Tax News Blog

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 »

Filing Taxes in Two States: Working in NY & Living in NJ

Posted by admin on October 10th, 2014
Last modified: October 16, 2014

If you’re living and working in different states, plan on filing taxes in two states.

For many,  working and living in different states can save you a lot of money. This is especially true if you work in an expensive city like New York City.

The commute from New Jersey to the Big Apple may be much more attractive to you, especially if you’re looking for more space, lower costs and fewer people.

However, you’ll want to keep in mind that those who work and live in different states are required to file taxes in both states.

In other words, you’ll need to file both a New Jersey and New York state tax return.

File a Non-Resident NY State Tax Return & a Resident NJ State Return

If you’re working in a different state than you live in, you’re required to;

  • file a non-resident state return to the state you work in
  • file a resident state return to the state you live in
  • file a federal tax return Read the rest of this entry »

NY Middle Class Families to Receive $350 Check | Tax Rebate

Posted by admin on October 2nd, 2014
Last modified: October 2, 2014

Thousands of NY Middle Class Families will be receiving a $350 Rebate Check from NY State This Month

If sometime over the next month you receive a $350 check from New York State, don’t throw it away.  It’s not a joke. Instead, it’s a Middle Class Family Rebate from the state.

That’s right, instead of you writing a check to the government, they may be writing you one.

Along with the NY state check, there will be a letter stating something along the lines of “Dear Taxpayer: Last year’s State Budget included this Family Tax Relief Credit. This tax relief is part of New York State’s new effort to reduce taxes”.

Who is Eligible to Receive NY Middle Class Family Rebate Check

You can expect to see the Family Relief $350 check if you meet the following qualifications;  

  • you’re a New York State resident
  • you claimed a child under age 17 on your 2012 tax return
  • your family’s 2012 adjusted gross income was between $40,000 and $300,000 Read the rest of this entry »

Filing Past Taxes: Tax Tips for the Unemployed

Posted by admin on September 30th, 2014
Last modified: September 30, 2014

Unemployment benefits are taxable. You can still file late tax return & report unemployment

If you’re wondering  if you need to file a prior year tax return for a year you were unemployed in,  the answer is yes.

Being unemployed doesn’t mean you have a free pass to avoid filing a tax return. Sooner or later, you’ll need to file your late tax return and pay tax on any income received, even if it’s unemployment benefits.

Chances are, you’ll not only need to report unemployment on a federal return, but a state return as well.

Get Caught up and File a Late Tax Return

Any income you received during the tax year counts as income that needs to be reported on a tax return. The IRS considers unemployment benefits as income that must be reported on a tax return.

If you never filed a return in a previous year that you were unemployed, you’ll still need to do so. Fortunately, you can file a late tax return with PriorTax. Read the rest of this entry »

What are the 2015 Refund Cycle Dates?

Posted by admin on September 26th, 2014
Last modified: September 26, 2014

Save this page to refer back to once you file your 2014 Tax Return!

It’s never to soon to start thinking ahead to the upcoming tax season. After all, you may be wondering when you can expect to receive your 2014 tax refund money!

In the past, the IRS posted a refund cycle chart, allowing tax filers to learn exactly when they would receive their tax refund.

Unfortunately, the IRS no longer provides the refund cycle dates. Instead, allow filers to track their refund with the IRS “Where’s My Refund?” tool.

This change may have been a disappointment to you. We want to help. Below, you’ll find a PriorTax  estimate 2015 refund cycle chart.

Track Your Refund on the IRS Site

In addition to using the chart provided below, after filing your 2014 tax return, you’ll be able to track your 2014 tax refund using the IRS  “Where’s My Refund?” tool.

The IRS site will give you a status update on the whereabouts of your tax refund after you’ve entered the following information;