Tax News Blog

What is the Estimated Tax Payment Schedule?

Posted by Manisha Hansraj on August 7, 2018
Last modified: August 10, 2018

tax payment schedule 2018

Did you think you missed a due date for an estimated tax payment?

Typically, if you receive a W-2, your taxes are automatically withheld. However, if you earn money from self-employment, interest, dividends, rents, and alimony you will have to make estimated tax payments. This ensures that you’re paying your taxes.

Read on to find out the estimated tax payment schedule for 2018!

Estimated Tax Payment Due Dates

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The Child Tax Credit & Additional Child Tax Credit Changes for 2018!

Posted by Manisha Hansraj on July 23, 2018
Last modified: July 23, 2018

child tax credit 2018

Let your kids treat you by giving you the tax break you deserve.

Typically, for the prior tax years, (including the tax year 2017) you can receive up to $1,000 per qualifying child for the Child Tax Credit (CTC). You may even get the Additional Child Tax Credit (ACTC) which is a refundable credit that you may receive if your CTC exceeds the total amount of income taxes you owe. However, you need an income of at least $3,000. It phases out for taxpayers with the AGI of $75,000 or greater and $110,000 for joint filers.

The good news is that the CTC and the ACTC increases for the next tax year.

Read on to find out the changes for 2018.

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April 17th, 2018 is the Last Day to Claim your 2014 Refund!

Posted by Manisha Hansraj on January 16, 2018
Last modified: August 2, 2018


Don’t delay your 2014 refund.

Your 2014 refund is waiting for you. Luckily, the IRS allows you to claim your refund due to their convenient Statute of Limitations. However, you have three years from the original tax deadline date to claim your tax refund. With that in mind, if you wait three years after the filing deadline, your refund will expire. On top of that, if you fail to claim your refund, the IRS will collect it and you will no longer be entitled to your refund.

That sounds like a waste, doesn’t it? Read to find out what you need to do in order to claim your 2014 tax refund.

Can I still E-file?

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Did You Miss The 2016 Tax Deadline?

Posted by admin on December 26, 2017
Last modified: May 25, 2018

Did you miss the 2016 tax deadline?

With the 2018 Tax Season less than a month away, you probably have some catching up to do. Luckily, you can still file your 2016 tax return if you’re one of many taxpayers that are rushing to stay on top of a missed 2016 tax deadline. That being said, start raiding your rooms for all the receipts you need to finish your taxes. If you want to find out if you have a refund coming your way, utilize our 2016 tax calculator.

Read on to find out how to file your 2016 prior year return.

Can I E-file my 2016 Tax Return?

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How do I Qualify for the Child Tax Credit?

Posted by Divya Hansraj on June 16, 2017
Last modified: June 6, 2018

Oh, the joys of having children!

Today, it is difficult for parenthood to have its rewards. Children want us to buy them the most expensive toys and clothing and that spending can sometimes feel fruitless. As with struggling to finish a marathon, we strive, hoping there will be a light at the end of the tunnel. Luckily the IRS understands this struggle and gives parents a little something back. The Child Tax Credit and the Additional Child Tax Credit serve as the cushioned shoe inserts that help us finish.

Child Tax Credit (CTC) Facts:

  • You must have a qualifying child.
  • You must have earned greater than $3000 of Income.
  • Each child can receive up to $1000.

 

What is a qualifying child?

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Unfiled tax returns have you drowning?

Posted by admin on June 6, 2017
Last modified: June 16, 2017

Overwhelmed With Prior Year Unfiled Tax Returns?

While most Americans finish or have finished their current year taxes, others have stacks of unfiled tax returns from previous years. You may feel swamped with the pressures of work and within a blink of an eye, you wake up to find an IRS notice in the mailbox. Let’s face it, life gets busy. Nevertheless, you have forgotten about those prior year tax returns, but the IRS hasn’t. Here are some common questions for those taxpayers who are stuck in the mud with unfiled tax returns:

Should I file my Unfiled tax returns?

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New Tax Plan: Trump’s Six Big Changes

Posted by admin on May 23, 2017
Last modified: May 31, 2017

Is Trump’s new tax plan making filing simpler, or is it really just a helping hand for the wealthy?

We’re reminded daily of the new guy in town…or office. Whether that reminder comes from seeing his face on a t-shirt or a protester’s sign outside your office window is a different story. Let’s put the opinions aside for a moment, shall we? If all goes according to Trump’s proposal, many changes will be taking place in the tax world. Here’s a breakdown of Trump’s new tax plan.

There will only be three tax brackets.

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Obamacare VS. Trumpcare: 3 Ways Taxes Will Be Affected

Posted by admin on April 14, 2017
Last modified: May 31, 2017

Obamacare made it through the election. Will it stay on your tax return?

Every new president brings on a new aura for Americans to bask in, and while emotions run high, opinions begin to surface. Suddenly, cheerful holiday dinners turn into political debates. Some chime in while the rest of us are just trying to decide between pecan pie or pumpkin. One debate is the replacement of Obamacare, or the American Health Care Act. Lately, we’ve introduced a new word into our vocabulary that will likely stick; TrumpCare

 

Flexible Spending Account (FSA) for Over-the-Counter Medicine

According to the IRS in 2011, under the Affordable Care Act (aka Obamacare), “Distributions from health FSAs and HRAs will be allowed to reimburse the cost of over-the-counter medicines or drugs if they are purchased with a prescription.” This will remain accurate until Obamacare is no longer in effect. However, there are limits to the Flexible Spending Account. For example, the pre-tax dollars you can have contributed to your account adjusts each year depending on inflation. The FSA limit is currently $2,500. Read the rest of this entry »

20 Facts About Filing an Amended Prior Year Tax Return

Posted by admin on February 7, 2017
Last modified: February 7, 2017

Did you take the wrong step with your tax return? Don’t be too hard on yourself.

Mistakes happen. If you filed your tax return with incorrect or missing information, the IRS will give you a chance to fix your mishap. Before insisting you 100% need to amend your return, though, take a look at our list of when you should, when you shouldn’t, and other need-to-know info about doing so.

 

What it is and where to file

1.Another name for an amended tax return is 1040X.

2.If you are amending multiple tax returns at once, you will need a prepared 1040X for each one. They will also need to be mailed in separate envelopes to the IRS.

3.You can prepare your amended tax return with PriorTax whether you filed your original return with us or a different tax preparer.

4.The address to mail your amended tax return is:

Department of the Treasury

Internal Revenue Service

Austin, Texas 73301-0215

Or if you are using a private delivery service:

Internal Revenue Service

3651 South I-H 35, Stop 6055 AUSC

Austin, Texas 78741

 

Fixing Information VS. Adding Additional Information

5.You don’t need to file an amended return for calculation mistakes. The IRS has calculators of their own which will update the information automatically on your return. Read the rest of this entry »

Someone Used My Social Security Number to File Taxes – What Should I Do?

Posted by admin on January 10, 2017
Last modified: January 25, 2017

Victim of identity theft? Don’t let panic get the best of you.

After entering your tax information, you finally hit the e-file button, only to have your return rejected by the IRS. The reason; a tax return has already been filed with your social security number!

There’s a sinking feeling in your gut and an enveloping sense of dread. What do you do? How will you ever get your refund money now? Remain Calm. You’ll get through this.

 

Here’s what you should do now

Step #1

The first thing to do is double check all of the information on your return, especially your name and Social Security number and those of your spouse and dependents. Sometimes this error can be caused by a simple typo. Read the rest of this entry »