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Category: Taxes for Prior Years

With PriorTax, it’s never too late to file taxes for prior years. In fact, you can prepare your tax returns with us all the way back to the 2005 financial year. Our tax team specializes in prior year tax returns and can help prepare them as quick as your current return. Most taxpayers are not aware that they can still claim refunds for their late tax returns. You can claim refunds three years past the deadline date.

If you have other questions about your prior year taxes, leave a comment on our blog and our team will give you the answers you need!

Archive for the ‘Taxes for Prior Years’ Category

Stimulus Update

Posted by admin on January 25, 2022
Last modified: January 25, 2022

How to Update Bank Info for Stimulus Check &

How to Update Direct Deposit for Stimulus Check

Stimulus Update: 

With 2022 now underway but the pandemic ongoing, where do things stand with the U.S. government’s stimulus checks? Let’s break down things with a stimulus update and state of play. So that if you were eligible but haven’t received one or more of the stimulus checks, you’ll know what your next steps are.

stimulus check tax
stimulus check tax

How to get a stimulus check update for the first stimulus payment

You can log in to your individual IRS account on the IRS website to view a copy of Notice 1444. It will confirm information about the first stimulus payment issued. It appears under “Economic Impact Payment Information” on the Tax Records page with the IRS EIP letters for the second and third stimulus payments.

How to get a stimulus check update for the second stimulus payment

You can log in to your individual IRS account on the IRS website to view a copy of Notice 1444-B. It will confirm information about the second stimulus payment issued. It appears under “Economic Impact Payment Information” on the Tax Records page with the IRS EIP letters for the first and third stimulus payments.

How to get a stimulus check update for the third stimulus payment

The Get My Payment application on the IRS website is available to check the status of your third stimulus payment. Or you can log in to your individual IRS account on the IRS website to view a copy of Notice 1444-C. It will confirm information about the third stimulus payment issued. It appears under “Economic Impact Payment Information” on the Tax Records page with the IRS EIP letters for the first and second stimulus payments.

How to update address info for stimulus check

Did you incorrectly enter your address info or has your address changed and now need to know how to update your address info for stimulus check payments? Your address info for your stimulus check cannot be changed at this stage since the last payments have already been issued. If you didn’t receive your stimulus check.. You will need to claim the Recovery Rebate Credit on your 2021 tax return to claim your payment.

So, if you were wondering how to update your address info for stimulus check payments. Now you know that the IRS is no longer accepting corrections to your address for any of the three stimulus check payments from the federal government.

How to update bank info for stimulus check

Did you not have the correct information to hand and now need to know how to update your bank info for stimulus check payments? Your bank info for your stimulus check cannot be changed at this stage since the last payments have already been issued. If your bank info on file is invalid or the account closed, the bank will have returned the payment to the IRS. You may have had a check mailed to the address the IRS has on file for you. However, if you didn’t receive your stimulus check this way.. You will need to claim the Recovery Rebate Credit on your 2021 tax return to claim your payment.

So, if you were wondering how to update your bank info for stimulus check payments. Now you know that the IRS is no longer accepting corrections to your bank info for any of the three stimulus payments from the federal government.

How to update direct deposit for stimulus check

Did you not have the correct information to hand and now need to know how to update your direct deposit info for stimulus check payments? If your direct deposit info on file is invalid or the account closed, the bank will have returned the payment to the IRS. You may have had a check mailed to the address the IRS has on file for you. However, if you didn’t receive your stimulus check this way.. You will need to claim the Recovery Rebate Credit on your 2021 tax return to claim your payment.

So, if you were wondering how to update your direct deposit info for stimulus check payments. Now you know that the IRS is no longer accepting corrections to your direct deposit info for any of the three stimulus payments from the federal government.

To summarize, if you are still waiting on stimulus checks from the IRS, in most cases, you can’t make any changes or update the information the IRS has. With the end of the 2021 calendar year, the IRS has now issued the last of the stimulus checks for the first, second, and third Economic Impact Payments. Although you can no longer request stimulus checks or the reissuing of missing stimulus checks.. You CAN claim your missing payments by claiming a recovery rebate credit on your 2021 or 2021 tax return.

How to claim the first and/or second stimulus check payments

If you didn’t receive a first and/or second stimulus check or received less than the full amount. You may be able to claim the Recovery Rebate Credit by filing your 2020 prior-year tax return. Visit PriorTax.com to prepare and file your 2020 prior-year tax return today to take advantage of this tax credit and receive your missing stimulus payments. Before filing, you can use our comprehensive Prior Year 2020 Tax Calculator to see how you may be able to benefit from the Recovery Rebate Credit. As well as any other credits or deductions available to you.

If your 2020 tax return has already been processed, you can amend your 2020 tax return. We offer tax return amendment services for both current and new PriorTax customers.

How to claim the third stimulus check payment

If you didn’t receive a third stimulus check or received less than the full amount, you may be able to claim the Recovery Rebate Credit when you file your 2021 tax return. Visit PriorTax.com today to prepare and file your 2021 tax return, including claiming the Recovery Rebate Credit to claim your missing third stimulus payment. Before filing, you can use our comprehensive 2021 Tax Calculator. See how you may be able to benefit from the Recovery Rebate Credit as well as any other credits or deductions available to you.

2019 Tax Tables and Tax Forms

Posted by admin on January 17, 2022
Last modified: January 17, 2022

Guide to Tax Form and Tax Tables for 2019 Tax Refund and Late Tax Filing

When filing 2019 Federal Tax Return, there are two main types of paperwork from the IRS that you will find helpful: their 2019 Tax Tables and their 2019 Tax Forms. These are published each year by the IRS, and copies of all of them can be found on their website. 

These documents can feel like a lot of complicated paperwork and additional pressure in addition to your own financial paperwork, especially when filing your back taxes. However, if you needed to file a return for the 2019 tax year but haven’t yet. It is a good idea to get on top of things and sort this out. So, let’s break things down so that you’re familiar with all the basics and ready to tackle your 2019 taxes.

What are tax tables for?

When we talk about tax tables, we’re referring to the tables created by the IRS that outline the total amount of tax that taxpayers owe. There are different tables and rates for different types of taxable income for both individuals and businesses.

For individual income tax returns, the relevant tables are based on three things: your filing status, income range, and applicable tax rate or rates.

Tax tables can help you figure your tax based on your filing status and your taxable income amount.

This information can also help you to adjust your tax withholding from your paychecks – the amount of money your employer puts aside from your take – home pay each paycheck.

  • If you’re withholding more than you need to, you will be able to get that amount back as a refund when you file your tax return. You could also consider adjusting your tax withholding to keep more of each paycheck throughout the year.
  • If you’re not withholding enough and the amount underpaid works out to more than 10%, you may be liable for an underpayment penalty.

Are the 2019 Tax Tables different from tax tables for other years?

Yes. The 2019 Tax Tables will be different from those for tax years both before and after. Each year new tax tables are published, usually during the fourth financial quarter of the year.

This is because the income range brackets for the tables are indexed each year to take inflation into account. Since 2017, the government has used something called “the chained consumer price index”. It adjusts the tax brackets and other parts of tax law annually to account for changes to the cost of living in the country.

What information do you need to know when looking at the 2019 Tax Tables?

When reading the 2019 Tax Tables to prepare your federal income tax return, you should know your filing status and your taxable income.

Your taxable income is your adjusted gross income (all income you received in 2019 minus any adjustments that you qualify for). Of course, with any qualified business income deductions and either standardized or itemized deductions subtracted.

There are seven rate brackets for federal individual income tax, and where each bracket falls will depend on filing status. Everyone filing a federal personal income tax return will fall into one of five categories:

  • Single
  • Married, filing jointly
  • Head of Household
  • Married, filing separately
  • Surviving Spouse/Widow(er)

Not confident which filing status applies to your circumstances? You can visit the IRS website and use their Interactive Tax Assistant to determine your status based on their guidelines.

Got your filing status and your taxable income to hand? You can now use that information to identify the applicable tax rates for your income and filing status.

2019 Tax Tables

It’s important to know that the tax system is progressive. This means that you pay the lowest tax rate (10%) on your income up to the first threshold. The next tax rate (12%) on your income between the first and second thresholds. The next tax rate (22%) on your income between the second and third thresholds, and so on.

Now that you know how the 2019 Tax Tables work let’s turn to the 2019 Tax Forms.

What 2019 Tax Forms do I need to file my 2019 Tax Return?

Form 1040 ‘U.S. Individual Income Tax Return’ is the main tax form that you will be filling out. This is the form used to add up your income and any and all deductions you are qualified for. If you are 65 years old or older, there is a variation known as Form 1040-SR U.S. Tax Return for Seniors is available. It is designed to be easier to read and fill out for seniors.

The other main category of 2019 Tax Forms to be aware of are the attachments to Form 1040, known as a group as Schedules. Again, requirements will depend on your circumstances. There are both numbered and lettered schedules that you may need to fill out. These documents are used to record things such as additional income and compensation, any deductions or credits you wish to claim. Any prior tax payments. You can use our free 2019 Tax Calculator to have a better sense of your return.

All 2019 Tax Forms are available to be downloaded from the IRS and come with instructions to follow that direct you to all the forms relevant to your situation that you need to fill out.

If you’re not confident making your way through the IRS forms on your own, using an online tax application is a great alternative. You can prepare your tax return with simple prompts to guide you through the process.

Are you ready to take the next step and get started filing your 2019 tax return? Then, visit our website and get in touch today. Our online tax application and experienced team of tax professionals can help you get caught up on your filing obligations today.

Stimulus Check and Recovery Rebate Credit

Posted by admin on January 10, 2022
Last modified: January 18, 2022

Let’s Talk about 2nd Stimulus Check, 3rd Stimulus Check and Recovery Rebate Credit

Who is Eligible for Stimulus Checks

Since the pandemic’s start on March 11, 2020 (the date the World Health Organization declared the COVID-19 outbreak a pandemic), to date, the U.S. government has made three rounds of stimulus payments to American taxpayers. 

I’ve heard about “Stimulus Check,” “Economic Impact Payment,” and “Recovery Rebate Credit.” Are they all the same thing? How are they related?

Since the pandemic began, Congress has passed two economic stimulus bills that have included direct payments to American taxpayers.

  • The CARES (Coronavirus Aid, Relief and Economic Security) Act of 2020 included a round of one-time payments of $1,200 per adult and $500 per dependent child.
  • The Consolidated Appropriations Acts of 2020 included a second round of one-time payments of $600 per adult and $600 per dependent child.
  • The American Rescue Plan Act of 2021 included a third round of one-time payments of $1,400 per adult and $1,400 per dependent child.

The exact amount received varied depending on income. Many received these one-time cash payments as 1st, 2nd, and 3rd stimulus checks. Or debit cards sent to their addresses or direct deposits to their bank accounts in 2020 and 2021.

Economic Impact Payments

The IRS refers to these payments as economic impact payments which is why you see that term being used on their website, including their “Get My Payment” tool.

Recovery Rebate Credit

The stimulus checks were, in fact, advance payment of a federal tax credit known as the recovery rebate credit. Eligible taxpayers who didn’t receive their payments must file their tax returns to take advantage of this credit and claim their missing stimulus payments. You may also be eligible to claim this credit on your tax return if you received less than the full amount.

You’ll need to file your 2020 tax return to receive the Recovery Rebate Credit equivalent to the 1st and 2nd stimulus checks/economic impact payments. And you’ll need to file your 2021 tax return to receive the Recovery Rebate Credit equivalent to the 3rd stimulus check/economic impact payment.

stimulus check and recovery rebate credit
stimulus check and recovery rebate credit

Who is eligible for the 1st stimulus check?

All U.S. citizens, permanent residents, and qualifying resident aliens with a social security number could receive payments. There was no age requirement, but taxpayers could not be someone else’s dependent. For taxpayers with dependents, dependents had to be under 17 years old to be eligible for the $500 payments for dependents.

Stimulus checks were not dependent on employed status. However, there were income limits to qualify for the full amount. As a result, the stimulus check amount began to phase out in steps. Incomes above $75,000 for single filers, $112,500 for head of household filers, and $150,000 for married filing jointly filers.

The 1st stimulus check, like all three economic payments, is not counted as income for means-tested government benefit programs like Medicaid, SNAP, and TANF.

Who is eligible for the 2nd stimulus check?

All U.S. citizens, permanent residents, and qualifying resident aliens with a social security number. Married couples where one spouse had an individual taxpayer identification number could also receive payments. There was no age requirement, but taxpayers could not be someone else’s dependent. For taxpayers with dependents, dependents had to be under 17 years old to be eligible for the $500 payments for dependents.

Stimulus checks were not dependent on employed status. However, there were income limits to qualify for the full amount. As a result, the stimulus check amount began to phase out in steps. Incomes above $75,000 for single filers, $112,500 for head of household filers, and $150,000 for married filing jointly filers.

The 2nd stimulus check, like all three economic payments, is not counted as income for means-tested government benefit programs like Medicaid, SNAP, and TANF.

Who is eligible for the 3rd stimulus check?

All U.S. citizens, permanent residents, and qualifying resident aliens with a social security number or individual taxpayer identification number could receive payments. There was no age requirement, but taxpayers could not be someone else’s dependent. For taxpayers with dependents, dependents can be any age and be eligible for the $1,400 payments for dependents.

Stimulus checks were not dependent on employed status. However, there were income limits to qualify for the full amount. As a result, the stimulus check amount began to phase out in steps. Incomes above $80,000 for single filers, $120,000 for head of household filers, and $160,000 for married filing jointly filers.

The 3rd stimulus check, like all three economic payments, is not counted as income for means-tested government benefit programs like Medicaid, SNAP, and TANF.

I didn’t receive one or more of the stimulus checks. Can I still claim my payments?

The IRS recently finished issuing all 3rd-round stimulus checks; they were sent out by December 31, 2021. All 1st- and 2nd-round stimulus checks went out in 2020. However, if you were eligible but didn’t receive one or more of your stimulus checks. It’s not too late to get the money the U.S. government made available to help people out during the pandemic. 

You still have time to claim your payments if you didn’t receive one or more of the stimulus checks despite being eligible. You will need to file a tax return where you will claim your payments as a tax credit. And then you will receive your payments as part of your tax refund.

Are you one of the people missing their 1st, 2nd, or 3rd stimulus check, or did you receive less than the full amount for these payments? In that case, take action today to claim this additional money. Visit PriorTax.com today to get started.

Missing your 1st or 2nd stimulus check?

Then, get started filing your 2020 tax return to claim your 2020 Recovery Rebate Credit. Take advantage of PriorTax.com’s simple tax preparation software to ensure that you don’t leave any of your eligible tax credits on the table.

Missing your 3rd stimulus check?

The IRS has announced that they will begin processing 2021 tax returns on February 12th. But you don’t need to wait until then to start preparing your 2021 tax returns. If you already have the information you need, you can get started today. PriorTax.com’s easy-to-use web-based tax preparation software is up and running for 2021 tax returns.

Online CPA Services

Posted by admin on January 4, 2022
Last modified: January 18, 2022

Online CPA Tax Services and Professional Tax Services with PriorTax

Getting started filing your tax returns when you have prior year returns that you need to do can be a daunting task. All the more reason, it’s essential to get reliable, professional assistance available. That way, you can be sure that you’re navigating the IRS and your state’s tax filing requirements and regulations.

The seasoned tax professionals and CPAs are the backbones behind our easy-to-use online tax filing services at PriorTax.com. But who are these people, and how can you benefit from CPA services?

What online CPA tax services does PriorTax.com offer?

When you prepare your prior year tax return with PriorTax.com, you will use our step-by-step, easy-to-use website to provide your basic information and income statements. Our web service then guides you through the process of collecting information to determine your deductions and credits. Finally, we use this information to provide you with a printable version of your tax return to download, print, sign, and then mail to the IRS. And based on the information you provide, PriorTax.com works to ensure that if you’re due a refund, you’ll get the largest refund you can get.

Sometimes financial situations and tax returns are more complicated. And PriorTax.com is available to help in those cases too.

Included with all of our tax return packages, we offer basic free tax filing advice. That means if you’re confused and questions arise before your tax return is finalized. You can reach out to us via our website’s live chat feature, gives us a call, or send us an email.

Beyond this, we also offer more in-depth reviews. We offer for purchase both a Professional Tax Return Review service and an Online CPA Review service.

Professional Tax Return Services

With a Professional Tax Return Review, one of the agents on our senior staff will be assigned to perform a review of your prior year tax return after you submit your information on PriorTax.com’s web tax program. These agents are tax professionals trained in tax accounting and have been advised by our Online CPAs and Enrolled Agents for a minimum of two years.

Your assigned tax agent will be reviewing your tax return for two main things. First, they are looking for any errors or oversight issues that could increase your risk of an income tax audit by either the IRS or a state agency. Second, they will also look for any deductions or credits that may have been missed in preparing your tax return.

You will receive an appointment by phone to walk through your return after their review. Your assigned tax agent will be able to provide advice on accuracy and any ways that you can maximize your tax refund.

Your return will then be filed on your behalf by your agent. You will have direct access if you need to follow up on anything regarding your prior year tax return.

Online CPA Services

With an Online CPA Review, one of our Online CPAs will provide a personalized consultation addressing your specific tax situation. Including paying close attention to the credits and deductions you may qualify for to help you to boost your tax refund or to reduce how much tax you owe.

When you choose our Professional Tax Return Review service or CPA Review service for online CPA services, all returns are both thoroughly reviewed and audit protected. We take pride in our work and want to ensure you get peace of mind. In the unlikely event of an IRS audit, we will represent you and your case before the Examination Division of the IRS.

As an established tax preparation service and open all year round, we will always be around should you ever need a follow-up.

PriorTax CPA Review
PriorTax CPA Review

What does a CPA do?

CPA-specific services, however, fall into two main categories related to the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS).

All accountants, whether CPAs or not, essentially work keeping and interpreting financial records for people, companies, and institutions. This includes accounting, auditing, tax, and consulting services related to financial records.

CPAs can prepare audited or reviewed financial statements file a report of these with the SEC, a requirement for all public companies.

And more relevant for individual tax filers, CPAs are able to represent their clients in front of the IRS. Again, this is something that accountants without CPA licenses are not able to do. 

How much do PriorTax.com’s Professional Tax Review services cost?

Adding a Professional Review to your tax return package costs $59.95. This can provide the peace of mind of a tax professional on your side through this process. Without the costs more commonly seen when visiting a tax preparation company. By opting to add a Professional Review, you will be avoiding costs that are usually $150 to $200 but many times even over $400.

How much do PriorTax.com’s Online CPA Tax Services cost?

Adding a CPA Review to your tax return package costs $99.95. If you need to file prior year tax returns for multiple years you can request a CPA Review for more than one. In which case, the cost for the second year of online CPA Review service will be $89.95.

Ready to catch up and file your prior year tax return or returns? Visit PriorTax.com today to get started using our easy-to-use website and our suite of optional add ons. Including our online CPA tax services, to help you get up to date with your filing requirements. Do this with ease from the comfort of your own home or office.

About our PriorTax Professionals and CPAs

CPAs are certified, public accountants. They are public accountants who have passed the Uniform CPA Examination, a four-part exam, to qualify for their CPA certificate. In addition, to work as CPAs, they also need to fulfill their local jurisdiction’s number of years of experience requirements before they receive their license.

PriorTax in-residence CPAs must follow a strict code of professional conduct and ethics in relation to objectivity, independence, and disclosure. Independence and conflict of interest; commissions and referral fees; and fiduciary standard of care.

PriorTax CPAs also have annual continuing professional education requirements to ensure that they are up-to-date with current and best practices.

Free Tax Filing 2020

Posted by admin on December 28, 2021
Last modified: December 28, 2021

IRS Free Tax Filing 2020 and Free Online Tax Filing 2020

Still, need to file your 2020 tax return? Have you put off filing your tax return for 2020 but now you’re ready to get on top of things? Let’s discuss your options, including free online tax filing for 2020.

Does the IRS offer free tax filing?

Yes, each year, the IRS offers two options for its IRS Free File program. Both options allow you to prepare and file your federal income tax online for free.

Was your adjusted gross income (AGI) for the year $72,000 or below?

You can take advantage of a public-private partnership between the IRS and a range of tax preparation and filing software companies. This agreement means options are available for free tax filing.

The options will help you to prepare a free online tax filing for your federal taxes. Some options offer free state tax filing as well. Make sure to read the details of the offers to find the one that works best for you.

Was your AGI for the year above $72,000?

You won’t qualify for any of the IRS Free File partners’ offers, but you can still take advantage of Free File Fillable Forms. These are free electronic forms specifically for federal tax returns that are free to fill out and file online.

free tax filing 2020
free tax filing 2020

Can I still use the IRS free tax filing program for my 2020 taxes? 

Unfortunately, the IRS Free File program has closed for the year. IRS Free File is only available for filing your current year tax return. Since the 2021 tax season is over, the IRS now considers any 2020 tax return that you may file as a ‘prior year’ return.

The IRS Free File program runs annually from the second half of January until mid-October. After the program closes for the year, all accounts and information are erased from the server.

However, if you used the IRS’s Free File Fillable Forms to prepare your return and printed a copy, you can still mail in your free online-prepared tax filing for 2020. Check the IRS website to get the address you will need to send in your tax returns. This will differ depending on your address and the forms that you are submitting. Information is available for taxpayers by state and for those in U.S. possessions and foreign countries.

Do I still have options for free online tax filing for my 2020 taxes?

Just because the IRS free tax filing program for 2020 is over doesn’t mean that all of your free online tax filing options for the 2020 tax year are gone.

Some self-preparation websites continue to offer free preparation of 2020 tax returns. Similar to the IRS Free File offers, these websites will guide you through the preparation process. You simply answer the question prompts, and all the math and calculations will be done for you. Again, this process can all be done online.

However, once you finish, you will need to print, sign and mail in your free online-prepared tax filing for 2020. Unfortunately, the IRS doesn’t allow prior year returns prepared using these types of websites to be electronically filed.

The deadline to file your 2020 tax returns electronically was October 15, 2021. This was the same deadline as the deadline to file tax returns for people who had requested a tax filing extension.

The IRS also allows registered tax professionals to continue to electronically file prior year tax returns for the two previous tax years. So although this is typically not a free option, when working with a registered tax preparer, you will still be able to electronically file your 2020 tax return.

I want more guidance with preparing my tax filing for 2020. What are my options?

Looking for something a bit more robust than one of the free online tax filing choices available? You may wish to consider options like the Federal Return Package, State Return Package, or Combined State and Federal Package at PriorTax.com, or specifically to file 2020 taxes online.

These choices include tax return preparation as well as free tax advice via email, live chat, and over the phone. The online application guides you to provide the necessary information about your personal and household details and income statements. It also helps identify possible deductions and credits that may apply to your situation. Your tax return is then prepared using this information, and your tax refund or outstanding tax bill will then be automatically calculated. You can visit our tax calculator page for the tax year 2020.

Visit our website today to learn more about our services, including for more complex tax situations, to help you prepare your tax filing for 2020 and determine what will work best for your individual situation.

Once your free online-prepare tax filing has been prepared, you are provided with a printable version of your return. Download, print, sign, and mail your return to the IRS, and you’ll be done.

After submitting my tax filing for 2020, how can I check on the status of my tax return submission?

The IRS maintains a regularly updated Operations Status page for detailed information about how long to expect for wait times and their current service delays.

They note that they had 6.8 million unprocessed individual tax returns at the end of October, which includes returns with errors and those requiring special handling, and 2.7 million unprocessed amended individual tax returns.

Are you expecting a tax refund?

The IRS advises that it is currently taking more than three weeks, and in some instances, 90 to 120 days, to issue refunds for some mailed or e-filed returns that require review. They offers a web form and a mobile application to check your refund status. To use either of these, you will need three pieces of information:

  • Your social security number or ITIN (Individual Taxpayer Identification Number)
  • Your filing status
  • Your exact refund amount owed

Did you file an amended tax return?

The IRS offers a web form to check the status of your Form 1040-X. To use, you will need three pieces of information:

  • Your social security number or ITIN
  • Your date of birth
  • Your zip code

Reach out to us for Free Tax Online Support with 4.8 stars for customer service satisfaction.

File 2020 Taxes Online

Posted by admin on December 21, 2021
Last modified: December 21, 2021

Filing 2020 taxes for 2020 tax return

2021 has been a busy and sometimes overwhelming year. And many of us are glad to see it finally coming to a close. If the 2021 tax season completely passed you by, you may be wondering about your 2020 tax return and filing a return for your 2020 taxes. 

First things first, is filing my 2020 taxes still possible?

file 2020 taxes online
file 2020 taxes online

Yes, you can still file your 2020 tax return. However, the deadline for filing 2020 taxes on time was May 17, 2021. Or, if you got an extension, the deadline for filing 2020 taxes was pushed back to October 15, 2021.

Since these deadlines have passed, the IRS will consider your 2020 tax return to be late. However, they continue to accept prior year tax returns, including 2020 tax returns. The prior year tax services at PriorTax.com offer a cost-effective option to get up to date on your filing obligations. Preparing tax returns for previous years while helping you to ensure you are always filing following the right tax regulations for the right year.

Is it too late to file my 2020 tax return and receive my stimulus checks?

No, it isn’t too late to get the money available to you from the Economic Impact Payments made available to help people out during the pandemic. If you didn’t receive your stimulus checks, there is still time to claim your payments as a tax credit and receive this money as part of your tax refund.

The stimulus checks were an advance payment of a federal tax credit, the Recovery Rebate Credit. So, you’ll need to file your 2020 tax return to receive your first- and second-round stimulus checks to receive this credit. And if you received your checks but less than the full amount, by filing your 2020 taxes, you may be eligible to claim the Recovery Rebate Credit.

Can I still file my 2020 taxes online?

Since the deadline for filing 2020 taxes has now passed, your 2020 tax return is now considered a prior year return. That designation comes with a few restrictions imposed.

You’re only able to make use of the IRS’s Free File program that lets people file their 2020 taxes online until the deadline. If you use a self-preparation website to file your 2020 taxes online, you will be able to prepare your tax return paperwork online. However, once it’s ready to send off to the IRS, you will need to print, sign, and then mail off your 2020 tax return to the IRS.

If you’re looking to file your 2020 taxes entirely online, consider using PriorTax.com’s CPA Review option, available when filing your 2020 taxes with us. By opting for a CPA Review, you receive a personalized consultation with one of your certified public accounts. They will help you take maximum advantage of all of the deductions and credits for which you may be eligible, helping to reduce your tax bill or boost your tax refund. Additionally, as tax preparers registered with the IRS, they can assist with e-filing your 2020 taxes.

What happens if I am late filing my 2020 taxes?

If you are late filing your 2020 taxes and are expecting a tax refund for 2020 taxes that you overpaid, you are leaving money on the table by not filing. You have three years from the original deadline to file your return and claim your refund.

If you are late filing your 2020 taxes and you owe the IRS money, the agency imposes financial penalties for late filing and for late payment of taxes. Unfortunately, these can make your tax bill even higher. That’s because you will start to accrue interest on your unpaid tax bill from the day following the filing deadline. This interest compounds daily, which can add up.

However, even if you’re not currently in a place financially where you can pay your full unpaid tax bill, it’s often a good idea to file your 2020 tax return sooner rather than later. The late filing penalty usually works out more expensive than the late payment penalty, so it is in your interest to limit the late filing penalty from adding up.

Why can going back and filing my 2020 taxes even if I don’t owe any money be a good idea?

If the IRS owes you a refund for your 2020 tax return, by going back and filing your 2020 taxes, you can receive your refund. There’s a deadline, and you’ll need to claim your refund within three years of the original deadline to file your return. So, you have until April 15, 2024 to claim your refund on your 2020 taxes. After that date, any unclaimed excess taxes paid by U.S. taxpayers go to the U.S. Treasury.

Before filing your 2020 taxes, you can visit the 2020 Tax Calculator on PriorTax.com to calculate your refund amount. There you will find free prior year tax calculators for 2011 to 2020. These are available to help provide a personalized view of income tax returns for any of the past tex tax years. Our tax calculators are entirely anonymous and don’t require an online account or entering any identifying personal information to use.

Additionally, because of the 2020 Recovery Rebate Credit and specific to filing 2020 taxes, if you did not receive the first and/or second Economic Impact Payments or think you qualify for more than you received, it can be a good idea to file your 2020 tax return. If you’re eligible for the 2020 Recovery Rebate Credit, you’ll need to file your return to claim it, even if you wouldn’t otherwise have a filing obligation.

Still need to prepare and submit your 2020 tax return? No need to panic!

Visit PriorTax.com today to learn how we can help you get up to date and how you can prepare to file your 2020 taxes online using our safe, secure, and easy-to-use system. Our experienced tax professionals can help you prepare your 2020 tax return with confidence. They are available to answer any questions you have along the way.

eFiling 2020

Posted by admin on December 15, 2021
Last modified: January 11, 2022

Efiling 2020 tax and IRS Efile tax

What is the IRS’s Efile Program?

The IRS offers e-filing options that allow for the speedy and secure submission of tax returns online, including the individual income tax returns that many of us need to file each year.

There are a few different efiling 2020 options available when preparing your individual income tax return:

efiling 2020 tax
e-filing 2020 tax
  • IRS Free File allows for free e-filing of federal tax returns. If your income is $72,000 or below, you can take advantage of offers with IRS partner sites – some of these will include free state tax filing too. Regardless of income level, there are also the IRS’s Free File Fillable Forms. These allow for electronic preparation and filing for those who are comfortable doing their own taxes.
  • In-person Free Tax Return Preparation Sites like VITA (Volunteer Income Tax Assistance) and TCE (Tax Counseling for the Elderly) offer free tax assistance and e-filing for qualifying taxpayers.
  • Commercial Software and Online Services can help guide you through the process of preparing and submitting your tax return. Fees will typically depend on the complexity of your financial situation. This option also allows for electronic preparation and filing.
  • Tax Professionals can help guide you through the process of preparing and submitting your tax return, with more support and while answering any questions you may have.

Visit PriorTax.com today to learn about our online tax filing services and how we offer support at the intersection of online and personalized tax services.

What are the benefits of IRS e-file Tax?

There are three main benefits to using IRS e-File:

IRS E-file Tax Increases Convenience

  • Increased Convenience: Using IRS e-File to file your tax return, you can avoid needing to make copies of your return and documents, visit the post office, and pay for postage.

IRS E-file Tax Increases Accuracy: 

  • Increased Accuracy: Using IRS e-File, you can minimize and avoid errors and miscalculations that can happen when manually filling out your tax paperwork. There are built-in accuracy checks, and the system can do calculations for you. Whether this goes beyond the basic calculations will depend on which option you choose. IRS e-File also avoids the chance for data-entry errors on the IRS’s end since they don’t need to re-enter your information into their system.

IRS E-file Tax Increases Speed of Processing

  • Increased Speed of Processing: Using IRS e-File, you can receive acknowledgment of your filing in 24 hours or less, often in near real-time. No need to wait for your paper return to arrive at the IRS or the system processing cycle. Faster processing also means that if you are owed a refund from the IRS, that will be processed faster. Faster money back in your wallet. Combined with requesting your refund direct deposited to your designated bank account is the quickest route to a speedy tax refund.

Is IRS e-file safe?

IRS eFile uses encryption technology to make sure that all tax returns are protected and secure. To date, more than a billion tax returns have been e-filed and processed securely and safely. In addition, the IRS works with both states and tax industry leaders to ensure the continued security of the system.

When looking to use IRS eFile, make sure to use a reputable service. The IRS maintains a database of authorized e-file providers who are qualified to prepare, transmit and process e-file returns. It’s essential to do due diligence to ensure you are working with a reputable tax professional.

I need to amend my tax return. Is e filing my 2020 or 2019 return possible?

Yes. eFiling 2020 of Form 1040-X ‘Amended U.S. Individual Income Tax Return’ is available for both the 2020 and 2019 tax years. However, you need to have e-filed your original 2020 or 2019 tax return to be able to take advantage of this option. 

Paper filing continues to also be an option for filing Form 1040-X. You can visit the IRS website to confirm the mailing address for mailing your Form 1040-X, which will differ depending on your situation and where you live.

After efiling my 2020 amended tax return, how can I check up on it?

The IRS website offers a “Where’s My Amended Return?” tool that can be used to check on the status of your amended return. This tool can be used for this year as well as the three prior years. You’re able to use this tool both if you prepared and submitted a paper Form 1040-X and if you filed electronically.

I haven’t filled my 2020 tax return yet. Is efiling my 2020 federal taxes still possible?

The IRS’s deadline to file 2020 tax returns has now passed, both the regular deadline (May 17th) and the extended deadline (October 15th) if you filed for an extension by May 17th. The main thing this means for you is that your 2020 tax return is now considered a prior year return.

There are some restrictions for prior year returns.

  • Only current year tax returns can be filed using the IRS Free File program.
  • E-filing isn’t available for prior year returns, like 2020 tax returns, when you use a self-preparation website. That means you would need to print and sign, then mail off your 2020 tax return.

However, as a registered tax preparer with the IRS, at PriorTax.com, we can assist with efiling 2020 tax returns. Just choose the CPA Review option when you file your 2020 tax return with us.

With a CPA Review, you will receive a personalized consultation with one of our certified public accounts. They are available to help you maximize your eligible deductions and credits to either boost your tax refund or reduce how much tax you owe.

Visit our website today to learn more about our full suite of services, including CPA Review. We’re here to help!

After Efiling my 2020 tax return, how can I check up on it?

The IRS website offers two options, the “Where My Refund?” tool and the IRS2Go app. You can use either option to check on the status of your tax return. To use these tools, you will need:

  • your social security number or ITIN (individual taxpayer identification number),
  • your filing status, and
  • your exact tax refund amount.

Reach out to us for Free Tax Online Support with 4.8 stars for customer service satisfaction.

2019 TAX BRACKETS

Posted by admin on December 8, 2021
Last modified: December 8, 2021

Each year new tax tables are published by the IRS, which are used to determine how much tax each taxpayer owes. These tables include information about where the federal individual income tax brackets fall for each tax year.

Are you preparing a prior year’s tax return for 2019? Check out our awesome Tax Calculator 2019. Let’s discuss what you need to know about the tax brackets in 2019, including how they work and how they affect your tax situation.

What are tax brackets?

Each tax bracket is a range of two incomes, an upper and lower bound, which dictates the income range that is taxed at each tax rate. What income groups correspond to each of the seven brackets will depend on your filing status. For federal individual income taxes, there are seven tax brackets.

taxes 2019
taxes 2019

Why are tax brackets important?

Each of the seven taxable income groups or tax brackets corresponds to a tax rate. The seven tax brackets in 2019 corresponded to the following tax rates: 10%, 12%, 22%, 24%, 32%, 35%, and 37%.

The U.S. personal income tax system is what is known as a progressive tax system. Tax brackets are used to group taxpayers according to income ranges. This creates lower tax rates for lower-income earners and higher tax rates for higher-income earners.

However, it’s important to keep in mind that only the income that falls within an income bracket will be subject to the bracket’s corresponding tax rate. This makes the tables a bit more complicated to read and use. But, it also means that just because your income might put you into a higher tax bracket, not all of your income will be taxed at the corresponding higher tax rate.

How to use the 2019 tax brackets?

What information do you need before starting?

When reading the 2019 tax brackets, you need two main pieces of information: your total taxable income and your filing status for the 2019 tax year.

There are five different Filing Statuses for federal income taxes. Your status will depend on factors such as your marital status, occupation, number of children. The five different categories are:

  • Single
  • Married, filing jointly
  • Head of Household
  • Married, filing separately
  • Surviving Spouse/Widow(er)

The IRS website offers a web application, their Interactive Tax Assistant, which can be used to make sure you accurately determine your status based on their guidelines.

Total Taxable Income

Total Taxable Income refers to the portion of your gross income that U.S. tax law considers subject to taxation. You arrive at this number by taking your Adjusted Gross Income (AGI) and subtracting any deductions you are entitled to, either itemized or the standard deduction. Your relevant adjustments will depend on your filing status and your sources of income and financial activity during the year.

The 2019 tax forms have instructions that you can follow to arrive at your total taxable income. However, an online tax filing application can help you calculate your total taxable income as part of preparing your 2019 tax return. You can visit PriorTax.com to learn more and get started today.

Now with both your filing status and total taxable income at hand, the table below can point you toward your relevant tax brackets for the 2019 tax year.

2019 Tax Brackets

What calculations do you need to do to apply the 2019 tax brackets to your tax situation?

First, when looking at the tax brackets for 2019 or any other tax year, it’s important to remember that the U.S. personal income tax system uses a progressive tax system. This means reading and applying the 2019 tax brackets is not as simple as finding your filing status column and total taxable income row in the table above, applying the tax rate to your total taxable income, and then you’re done.

A few more calculations are needed to take into account the fact that although your total taxable income may put you into a higher tax bracket, the U.S. Government doesn’t tax all of that income at the corresponding higher tax rate.

So, what does this look like when applying the tax brackets to your tax situation?

To estimate your income tax obligations, you will need to multiply the tax rates for each bracket by the amount of your total taxable income that falls into that bracket. Once you have your tax for each bracket, you can add these up to get your total federal income tax obligation.

Now, let’s take as an example a single person with $45,000 in total taxable income in 2019.

$45,000 in taxable income falls into three tax brackets, so three tax rates apply: the 10%, 12%, and 22%.

1. Calculate your income tax due in the 10% bracket

Your income from $0 to $9,700 falls into this bracket, so:

$9,700 x 0.10 = $970

2. Calculate your income tax due in the 12% bracket

Your income from $9,700 to $39,475 falls into this bracket ($29,775 in total), so:

$29,775 x 0.12 = $3,573

3. Calculate your income tax due in the 22% bracket

This is your highest bracket. Your income from $39,475 to your total taxable income ($45,000) falls into this bracket ($5,525 in total or $45,000 – $39,475 = $5,525), so:

$5,525 x 0.22 = $1,215.50

4. Add up your income tax due in each bracket to obtain your total federal income tax obligation

$970 + $3,573 + $1,215.50 = $5,758.50

Want help calculating your taxes based on your income brackets? For help figuring your federal income tax obligations and all other aspects of preparing your 2019 tax return and any other prior-year tax return, visit PriorTax.com.

2019 Tax Return

Posted by admin on December 1, 2021
Last modified: December 1, 2021

How to File 2019 Taxes

The deadline to file your 2019 tax return on time may have already passed. But if you’ve been putting off filing, there is no better time to file than today.

Don’t put off filing any longer, even if you aren’t currently in a position to pay off your tax bill. By filing your 2019 tax return today, you will be able to minimize the amount you will eventually have to pay. In addition to interest on unpaid taxes, the IRS also has late filing and late payment penalties. Filing your 2019 tax return can stop the filing penalties from racking up, which is good news that can save you money. In most cases, late filing penalties will work out to be larger than equivalent late payment penalties.

And if you overpaid and are owed a tax refund, by filing your 2019 tax return today, you will be able to claim your refund before it’s too late and ends up in the U.S. Treasury.

2019 tax return
2019 tax return

So, How to File your 2019 Taxes?

The first step to filing your 2019 taxes is to check whether you needed to file a tax return for the year.

The IRS sets thresholds for minimum gross income filing requirements.

For the 2019 tax year:

  • The threshold for a single person under 65 years old was $12,200
  • The threshold for a head of household was $18,350
  • The threshold for self-employed income was $400 in net earnings

If you made less than this threshold, you typically don’t need to file a return except in special circumstances. However, if you think this may be your situation, contact us today and we can help you figure it out.

Gather your documents.

You will need to gather your documents together, particularly those related to your income, any interest you earned, already withheld taxes, and loan payments.

Next, determine which deductions and credits are relevant to your situation in 2019.

Each year, there are deductions and credits available that can help reduce your taxable income and, ultimately, the amount of tax you owe. Our tax application can help guide you through this process to help you file your return with ease.

A few things to keep in mind:

  • Will you be itemizing deductions for your 2019 tax return? You need to collect all the relevant documentation to support each deduction taken.
  • Will you be claiming any dependents on your 2019 tax return? You will need to have their names and social security numbers on hand to identify them to the IRS in your paperwork.

You now need to identify and obtain the correct tax forms you will need to file.

Tax forms are year-specific and change annually, as changes are made to laws and regulations. Therefore, you’ll want to ensure that you file your 2019 tax return using the forms for the 2019 tax year.

Fill out your required tax forms.

In addition to year-specific versions of the tax forms, there are also instructions that are specific to each year’s version of the paperwork. So make sure that you have the 2019 tax year instructions as well as the forms themselves during this process.

The tax form instructions will also guide you on the documents you will need related to your financial and personal circumstances.

And finally, mail off your 2019 tax return, supporting documents, and payment if necessary.

Finally, you are at the point where you can mail off your 2019 tax return. Send it to the applicable address that can be found in the filing instructions. According to the IRS, it will take approximately six weeks for them to process prior-year tax returns, like your 2019 tax return, after receiving them.

How to Re-File your 2019 Taxes

If you already filed your 2019 tax return but realized that you made a mistake or missed out on a tax deduction or credit, you can re-file your 2019 taxes by filing an amended tax return with the IRS.

Some common situations when you might want to file an amended tax return include:

  • not claiming a tax deduction or credit you were eligible for
  • claiming an expense or tax deduction or credit you weren’t actually eligible for
  • claiming the wrong tax filing status
  • needing to either add or remove a dependent from your return
  • no including all taxable income on your return

First, gather your documents.

You’ll need your original 2019 tax return. In additional, you’ll also need any new documents like corrected W-2 or 1099 forms or financial documents for any tax deductions or credits you didn’t claim the first time around.

Next, you need to identify and obtain the correct tax forms you will need to file.

To file an amended tax return, you need Form 1040-X. In addition to this form you will also need the forms that are for each aspect of your return that will be impacted by the changes you wish to make.

Since tax forms are year-specific you will need to make sure that you are locating the forms for the 2019 tax year.

And finally, fill out and then submit your amended forms.

Starting with the 2019 tax year, Form 1040-X can be filed electronically if you e-filed your original 2019 tax return.

The IRS also still accepts paper filing. So you can also mail in your amended 2019 tax return. If you didn’t e-file your 2019 tax return the first time around, you will need to go this route and mail in your amended 2019 tax return.

If you still need to prepare your 2019 tax return, visit PriorTax.com and contact our customer service today. Our tax application is designed to make sure you know how to file your 2019 taxes with ease. In addition, we can help you if your 2019 tax return needs to be amended, whether you filed your original return with us or not. Call us today!

We’re here to help you file your 2019 tax return and any other prior year taxes you still need to file, so don’t wait any longer to get your back taxes in order.

Prior Year Tax Return

Posted by admin on November 22, 2021
Last modified: November 22, 2021

What is a “tax year” and a “tax season,” and what is the difference?

The “tax year” in the United States refers to the twelve-month period to be used when determining your taxable income and any tax-deductible expenditures.

For most individual taxpayers, this runs from January 1 to December 31 for any given year. This is the year-long accounting period when you either pay or withhold taxes, keep your paper and digital records, and report your income and expenses. 

On the other hand, the corresponding “tax season” refers to the period from January 1 until April 15 of any current year to prepare and electronically file your tax return. It ends on the due date for filing your tax return.

Extensions for filing your tax return are possible, which can give you an extra six months to prepare and file your tax return. This is why you sometimes see the tax season described as from January 1 until October 15.

So for the 2020 tax year, you would have from January 1, 2021 to April 15, 2021 to prepare and file your tax return on time. If you file for an extension, you would have from January 1, 2021 to October 15, 2021 to prepare and file your tax return on time.

prior year tax return
prior year tax return

Who needs to file taxes?

Each year, the IRS sets thresholds for minimum gross income. If you make less than this threshold, you don’t need to file a tax return unless there are special circumstances, and if you make more, you need to file your tax return.

For the 2020 tax year, this means that typically if you are a single person under 65 years old, you don’t need to file a tax return in 2021 if you made less than $12,000. Likewise, if you are the head of your household, you typically don’t need to file your tax return in 2021 if you made less than $18,650.

Is there a deadline to file prior year taxes?

If you expect a tax refund, you have three years from the original tax return deadline to file your prior year tax return and claim your refund. When you are eligible for a tax refund, there is no worry about penalties here.

If you owe taxes, there is no deadline to file a prior year tax return. However, you should be aware of late filing and late payment penalties from the IRS in this case.

In most instances, the IRS requires individuals to file their tax returns for the last six tax years, if required to file, to be considered squared away and in good standing with the IRS.

Can you still claim a refund when you file a prior year tax return?

Yes, it is possible to claim a refund for a prior year tax return if you are eligible. For most circumstances, you are eligible for a tax refund when you have paid more tax during a given tax year than you actually owe.

However, there is a deadline to claim a tax refund. You will need to make your claim for a refund within three years of the original deadline to file your tax return.

So you have until April 15, 2023 to claim a refund on your 2019 taxes. You have until April 15, 2022 to claim a refund on your 2018 taxes. And you had until May 17, 2021 to claim a refund on your 2017 taxes. (In 2021, the IRS automatically extended the last day to file your taxes to May 17.) Use our Tax Calculator to get a better idea of your return

After the deadline, any unclaimed amount of excess taxes paid goes to the U.S. Treasury.

If you believe you are owed a refund from the IRS for prior year tax, don’t wait any longer to get your back taxes in order. PriorTax can help you get your prior year tax taken care of today.

Why is it a good idea to file prior year taxes even if you cannot pay right now?

The IRS has both late filing and late payment penalties for when you did not file a tax return when you needed to do so. In addition, your outstanding prior year tax balance continues to accrue interest each month that you let it go unpaid.

However, in most cases it is a good idea to file your prior year taxes even if you are not in the position to pay all of what you owe right now. This is because the IRS’ late filing penalty will usually work out to be larger than their late payment penalty.

If you owe a significant amount to the IRS but cannot pay the full balance, you should still file your prior tax returns. You should then get in touch with the IRS to work out a payment plan so that you can pay it off according to what you can afford.

Filing your prior tax returns can stop the more considerable filing penalties, and with a payment plan in place, you can avoid more severe collection enforcement for your unpaid tax bill.

To get help getting your prior year tax returns in order, get in touch today. First, you pick the tax years you want to file. Then we help you to file your tax returns, answer any questions along the way, and review and prep the documents for you to download, print, sign, and mail off.

How do I obtain my prior tax returns?

There are times when you cannot obtain copies of your tax documents, like W-2 forms from employers or 1099 forms from your bank or for your other sources of income. In that case, you can request a free tax transcript from the IRS summarizing your return information. They are available for the current tax year and for the past three years.

However, there are also times when you need an actual copy of your prior tax returns rather than a summary. Then, in that case, you can request them from the IRS for a fee. They are available for the current tax year and for the past six years.