Tax News Blog

What If I Missed the October 15 Tax Deadline?

Posted by admin on November 20th, 2014
Last modified: November 20, 2014

Tax Season Officially Ended on October 15 but you can still use PriorTax 2013 Tax Software.

If you planned on filing your taxes by the October 15 deadline but never got around to it, don’t panic.

Although October 15, 2014 was the last chance you had to e-file a 2013 tax return, you’ll still be able to prepare your 2013 taxes online with PriorTax. Thanks to the 2013 tax software, you won’t waste hours doing taxes.

However, you should file your late 2013 taxes sooner rather than later. 

You’ll Have To Paper File Your Late Tax Return

As of October 15, the IRS shut down the e-file system to prepare for the upcoming tax season. You missed your chance to electronically file and will need to mail your late taxes.

Luckily, you won’t need to prepare your tax return completely by yourself. PriorTax is one of the only 2013 tax software services available for late tax preparation. Read the rest of this entry »

Need Help Filing 2013 Taxes Late?

Posted by admin on November 19th, 2014
Last modified: November 20, 2014

If you need help filing 2013 taxes, PriorTax is here.

Have you been putting off filing your 2013 taxes and still need to gather your 2013 tax forms? Maybe you haven’t yet filed your 2013 tax return because you’re unsure of how to fill out a 2013 tax form 1040.

Whatever the case may be, we understand that completing a 2013 tax return may seem overwhelming. However, as much of a headache taxes may appear to be, it’s best to get your 2013 tax return out of the way sooner rather than later.

The good news is that PriorTax makes completing a 2013 tax return easy. In fact,  while other online tax services no longer offer 2013 tax software, you can prepare your 2013 taxes with PriorTax!

Before, getting started, here’s a few 2013 tax return tips to keep in mind.

 #1: Late Fees Increase As Time Passes

If you’re getting a refund, there’s no need to freak out. You won’t face late fees for filing late. However, if you have tax due on your 2013 taxes, then the longer wait to file and pay your tax bill, the worse the penalties become.

There’s two late penalties; a late-filing penalty and late-payment penalty. Here’s what you need to know;

Late-filing Penalty: 5% of the additional taxes owed amount for every month (or fraction) your return is late, with a maximum penalty of 25% Read the rest of this entry »

How To File Taxes as an Actor or Performer

Posted by admin on November 12th, 2014
Last modified: November 12, 2014

If you’re an actor than the last thing you may be thinking about is taxes. After all, you have auditions to attend, scripts to memorize and practices to run off to.

Even if taxes fall last on your list of concerns, you’ll need to file a tax return between January and April each year.

The IRS considers actors and performers as self-employed, meaning you’ll be required to report all income you earned on a business tax return. Sound confusing? PriorTax is here to help.

What You’ll Report on Your Taxes

  1. Income from Employed Work: Your employer most likely withheld taxes from your paychecks already, meaning you already pay tax on these earnings.
  2. Earnings from Acting, Performing, etc: you’re required to report any other earnings received, whether it be from acting, performing, doing voice-overs, etc. You’ll most likely still need to pay tax on your acting/ performing gigs.
  3. Expenses Incurred: To lower your tax liability total, you’ll want to report as many deductible expenses as possible. The more deductions you can claim, the less you’ll end up paying to Uncle Sam.

Read the rest of this entry »

5 Things You’ll Need to Report On a Self-Employee or Business Tax Return

Posted by admin on November 11th, 2014
Last modified: November 11, 2014

Before Report Self-Employment or Business Income, Know what You’ll Need

If you need to report self-employment income or business income on a tax return, it’s best to organize the papers you’ll need before getting started.

Filing a Schedule C may seem like a daunting task. However, you can avoid complications by keeping your records organized throughout the year .

It’s also good to keep in mind that doing your taxes online will ultimately save you time and money.

Below, you’ll find the information you’ll need to report when completing a business tax return. Keep in mind, if you’re a sole proprietor, do freelance or contract work, you’re considered a self-employee and are required to file a business tax return (SCH C).

What You’ll Need to Report On Business Tax Return (SCH C)

#1: Income

According to the IRS, you’ll need to report ALL income you’ve received.

Make a list of gross receipts or sales from the tax year. If you received 1099 forms from clients or individuals you provided services for, you’ll need to include these amounts.

The IRS requires you to report ALL income so be sure to include payments you received that aren’t reported on a 1099 form

There’s other amounts you may not think of that the IRS considers forms of income. This includes;

  • value of goods or services received through barter transactions

  • bad debts recovered that you wrote off on a prior-year return

  • interest on any business bank accounts

#2: Expenses Read the rest of this entry »

April 15, 2015 is the Last Day to Claim Your 2011 Tax Refund

Posted by admin on October 28th, 2014
Last modified: October 28, 2014

After April 15, 2015, you’ll no longer be able to claim your 2011 Tax Refund

Mark your calendar- April 15, 2015 is not only the deadline to file your 2014 tax return, it’s also the last day you’ll be able to file your 2011 tax return and receive your 2011 refund.

The status of limitations only allows tax filers three years to claim a tax refund.

So where does the unclaimed money go after the three year period has passed? You guessed it- the IRS keeps it.

Don’t hand over your money to the government, file your 2011 tax return today and claim your refund before it’s too late!

How To File Your 2011 Taxes

It’s not yet the 2011 tax return deadline to claim your refund money. That means, you can complete your tax return today and wait for your refund check from the IRS. Here’s how; Read the rest of this entry »

How To File 2013 Taxes in 2015

Posted by admin on October 23rd, 2014
Last modified: October 28, 2014

File your late 2013 Taxes ASAP. If not, the IRS late penalties will continue to increase.

Still need to file 2013 taxes?  Avoiding doing your taxes is tempting, we understand. However, late penalties and fees increase as time passes, so it’s best to get caught up, even if that means you’re filing your 2013 taxes in 2015.

The good news is you can file 2013 taxes on PriorTax! Although the 2014 tax season is over and you’re filing late, you’ll finally be able to get your 2013 tax return out of the way!

After all, it’s better to file late than to never file at all!

How to File 2013 Taxes Now

If the thought alone of filing your taxes is overwhelming, take a deep breath. We are here to help. You’ll get through it. Read the rest of this entry »

Why Did I Receive Form 1099-MISC?

Posted by admin on October 23rd, 2014
Last modified: October 28, 2014

You do not necessarily have to “have a business” to receive a 1099-MISC- you’re still considered “self-employed” by the IRS

If you opened up your mail to find a Form 1099-MISC rather than a W-2 form, you may think someone sent you the wrong paperwork.

Don’t throw it away. Don’t shred it. Don’t use it to write notes on.

You most likely received this form because you were paid to do freelance or contract work. Hold onto it.

Although you may not consider yourself “self-employed” or a business owner, you’re required to report this income listed on the 1099-MISC on a business tax return (a Schedule C).

What is Form 1099-MISC?

If you’re only familiar with your salary, wages and tips being reported to you on a W-2 Form,  then a 1099-MISC may be completely foreign to you. It’s actually not that complicated. Here’s what you should know;

  • the IRS requires any person or company to report certain types of payments on a 1099-MISC
  • 1099-MISC can cover a range of different payments such as independent contractor earnings, rent, royalties, prizes, & awards
  • if you’re a freelancer or independent contractor then you probably received a 1099-MISC
  • you’ll have to report the income listed on your 1099-MISC as self-employment income on a Schedule C tax return
  • since the employer isn’t taking out social security and medicare taxes from your pay, you’re liable to pay them

What to do with the 1099-MISC Form you received

Not sure what to do with the 1099-MISC form? You’ll need to hold onto it so that you can report the income on your tax return. Read the rest of this entry »

How to File a Tax Return with Multiple Types of Income

Posted by admin on October 16th, 2014
Last modified: October 20, 2014

Reporting multiple sources of income on a tax return may seem overwhelming. We’re here to help.

Most tax filers report income earned from an employer on a tax return. This information is listed on a W-2 form and is usually pretty easy to report on a tax return.

However, filing a tax return can become more complicated if you have more than one income source.

For example, many of those who work as independent contractors are also employed part-time. Both forms of income must be reported on a tax return.

Whatever your case may be, the IRS requires you to report (and pay tax on) all sources of income. Not just one.

If you avoided filing a tax return because you were overwhelmed by the confusion of reporting multiple types of income, you’ll still need to do so. Luckily, PriorTax makes filing multiple types of income easy.

To report multiple types of income on a tax return, simply create an account with PriorTax and enter your income information from each source. After your return is prepared by the PriorTax team, you’ll simply print, sign and mail it to the IRS.

Different Forms of Income

The following are forms of income you will need to report on a tax return;

  • salary, wages & tips
  • independent contractor income
  • rental income
  • interest or dividend income
  • government payments
  • retirement account withdrawals
  • other income Read the rest of this entry »

How To File 2011 Taxes in 2015

Posted by admin on October 14th, 2014
Last modified: October 14, 2014

In order to receive a 2011 Tax Refund, you’re required to file 2011 taxes by April 15, 2015!

Still need to file your 2011 taxes? It’s best to file your late taxes as soon as possible.

The IRS only allows tax filers three years to collect a tax refund.  That’s three years from the original tax return.

2011 tax returns were due on April 15, 2012. That means the very last day you can file a 2011 return and receive a 2011 refund is April 15, 2015.

After April 15, 2015, your 2011 refund will be forever gone. Once this three year statute of limitation passes, your money belongs to the U.S treasury and there’s no way of claiming it or applying it to another tax year.

Expecting a Refund? You Won’t Face Late Penalties

The fear of facing late penalties and interest lead many taxpayers to avoiding filing a late tax return. However, it’s good to keep in mind that those expecting a tax refund won’t end up with late penalties or interest. Read the rest of this entry »

When Can I File My 2014 Taxes?

Posted by admin on October 13th, 2014
Last modified: October 13, 2014

Wondering the earliest date to file 2014 taxes?

Each year, the first day of the tax season changes from the previous year.

Last tax season, the first day to file wasn’t until January 31, 2014, while the 2013 tax season started on January 30, 2013. Before that, the 2012 season began much earlier at January 17 for e-filers!

The IRS has yet to release the official start of the 2015 tax season to file a 2014 tax return. The date will most likely fall sometime towards the end of January, 2015. 

The good news is that until then, you can get caught up on your prior year tax returns in the mean time. With PriorTax, you’ll be able prepare your 2013, 2012 or any prior year going back to 2005!

How to File Your 2014 Taxes in 2015

1. Get Caught up on Your Late Taxes: Before it’s time to file your 2014 tax return, get your previous year taxes out of the way! With PriorTax, it’s easy.

2. Stay Organized: Have all your documents, receipts and W-4 forms in order before you start your tax return.

3. E-File 2014 Tax Return: Electronically filing your 2014 tax return is safer, easier and MUCH faster than paper filing. Read the rest of this entry »