Category: Tax Year 2014

You can still file your return for tax year 2014 and PriorTax is just the right website to help. We’ll give you the low-down on how to file your return and where to prepare your taxes. Tax deductions won’t sneak by and we can even help avoid 2014 IRS penalty fees that you may be facing.

If you have questions about your 2014 taxes, then leave a comment on one of our blog posts. We will get back to you with the answers you need.

Archive for the ‘Tax Year 2014’ Category

Calculate Your Prior Year Tax Refunds with Tax Calculators

Posted by Michelle O'Brien on January 5, 2017
Last modified: January 13, 2017

The IRS has never been keen on surprises. Know what to expect.

Whether you’re slightly behind on your taxes or up to date and ready to conquer tax season 2017, it’s nice to have a starting point. Taxes are intimidating if you go into it not knowing whether you owe the IRS or can expect a refund. Why not figure that out first?

 

Accessing prior year tax calculators online

With PriorTax, you can find out what your tax refund will be before you even think about the IRS. You don’t even need to create an account or enter any personal information at all. In fact it’s completely anonymous. And did I mention it’s 100% free?

We offer tax calculators dating back to 2011. You can access any of them by clicking the buttons below: (more…)

File Late 2014 Taxes Online

Posted by admin on June 8, 2015
Last modified: October 6, 2016

OK, your 2014 taxes are late.

The April 15th deadline has come and gone and you have yet to file your 2014 tax return. Take a deep breath. The good thing is you can still e-file your late 2014 taxes online. However, you may be subject to one or more IRS penalties.

What penalties to expect

There are two penalty fees that the IRS has in place that you may be subject to.

Failure-to-file: this equals out to be 5% of your unpaid taxes for each month or part of a month that a tax return is past the April 15 deadline. This fee caps off at 25% of your unpaid tax.

There are two instances when this could apply to you:

  1. You owe tax and didn’t file your tax return or an extension of the time to file by April 15th, or
  2. You owe tax and still don’t file your tax return by the October 15th tax extension deadline

 

Failure-to-pay: this works out to be 0.5% of your unpaid tax per month or part of a month and begins to accrue the day after taxes are due in April. This fee caps also off at 25% of your unpaid tax.

To be liable for this, you must owe tax and:

  1. not have filed your tax return or extension by April 15th, or
  2. have filed an extension for your current year tax return by April 15th deadline but paid less than 90% of the tax amount due, or
  3. have filed an extension for your current year tax return by April 15th but didn’t pay any of the tax amount due

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Can I Still E-File 2014 Taxes after April 15?

Posted by admin on March 18, 2015
Last modified: December 16, 2016

You can file or you can rack up IRS penalty fees; the choice is yours!

The very last day to E-file 2014 tax returns was October 15, 2015. If you’re reading this after the October 15th deadline, you can still prepare your return online. You’ll just need to paper-file it instead of E-filing it. That being said, without a tax extension, your 2014 tax return will be considered late if it is filed after April 15th, 2015.

If you’re expecting a refund from your 2014 taxes, you won’t be penalized for filing late. However, if you have tax due, you’ll face IRS late penalties for filing after April 15th.

Beware of IRS late penalties!

Plan on filing after the April 15th deadline? If you have tax due, you could end up with a tax bill costing you an arm and a leg.

IRS late fees include the following:

  • Failure-to-file penalty: the penalty for filing late is 5% of the additional taxes owed amount for every month (or fraction thereof) that your return is late, up to a maximum of 25%

  • Failure-to-pay penalty: late payment penalty is 0.5% (1/2 of 1 percent) of the additional tax owed amount for every month (or fraction thereof) the owed tax remains unpaid, up to a maximum of 25% (more…)

What Is The 2014 Standard Mileage Rate?

Posted by admin on December 2, 2014
Last modified: October 6, 2016

The price of gas has gone down in 2014, and so has the Standard Mileage Rate!

Tax Season 2015 is here. Before filing your 2014 taxes, you’ll want to organize any receipts related to the costs of your vehicle if used for business, medical, charity or moving reasons.

It pays to stay organized; the more expenses you end up reporting, the larger your refund check will be.

Standard Mileage Rate 2014

Small business owners, employees, self employed individuals and other taxpayers, can use the standard mileage rate to calculate their tax deductible vehicle costs. These costs must be related to business, charity, medical or moving purposes.

According to the IRS, the standard mileage rate for the use of a cars, vans, pickups, and panel trucks are as follows;

  • 56 cents per mile for business miles driven

  • 23.5 cents per mile driven for medical or moving purposes

  • 14 cents per mile driven in service of charitable organizations

The 2014 mileage rates for business, medical and moving expenses have decreased one-half cent per mile from the 2013 standard mileage rates.

However, the standard mileage rate for charitable expenses hasn’t changed since the Clinton era. In fact, this rate is fixed and can only be changed by Congress.

Keep in mind, there are a few rules of who can and cannot use the standard business mileage rates;

  • the standard mileage can be used for a maximum of four vehicles (more…)

AMT Calculator 2014

Posted by admin on November 25, 2014
Last modified: October 6, 2016

No need to use an AMT Calculator 2014, the PriorTax application will do the Alternative Minimum Tax Calculations For You!

Trying to figure out your AMT? There’s Alternative Minimum Tax Calculators out there to help you figure out your AMT total, or you can do the AMT calculations yourself.

Be honest though- do you really want to take the time out of your day to calculate your Alternative Minimum Tax? No way.

Rather than finding a 2014 AMT calculator, or doing the work yourself, use the PriorTax tax application to file your taxes and your AMT will be calculated for you.

What is the Alternative Minimum Tax?

The Alternative Minimum Tax is an additional tax calculated separately from regular tax. Individuals with a higher income are often subject to the Alternative Minimum Tax. The AMT sets a limit to the number of benefits someone can claim to reduce their tax total.

AMT tax rates differ from regular taxable income. The AMT Rates are as following;

Single, Married Filing Jointly, Qualifying Widower:

  • 26% for alternative minimum taxable income (AMTI) of $182,500 or less
  • 28% for AMTI over $182,500

Married Filing Separately:

  • 26% for AMTI of $91,250 or less
  • 28% for AMTI over $91,250

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When Can I File My 2014 Taxes?

Posted by admin on October 13, 2014
Last modified: September 22, 2017

The IRS began accepting e-filed 2014 tax returns on January 20, 2015.

Unlike the previous years, the tax season began “on time” this year, making January 20th the first day to e-file your 2014 tax return.

With PriorTax, you can e-file your 2014 Tax Return up until April 15th (October 15th if you applied for a tax extension)! If you’re catching up after the deadline, don’t worry. You can still prepare your tax return with PriorTax. You will just need to print, sign and mail it instead of e-filing.

How to File Your 2014 Taxes

Whether you are e-filing prior to the deadline or paper-filing afterwards, both are super simple with PriorTax. Just follow these steps:

  • Create a PriorTax Account: If you’re new to PriorTax, create an account for 2014.
  • Enter Your Tax Information: With your tax forms in hand (Form W-2, 1099, etc), enter your 2014 information into the PriorTax application
  • Pay and Submit: You’ll be able to see your refund or tax due total. Once you’re ready to file, enter your payment information and submit!

*Please note: If you are preparing your tax return post deadline date, prepare online as usual and then print, sign and drop it in the nearest mailbox.

Afterwards, you can sit back and relax. Once your 2014 tax return is accepted by the IRS, you’ll receive your refund within 21 days! Keep in mind that having your refund direct deposited means you’ll receive your tax refund much faster than you choosing to have the IRS send you a refund via check.

Prepare Your 2014 Tax Return with PriorTax!

Why wait until the last day of the tax season (April 15, 2015) to file your 2014 Taxes when you can get it out of the way today?

Create an account today and get it over with.

If you still need to get caught up on your late 2013 taxes before getting started on your 2014 tax return, you can do so with PriorTax.

Photo via Markus Spiske on Flickr

Estate Tax 2014

Posted by admin on March 12, 2013
Last modified: December 22, 2016

The Estate Tax is a tax on your right to transfer property at your death.

Despite the dysfunction and last minute deals surrounding the fiscal cliff, Congress actually came up with a pretty good solution, at least for the Estate Tax, in the American Taxpayer Relief Act passed in the early hours of 2013.

The federal estate tax exemption is set at $5,340,000 per person in 2014. Any amount given by an individual before and/or upon their death over this amount will incur federal gift or estate taxes.

A 40% tax rate then kicks in for the remainder of your estate above the threshold. (more…)