Tax News Blog

What You Need to Know about Filing Late 2013 Tax Return

Posted by admin on April 30th, 2014

When it comes to late tax filing, filers fall into two categories; late filers and late payers. Some however, fall into both.

Did you forget to file your 2013 tax return? If so, you’re officially filing late (as of April 16, 2014) and will face late penalties.

If you filed an extension and have tax due, you’re not free from incurring late payment penalties.  However, if your expecting a refund whether you filed an extension or not, then you won’t have to worry about paying late penalties.

The IRS failure-to-file and failure-to-pay penalties increase as time passes. Instead of dishing out extra money to the IRS, you can file your late 2013 taxes on and avoid additional late penalties.

Wondering what your late fee will look like? Your specific situation will determine which late penalties you’ll face. Below, find the circumstance which describes your filing status best; 

You’re filing late

  • If you have tax due and didn’t file by the tax deadline,  then you’ll face a failure-to-file penalty. For each month (or portion of each month) your taxes are left unpaid, the penalty is 5% of your tax due amount. The maximum penalty is 25%.

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How To File Taxes for Previous Years

Posted by admin on April 28th, 2014

The task of filing late taxes is the adult version of taking a makeup test; stressful, time-consuming, annoying. But let’s be honest, it’s not really that bad, right?

Remember when you were in school and missed an exam in class. Even though you knew you had to makeup the test, you pushed it off. Taking the test lingered in the back of your mind, until you actually got it over with. Afterwards, you thought “Well, that wasn’t so bad… why did I wait so long?”. The same goes for filing late taxes.

Why shouldn’t you put off filing your taxes? For a variety of reasons- the most obvious one being the late penalties and fees (which rack up as time passes).

To avoid late filing fees, offers straightforward and easy tax filing for tax years dating back to 2005. Before getting started, learn the six steps to filing your prior year taxes.

6 Steps to File Taxes for Previous Years

Step 1: Dig Up important tax documents:

In school, before taking an exam, you gathered together your notes to study. Before filing your taxes, you’ll need to gather together the following tax documents;

  • W-2(s)
  • 1099(s)
  • Forms reporting your income
  • Receipts & records

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You’ll Need To Mail Your 2010 Tax Return Before Midnight on 4/15/2014

Posted by admin on April 9th, 2014

In order to receive a 2010 tax refund, your return needs to be postmarked on April 15th before midnight.

If you have a habit of procrastinating, you probably dread April 15th each year. If you have put off your 2013 taxes until now, April 15th is the last day to file your 2013 return or file an extension. It’s also the last to file your 2010 taxes and  receive your 2010 tax refund.

If in fact you still need to file your 2010 taxes, you can prepare your 2010 tax return on PriorTax up until 10:00 PM on April 15, 2014.  The tax return will need to be postmarked by midnight in order to receive your refund.

Will I Get My 2010 Tax Refund if I mail the 2010 Return on April 15th?

According to the IRS, you must have your 2010 tax return postmarked by midnight on April 15, 2014 in order to receive your 2010 tax refund. That means you CAN NOT prepare your 2010 taxes at 11:59 PM (or whatever your case may be) and place them in the mail after midnight. In fact, there’s no way to get around it.

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How Do I Find My 2012 E-File PIN?

Posted by admin on April 2nd, 2014

Somewhere in the back of your mind is your e-file PIN- the 6 digit number you received while filing last year. In order to e-file your current year taxes, you’ll need it.

Finally ready to file your 2013 taxes?  If you are planning to e-file your 2013 taxes, you’ll need to look back to your 2012 return for your personal identification number (PIN) or for your 2012 adjusted gross income (AGI). Without your PIN or AGI from your 2012 return, you won’t be able to e-file your 2013 return.

The way to find your e-file PIN may differ from the way your friend or brother found their e-file PIN. This is mostly because finding an e-file PIN depends on the details of your prior year tax return. Regardless, the PriorTax team of tax experts will help you find your PIN or guide you in the right direction!

3 Ways to Find Your 2012 PIN if You Filed a 2012 Tax Return

If you filed your 2012 taxes, you can obtain your 2012 PIN  (or 2012 AGI), by doing one of the following;

1. Look at a copy of your 2012 Tax Return: Contact whoever prepared your tax return last year for a copy of your 2012 tax return. From your 2012 tax return, you’ll be able to obtain at least one of the following; (If you filed your 2012 taxes with PriorTax, simply sign into your 2012 account or contact us) Read the rest of this entry »

How to Claim Home Office Deduction on 2013 Taxes

Posted by admin on March 11th, 2014

Have a home-based business? In the past, claiming a home office deduction was time consuming, annoying and complicated. Not anymore!

Thanks to the new IRS home office deduction, you can easily deduct up to $1,500 on your 2013 tax return when filing your home based business taxes. If you need to file taxes for prior years or for 2013 taxes, PriorTax has made claiming deductions simple for each tax year dating back to 2005.

How Much Can I Deduct for the 2013 Home Office Deduction?

In previous years, millions of taxpayers claimed home business tax deductions. In fact, according to the IRS, roughly $10 billion of home office deductions were claimed by 3.3 million filers for 2011. Annually, a cumulative 1.6 million unnecessary hours were spent on the paperwork, record keeping, etc. associated with claiming a home office deduction.

To help small business owners save time, the IRS decided to incorporate an easier option for claiming home office costs. Starting this year, the IRS incorporated an easy-to-calculate home office deduction. That means, on your 2013 tax return, you can deduct $5 for each square foot of your home office, up to 300 square feet.

Have a home office of 150 square feet? You’re home office deduction will be $750. Is your home office a spacious 600 feet? Unfortunately, your will be capped at $1500. Read the rest of this entry »

When Will I Get My State Tax Refund? How Do I Check State Refund Status?

Posted by admin on March 5th, 2014

Are you wondering when you will get your state tax refund? Some states process refunds in days while others can take up to 16 weeks.

Many tax filers know about the IRS “Where’s My Refund?” tool  to learn the status of federal refunds. However, some don’t know where to check the status of a state refund.  PriorTax has good news- your state’s taxation website  has a similar refund tracking tool. That means, after filing 2013 taxes, you can learn when you will receive your state tax refund.

Want to find out the status of your state refund right now? To make your life a little easier, we have included a link to each state’s refund status tool along with the possible time it may take to receive your state refund.

Alabama: Check your refund status My Alabama Taxes (MAT).  The Alabama website also displays their phone number 1-800-322-4106 for anyone with Alabama tax questions.

Arizona: According to the Arizona Where’s My Refundwebsite direct deposited refunds generally take 15 days from the submit date of the tax return, while paper filed returns can take up to 12 weeks.

Arkansas:You can check the status of your  Arkansas refund on the  Arkansas Taxpayer Access Point (ATAP)  site. Refunds will generally be processed within 10 days of the time the acknowledgment is posted. Arkansas contact number is 501-682-1100.

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Is Student Loan Interest Tax Deductible?

Posted by admin on February 21st, 2014

The two or four college years spent studying, meeting new people, and for some, living in a tiny dorm room are unforgettable. If you are among the 70% of college graduates, the experience abruptly ended upon paying your first student loan payment. 

Not only did the world slam you with the pressure to find a job, get your own apartment and pay student loans, but the student loan balance seems to carry some added weight; interest. Well, if you are one of the many Americans paying student loans, there is a bit of good news- when filing your taxes, you can take a student loan interest deduction.

How Much Can I Deduct in Student Loan Interest?

You can deduct up $2500 of interest you paid towards a student loan during the tax year. If you are eligible to claim the student loan interest deduction, you’ll be happy to know that it’s an above the line deduction. That means you aren’t required to itemize your deductions in order to claim the student loan deduction.

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April 15, 2014 is the Last Day to Claim your 2010 Tax Refund

Posted by admin on February 3rd, 2014

April 15, 2014 is the last day to file your 2010 tax return and claim your refund. For those with an extension, the deadline is October 15, 2014.

You may have April 15, 2014 on your mind as the deadline to file your 2013 taxes. April 15, 2014 is not only the deadline to file your 2013 taxes, but it is the deadline to file your 2010 taxes and receive your tax refund.

The statute of limitations allows up to three years for taxpayers to claim a tax refund. That means, any refunds outside of the three-year limit will not be granted. File your 2010 taxes online with PriorTax and receive your 2010 refund.

How do I file my 2010 taxes in 2014?

To file your 2010 taxes in 2014, simply create an account on PriorTax for the 2010 tax year. Once you finish, be sure to submit. Our team of tax experts will review your account for accuracy. Once reviewed your return will be available for download. You’ll have to print the return and mail it to the IRS.  It may take the IRS up to 12 weeks to process your 2010 tax refund.

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I Need the IRS 2012 Tax Table

Posted by admin on January 22nd, 2014

Do you still need to file your 2012 taxes but first need to learn the 2012 tax rates?  Take a look at our 2012 federal tax table.

If you did not file your 2012 taxes (in 2013), it’s best to do so as soon as possible. Before doing so, learn your federal tax rate for 2012. Regardless of what bracket you fall into, you should file your 2012 taxes sooner rather than later. PriorTax offers late tax filing not only for 2012 but also for years dating back to 2005.

The 2012 tax rates are generally the same as 2011′s tax rates. However, the 2013 tax rates increased from 2012 for taxpayers making over $400,000 (while the income tax brackets have slightly changed).  That means, it’s important to note the 2012 tax table differs from the 2013 tax table. (Hint- don’t use this tax table for filing 2013 taxes).

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How to Determine Your W-4 Allowances

Posted by admin on December 17th, 2013

W-4 allowances is a common topic of confusion.

If you are filling out a W-4 and have no idea how many allowances to claim, you’re not alone. Most people don’t know how to fill out a W-4.  However, it’s very important to be aware of the number of allowances you claimed or plan to claim, or you may end up having to pay a lot in taxes.

The W-4 form determines how much tax is withheld from your paycheck each pay period. That means, if there too much tax withheld throughout the year, you’ll end up receiving a tax refund when filing your taxes. The opposite is also true. If too little tax is withheld from your paycheck, you’ll end up having to pay taxes later on.

What determines the number of allowances to claim?

The number of allowances you claim on your W-4 is dependent on your life circumstances. It depends on the number of jobs you have, if you’re married or single and how many children and personal exemptions you have along with your stance in the federal tax table.

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