated website!”

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How the Tax Cuts and Jobs Act Affects Businesses

business taxes

The upcoming tax year brings in a lot of changes for self-employed and business taxpayers.

Taxpayers with sole proprietorship, partnerships, trusts, and S corporations will face some difficulties when they’re ready to file for the 2019 tax season because of the Tax Cuts and Jobs Act (TCJA).

Read below for the changes you need to know for your business taxes.

Here’s what qualifies as business income.

In order to have qualified business income (QBI), it must be domestic income from a trade or business. Your qualified business income (QBI) is calculated into a net amount and does not include employee wages, capital gain, interest and dividend income.

The maximum deduction increases.

Prior to the TCJA, you could deduct up to $500,000 for any section 179 property. It has now increased to $1 million. The phase-out threshold also increases from $2 million to $2.5 million. (Subject to change due to inflation.)

The new 20% deduction.

Continue reading “How the Tax Cuts and Jobs Act Affects Businesses”