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Jan 21, 2021What if I cannot pay all of my prior year taxes?
You can arrange a payment plan (Form 9465) with the IRS if you meet certain requirements to pay prior year taxes. The IRS has indicated that you are eligible for a guaranteed installment agreement if the tax you owe is not more than $10,000 and: There are two types of payment plans; short-term and long-term. […]
adminJan 21, 2021Will I have to pay a penalty for filing late?
If you have a refund, you are not subject to any penalties. There is a failure to file penalty (also known as the late filing penalty) for taxpayers who file after the April 15 deadline, and owe the IRS taxes. The Failure to File penalty is based on how late you file your tax return […]
adminJan 21, 2021When will I receive my refund?
Priortax is not in control of when you receive your tax refund. Several factors determine how long you may wait for your refund after the IRS accepts your tax return. These include how you filed (electronically or by mail) and whether your return needs further review. On average, e-filers who requested to receive their refund […]
adminNov 23, 2020Can I still claim a state tax refund?
In order to file your state return, you will first need to find out your state laws. In some cases, you can still claim a tax refund for previous tax years for your state. For example, New York State allows you to claim refunds going back three tax years of the original due date. You […]
adminNov 23, 2020How to get prior-year state tax information
If you have not yet filed your prior-year state tax returns, you must obtain your income statements for the tax year to do so. Your prior-year state tax information, such as your state tax withholding, is located on your income statements. For example, on your W-2 statement, the state income tax amount is in box […]
adminNov 2, 2020What do I need to claim a dependent?
For tax years 2018 to 2025, there are no personal exemptions for dependents as well as the individuals filing. Prior to 2018, you qualify for $4,050 for your dependent’s personal exemption. Here are the requirements to claim a qualifying dependent: Claiming a qualifying child There are specific requirements to claim a qualifying child: Claiming a […]
adminNov 2, 2020Can I still claim my prior-year tax refund?
Many taxpayers are unaware that even if they missed a certain tax deadline, they can still claim their tax refund. However, there is a time limit to claim a prior-year federal tax refund. The latest date that you can claim a credit or federal refund for a specific tax year is generally the later of […]
adminNov 2, 2020How do I pay my taxes to the IRS?
If you have an outstanding tax due to the IRS, here’s how to pay. You can pay your taxes online to the IRS going back to tax year 2000 for your Form 1040, 1040A, or 1040EZ. There may be fees to using your debit or credit card. You can also make a payment to the […]
adminNov 2, 2020How do I receive my tax refund?
You can receive your tax refund via direct deposit or as a paper check by mail. The availability of these options depend on whether you are filing a current year tax return, a prior-year tax return (within the time limit to claim a refund*), or an amended return. When filing a current year tax return […]
adminJul 2, 2018If I received a refund from the IRS, can I expect a refund from my state also?
If you receive a refund from the IRS on your federal tax return, you can most likely expect a refund on your state return as well, though this is by no means assured. Though there is a general correlation between refunds on the federal and state levels, it is entirely possible you could end up […]
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