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Tag: 2018 tax return

Posts Tagged ‘2018 tax return’

Economic Stimulus Payments: The Get My Payment Tool vs Non-Filers Tool

Posted by Manisha Hansraj on June 4, 2020
Last modified: June 12, 2020
economic stimulus payments

There has been a lot of confusion regarding economic stimulus payments.

Many are wondering which tool to choose when they go to the IRS website to track their stimulus payment. There are two tools, the Get My Payment Tool and the Non-Filers Tool. Both tools have different requirements.

Which tool do I use?

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How does the Coronavirus Stimulus Check Work? (FAQ’s)

Posted by Manisha Hansraj on April 7, 2020
Last modified: April 15, 2020
stimulus check

The IRS has approved an economic stimulus package due to the spread of the Coronavirus (COVID-19).

A $2 trillion economic plan was passed by the Senate to combat the affects of COVID-19 on Americans. This stimulus plan includes payments to individuals, the self-employed, unemployment coverage, and more.

Here are some common questions about the coronavirus stimulus checks.

Do I have to apply for the stimulus check?

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10 Reasons to File Your Prior Year Tax Return Now

Posted by Manisha Hansraj on December 3, 2019
Last modified: December 5, 2019
prior year tax return

It’s not too late to file your taxes.

Life is never put on hold, even for tax season. Before you know it, the April and even October deadline fly right by. Then, you forget to file it next tax season and then the season after that.

However, although the deadlines go by, you should still file your prior year tax return. Here are some reasons why.

1. You’re getting a refund

One of the most important things to remember is that the IRS does not wait for anyone. According to the IRS, you have a three-year statute of limitations for refunds; meaning you can only claim tax refunds going back three tax years within the original April due date.

For example, if you want to claim a 2016 tax refund, your last chance to claim it is April 15, 2020. This means you must file by that date to get your refund. Therefore, any tax years going back from 2016 cannot be claimed.

Check out our helpful tax calculators to determine your refund for relevant tax years.

2. The IRS can hold your current year refund

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Did You Miss The 2018 Tax Deadline?

Posted by Manisha Hansraj on October 14, 2019
Last modified: October 23, 2019
missed 2018 tax deadline

Time waits for no one, especially the tax season.

With the year ending soon, another tax season is on the way. If you’re stuck trying to figure out what the next steps are for the missed 2018 tax deadline, keep reading.

Can you still e-file your 2018 tax return?

Although April 15, 2019, was the original tax deadline, you can still e-file your tax return until October 15, 2019. After this date, you will be required to paper-file your tax return. This means that you must to print, sign, and mail your tax return to the IRS and your state department of revenue.

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Tax Deadlines for the 2019 Tax Season!

Posted by Manisha Hansraj on April 12, 2019
Last modified: April 12, 2019

2019 tax deadlines

Important upcoming deadlines you need to know.

Tax season is a stressful time for some taxpayers. However, knowing each tax deadline will give you a heads up so you know how to stay on top of your game.

For all the 2019 tax deadlines that are left, take a look at the list of due dates below.

April 15, 2019

  • Individual Income Taxes deadline
  • Last day to file and pay if you owe taxes to the IRS without accumulating penalties
  • Final day to file a tax extension to the IRS
  • First Estimated Quarterly Tax Payment due
  • Sole proprietor, LLC, and corporation taxes due
  • IRA contribution deadline
  • Last day to postmark, paper-file and claim your 2015 refund

April 17, 2019

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Can I Deduct My W-2 Job Expenses?

Posted by Manisha Hansraj on March 28, 2019
Last modified: March 28, 2019

w-2 job expenses

The new tax season brought in a lot of changes, and your job expenses are one of them.

If you’ve noticed on your tax returns that you can’t deduct your W-2 job expenses for 2018, you’re partially correct. Unfortunately, not everyone can claim their out-of-pocket job expenses.

Here’s the breakdown.

Eligibility

The new tax laws have narrowed down on who claims their W-2 job expenses, mainly by their occupation.

You can only deduct your job expenses if you’re one of the following: (more…)

What is a 1098-T Form?

Posted by Manisha Hansraj on February 27, 2019
Last modified: February 28, 2019

1098-t

Unfortunately, education isn’t free for some students.

If you’re a college student, parent, guardian or anyone paying out-of-pocket for tuition, fees, and required course materials needed for enrollment, you will receive a Form 1098-T. This tuition statement form reports all of your transactions, which means the payments you make to your school.

What does a 1098-T statement look like?

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How to File Your 2018 Taxes

Posted by Manisha Hansraj on December 28, 2018
Last modified: June 30, 2020

taxes 2018

Did you forget to file your 2018 taxes?

Whatever the situation may be, when it comes to filing a forgotten tax return, stress usually rears it’s head. We’re here to help.

If you haven’t filed your 2018 tax return as yet, you may be confused why the 1040 form looks different.

Here’s what you need to know

The following tax deadlines have already passed.
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How are Charitable Deductions Affected by the TCJA?

Posted by Manisha Hansraj on November 27, 2018
Last modified: November 27, 2018

Generosity has its perks, or rather its tax benefits.

Keep in mind, taxpayers are able to easily itemize once they exceed their standard deduction. This typically happens by taxpayers claiming charitable donations along with any expenses they have. It then becomes greater than their standard deduction. However, the standard deduction is twice the amount for 2017.

Due to the Tax Cuts and Jobs Act (TCJA), taxpayers who itemize may face some difficulties next year.

Read on to find out what you can do to be prepared for next year!

“Bunching,” a word that people can’t stop talking about.

If you’re surfing the web for information on charitable donations, you might run into the term, “bunching.” It may be confusing, so we’re here to clear it up for you. (more…)

The Child Tax Credit & Additional Child Tax Credit Changes for 2018!

Posted by Manisha Hansraj on July 23, 2018
Last modified: January 23, 2019

child tax credit 2018

Let your kids treat you by giving you the tax break you deserve.

Typically, for the prior tax years, (including the tax year 2017) you can receive up to $1,000 per qualifying child for the Child Tax Credit (CTC). You may even get the Additional Child Tax Credit (ACTC) which is a refundable credit that you may receive if your CTC exceeds the total amount of income taxes you owe. However, you need an income of at least $3,000. It phases out for taxpayers with the AGI of $75,000 or greater and $110,000 for joint filers.

The good news is that the CTC and the ACTC increases for the next tax year.

Read on to find out the changes for 2018.

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