Posted by admin on April 26th, 2016
Last modified: April 26, 2016
With only two certainties in life, nixing your accountant is a tough choice to make.
Choosing PriorTax means you don’t have to.
When telling some people to ditch the accountant and file their taxes online instead, they look at you like you just told them to stop drinking coffee in the morning. It’s scary, sounds risky and is, more than likely, completely out of the question for some.
That’s why PriorTax has introduced CPA Review to the menu, for all of our customers who don’t necessarily want to stray from the traditional route of using an accountant to file their taxes. It also provides a new opportunity for taxpayers who have never even looked into using an accountant before.
Let’s take a look at some reasons why you’ll want to consider our CPA Review over a private accountant.
Because you’re not made of money.
Did you know that the average price of an individual tax return prepared by a private accountant in 2014 was $273? Some charged up to $400 per hour! That’s a nice chunk of change to add to the amount you already owe the IRS (or to take out of your refund check). With the PriorTax CPA Review, you’ll pay $99.95. That’s less than 50% of the average cost for the same service. Crazy, right? Read the rest of this entry »
Posted by admin on April 14th, 2016
Last modified: April 19, 2016
This tax season, PriorTax has joined forces with Trustpilot to show just how much our customers enjoy working with us!
We know how important customer reviews are. From vacation spots to the next restaurant we plan to dine at, we’re constantly researching to find the best. The same goes for filing your taxes.
That’s why we’ve partnered with Trustpilot, an online customer review website. With the Trustpilot platform, you’ll be able to get down to the nitty gritty about what our customers think about their experience with us. Turns out, our customers have been loving us!
Here are some of the thoughtful words our customers have been sharing about us.
“I’ve never done my taxes THIS fast with the least amount of questions and as a bonus when entering the W2 amounts, it fills in 95% of the amounts for me!!! WOW! Where have these guys been all my life?”
“Prior to finding Prior Tax, it was really painful with OLT, TaxACT, and Turbotax when trying to file past taxes. These folks reviews your input, sends you an email verifying if an item is validated with backup, and they give you advice. If I had a word to describe them, I would use “Caring”. They understand that you are stressing trying to catch up. Good work Prior Tax!”
“I have used PriorTax for 5 years. Each year I share with family and friends how happy I am with them. Each year more and more join me with tax season and using PriotTax. Very happy customer.”
Read the rest of this entry »
Posted by admin on April 5th, 2016
Last modified: April 5, 2016
Credit and taxes are both pretty high up there on the adult responsibility ladder.
Putting them together kinda makes you want to hide under a rock. Don’t worry. You don’t need to know everything about credit (or taxes) in order to start taking steps in the right direction. You’ll learn what you need to along the way.
Let’s take a look at some of the initial questions you probably have about your tax debt and how it will affect your credit score.
Will a tax debt show up on my credit report?
Well, it could. The IRS will not automatically run off to the land of credit agencies and warn them about you if you have built up some tax debt over the years. However, if you owe over $10,000 in taxes and continue to do nothing about it, then a Notice of Federal Tax Lien is automatically filed against you. This lien has the potential to be pretty damaging to your credit score – it will show up as a ‘seriously negative’ item on your credit report. If this has happened to you, don’t panic and keep reading. We’ll let you know how to remove this from your record and prevent this from happening to you in the future.
Can I remove a tax lien from my credit report?
You have a tax lien. This is a stressful situation, but you can only panic so much. Now you need to take baby steps toward fixing it. To do this, you’ll need to initiate repayment of your debt. Since this can stay put on your credit report up to seven years after the bill is paid, it is important to take action sooner rather than later. Read the rest of this entry »
Posted by admin on March 30th, 2016
Last modified: March 30, 2016
Did you know you have until April 18th, 2016 to claim your 2012 tax refund?
If you didn’t know, then this information might feel a little like finding a $5 bill in an old winter coat. With that in mind, you’re probably thinking about how you can spend it, right? Before I get into the great things you could could put that extra money towards, it’s important to remember that your tax refund is still money that you earned. You’re receiving a refund because more tax was withheld throughout the year than was needed to cover the taxes you owed to the IRS. So depending how your 2012 tax situation shakes out, you might be owed a refund, or you might owe back tax if not enough money was withheld. Given that, you should file any past due tax returns ASAP – especially with the chance to get an unclaimed 2012 refund slipping away soon.
Whether you’re saving or spending, make sure you do it right!
1. Catch up on bills.
Sometimes it’s the little things in life that make the biggest impact. Using your tax refund to stay up to date on monthly bills and avoid late fees and interest is such a great way to eliminate stress. Then you can save up the remainder and put it towards that oh-so-necessary vacation you’ve been meaning to take.
2. Start an emergency fund.
Suppose your car breaks down and insurance won’t cover it. Maybe your boss crunches the numbers and realizes that he can’t afford to fund your position anymore. In a world so surprising, you should always hope for the best but prepare for the worst. This is why setting aside a cushion of savings might be a good idea. Financial experts suggest maintaining a savings large enough to cover three to six months’ worth of household spending. You may be thinking that there’s no way that your tax refund will cover that. Maybe not, but you have to start somewhere. Read the rest of this entry »
Posted by admin on March 21st, 2016
Last modified: March 21, 2016
“Mistakes can often be as good a teacher as success.”
As a business owner, you might have already heard this one. Jack Welch, the founder of General Electric, made this statement and although he wasn’t talking about taxes, it applies.
The filing deadline for LLCs is always April 15th. The filing deadline for S-Corps and C-Corps is always March 15th. Sure, missing the filing deadline for your business tax return is a mistake. However, it can be resolved, and with less of a penalty than you may think. You’re constantly learning as a business owner and probably making your fair share of mistakes along the way. Let’s take a look at how you can prevent one of them.
Calculating the Late Filing Penalty
Penalty fees for filing late LLC and S-Corp tax returns are based on how many months you are late to filing and the amount of shareholders or managing members involved. Late filing fees for a C-Corp are based on how many months the return is late. Let’s break it down a bit further. Read the rest of this entry »
Posted by admin on March 18th, 2016
Last modified: March 18, 2016
Forget to file your 2015 tax return? Let’s get you caught up.
Sometimes, procrastination gets the best of us and we fall behind. It happens. Most procrastination-fueled situations can be resolved. There’s no exception when it comes to filing your late 2015 taxes.
Can I still file a 2015 tax return in 2017?
April 18th, 2016 marks the tax filing deadline for 2015 taxes . The good news? You can still prepare your tax return after the deadline and mail it to the IRS. The bad news? If you owe additional tax for 2015, you may be faced with penalty fees. If you forgot to file by the deadline, you will be responsible for the failure-to-file penalty. If you didn’t pay the IRS on time, you will be liable for the failure-to-pay penalty. These will be explained further in a few.
Can I prepare my 2015 taxes online?
You missed the filing deadline. That doesn’t mean you have to scrape the bottom of the barrel when it comes to your tax preparation. You also won’t need to dip into your savings to afford it. You can still prepare your taxes online which happens to be inexpensive and pretty easy.
All you need to do is follow these 5 steps. Read the rest of this entry »
Posted by admin on February 25th, 2016
Last modified: February 25, 2016
Tax credits are the IRS’ way of saying ‘Thanks’!
Even if you’re behind on filing past tax returns, it’s important to take your time and file each one accurately. Sure, in some cases you won’t be able to claim your refund after a certain period of time has passed but you can always reduce your tax liability. That’s what tax credits are for.
For the 2009 and 2010 tax years, there was a tax credit known as the Making Work Pay Credit. Did you know that you can still claim this credit on your tax returns for those years? Let’s find out if you qualify.
What is the Making Work Pay Tax Credit?
You might remember President Obama focusing in on the Making Work Pay Tax Credit as a key policy of his 2009 stimulus package. It was meant to initiate more household spending among families in the U.S. Well, it stuck…for a couple years at least. The credit was authorized in the American Recovery and Reinvestment Act of 2009. Many taxpayers saw a reflection of this credit as an increase in their paychecks throughout the year.
Read the rest of this entry »
Posted by admin on February 19th, 2016
Last modified: February 19, 2016
Fashionably late? You can still file your 2012 tax return!
Unfortunately, filing your tax return late isn’t as notable as arriving an hour later than planned to a cocktail party. However, the IRS does give you three years to claim your refund after the official April deadline.
Use our 2012 tax calculator to figure out how much the IRS owes you (or what you owe them).
What information do I need for the 2012 tax calculator?
To use our calculator tool, you just need some of your basic tax information from 2012. You’ll be able to navigate different tabs as shown below.
Complete each section as best you can. Although it is best to complete every section entirely, you can skip the credits and deductions tab if you’re unsure. This will give you a ballpark figure until you have the time to gather your paperwork.
Read the rest of this entry »
Posted by admin on February 17th, 2016
Last modified: February 17, 2016
“Why should we look to the past in order to prepare for the future? Because there is nowhere else to look.”
Although this is a quote by a historian who probably knew little about filing a tax return, it is oddly relatable when trying to locate a prior year AGI. Here’s why. In order to find your AGI (otherwise known as adjusted gross income), you’ll need to take a look at the prior year’s tax documents. I’ve pinpointed three easy ways to find your prior year AGI without having to dig too deep into the past. Let’s take a look.
1. Your tax return
If you’re the type of person who has a knack for keeping track of important paperwork, then you probably know where to find your tax return from last year. Once you find it, you’ll be able to find your AGI amount for the year on line 37 of Form 1040, as you’ll see below. Read the rest of this entry »
Posted by admin on February 10th, 2016
Last modified: February 10, 2016
Start your engines! The last day to claim your 2012 tax refund is April 18th, 2016.
Many of us recognize April 18th as the deadline to file our 2015 tax returns. Did you know that it is also the last day to file a 2012 tax return and claim a tax refund?
The IRS has a three-year statute of limitations for taxpayers to collect their refund money. Once those three years are up, all unclaimed refunds land themselves amongst others within the IRS walls of tax years past.
Sorry for the dramatization but it’s true. Why give up your refund to the IRS when you can file your 2012 tax return today and get your hard-earned money back?
File your 2012 tax return in a few simple steps.
You only have until mid-April to claim your 2012 tax refund. If you start today, you could have that refund in your hand by the end of the month. It’s easy! Here’s how:
- Create an account on PriorTax. Select 2012 as your tax year, create a username and unique password.
- Enter your tax information. Once you have your 2012 tax documents handy, we’ll ask all the questions.
- Submit your 2012 account. The PriorTax team will review your information and make a pdf version available for you to download.
- Print, sign and mail your 2012 tax return. Since you cannot e-file a prior year tax return, you’ll need to mail your return to the IRS.
Did you forget what the 2012 tax rates are?
We’ve got you covered. It’s probably been awhile since you’ve taken a look at these. Just to refresh your memory, take a look at the 2012 tax rates below: Read the rest of this entry »