All posts tagged Tax preparation

  • What happens if I miss the April 18th, 2017 deadline?

    Don’t panic! This is IRS’ advice for you. Nearly 30% of the taxpayers are unable to organize their documents before the deadline. You still have the chance to solve your situation; however there are a few important things you need to consider if you expect to miss the deadline.

    If you are due back a refund or your tax return shows no tax liability

    If you are due back a refund or your tax return shows no tax liability, you may not be fined for filing late. If you’re due a refund, you should file as soon as possible to get it. Even if you are not required to do so, you may still get a refund. This could apply if you had taxes withheld from your wages or you qualify for certain tax credits.

    Sprintax will help you determine if you are due back a refund.

    Note that there is time limitation for you to file and receive your federal tax refund, so if you don’t file within three years from the due date of your tax return (18th of April, 2017 for 2016 tax year), you may not receive your refund.

    In addition, there are some tax refund policy changes for late filing taxpayers, that IRS is implementing, that may affect how quickly you will receive your refund.

    If you owe any money in tax

    If you owe any money in tax, keep in mind that both late filing and late payment penalties may be charged on top of your tax liability. The failure-to-file penalty is the bigger portion of your penalty,and after 60 days of delay its minimum amount will be $205, so if you have not filed form 4868 – Extension to file, you may need to submit your tax return to the IRS as soon as possible in order to avoid further increase of your fine.

    Your failure-to-pay penalty depends on the amount of tax you owe. The percentage of the penalty increases over time, so even if you are not ready with your documents, the more you pay on time, before the deadline, the less interest and penalty charges you will accrue.

    If you are unable to pay your tax on time, you have the choice to enter into installment agreement with the IRS. There are certain conditions you should meet and Sprintax tax experts will be able to help you if you choose to request installment agreement from the IRS.

    In conclusion, if you missed the deadline, the best thing you can do is to prepare your tax documents and file your tax return as soon as possible!

    Do not delay your tax return further! Sprintax can help you to prepare  it, and estimate if you owe tax to the IRS.

     

  • Sprintax at NAFSA 2017 Annual Conference & Expo

    Our Sprintax team is thrilled to be attending the 2017 NAFSA conference!

    This year the annual conference & expo is taking place in Los Angeles, California and is attended by international education professionals from more than 150 countries.

    NAFSA’s annual conference provides unique opportunity for those interested in international education to develop their knowledge, skills, and ideas and engage effectively with colleagues from around the globe. Furthermore, visitors can gain valuable insights on all areas of international education, student services, and research from a global perspective.

    We are delighted to meet many of our partners and discuss new strategies on working together in the future, as well as exchange experience and information with experts and innovators in the sphere of education.

    The whole Sprintax team are looking forward to working together to help even more international students and scholars with their US tax affairs.

    Our booth is 1849, so please stop by and say hello if you are in the area! 

     

  • Massachusetts state tax module for 2016 tax preparation is live!

    We are happy to announce that the Massachusetts state tax module is live!

    MA modules for non-resident, part-year residents and full-year residents are now available for use.

    In addition to the MA module, we have 9 more state modules available. You can prepare and download your 2016 tax returns for New York, California, Rhode Island, North Carolina, Michigan, Ohio, Virginia, Indiana and Missouri.

    International students and scholars and non-resident professionals can prepare their tax returns by entering their existing account or creating a new one for new users of Sprintax.

    You may or may not be obliged to file a state tax return for 2016 – Sprintax will help you to identify your state tax filing obligations and prepare your state tax return if required.

    The tax deadline for most states is April 18, so don’t delay!

    Sprintax offers 24 hour support to students via our Live Chat facility to answer any questions you may have here.

    Have a question? Ask our virtual assistant Stacy here.

  • Sprintax Tax Workshop: Non-resident taxes explained (video playlist)

    Preparing your non-resident tax returns can seem like a daunting task! Sprintax has helped many international students and scholars through the process and is always striving to make their experience as stress-free as possible.

    Check out our Tax Workshop playlist – we explain the most important things you need to know about US taxes and using Sprintax:

    The tax deadline is April 18th, so don’t delay and create an account!

    If you still have questions, Sprintax offers 24 hour support to students via our Live Chat facility here.

    Have a question? Ask our virtual assistant Stacy here.

     

  • NY, RI, NC, MI, OH state tax modules for 2016 tax preparation are out!

    Following the release of 4 state tax modules in January (California, Virginia, Indiana and Missouri), we are happy to announce that five more modules are available!

    You can now prepare and download your 2016 tax returns for New York, Rhode Island, North Carolina, Michigan and Ohio.

    International students and scholars and non-resident professionals can prepare their tax returns by entering their existing account or creating a new one for new users of Sprintax.

    You may or may not be obliged to file a state tax return for 2016 – Sprintax will help you to identify your state tax filing obligations and prepare your state tax return if required.

    The tax deadline for most states is April 18, so don’t delay!

    In addition to the 9 available states, we expect more state tax modules to be released, so please stay tuned:

    Pennsylvania, New Jersey, Georgia, Oregon, Kansas, Massachusetts, Colorado, Illinois, Maryland

    Sprintax offers 24 hour support to students via our Live Chat facility to answer any questions you may have here.

    Have a question? Ask our virtual assistant Stacy here.

  • First four state tax modules for 2016 tax preparation are out!

    We are very pleased to announce that the first four states tax modules for 2016 tax preparation are out now.

    You can prepare and download your 2016 tax returns for California, Virginia, Indiana and Missouri by entering your existing account or creating a new one for new users of Sprintax.

    You may or may not be obliged to file a state tax return for 2016 as well as a federal tax return. However, Sprintax will help you to identify your state tax filing obligations and prepare your state tax return if required.

    Most state tax authorities adopt the federal tax season deadlines, so you may need to submit your state tax return(s) by the April 18 deadline, the same as your federal tax return.

    By the end of January, we expect the state tax modules for most of the following states to be released, so please stay tuned:

    Massachusetts, Michigan, Georgia, Illinois, New York, New Jersey, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, Colorado, Kansas, etc.

     Sprintax offers 24 hour support to students via our Live Chat facility to answer any questions you may have here.

    Have a question? Ask our virtual assistant Stacy  here.

  • 2016 Tax Season A Fantastic Success!

    With the 2017 tax filing season open, it’s time to take a look back at the 2016 season and what we achieved.

    Successful season for Sprintax

    The 2016 tax season saw a huge increase in the number of students and scholars using Sprintax to prepare their Federal and State tax returns.

    With a similar increase in contracted colleges and universities for 2017, we are expecting this to be another record year.

    In 2016 the average Federal refund was over $900, and while everyone’s circumstances are different, the vast majority of those who prepared a Federal return received a refund – so it does pay to file your taxes!

    Communication with clients and partners

    At Sprintax we strive to provide our clients the highest quality service and their feedback is vital to achieve this. In 2016, we launched our Customer Satisfaction Survey for the 2nd year and were delighted with the positive results.

    In 2016, the Sprintax team attended the NAFSA conference in Denver, as well as the regional NAFSA conferences, where we had the pleasure of meeting many of our colleagues and partners.

    Our goals for the future

    We’re committed to making tax preparation as stress-free as possible. Our team are on hand to answer any questions you may have when preparing your returns. Simply ask a question here.

    The filing deadline is Tuesday April 18, but the sooner you file the sooner you get your refund, so don’t delay!

    Click here to sign up!

  • The 2016 Tax Year is Live!

    We’re excited to announce that the 2017 tax filing season is open and Sprintax is up and running!

    International students and scholars, and non-resident professionals – you can now use Sprintax to prepare your non-resident tax returns for the 2016 tax year. Sprintax can help you prepare your Federal, State, and FICA tax returns to ensure you stay fully compliant.

    Official start of 2017 filing season

    The 2017 filing season starts on January 23 2017. Sprintax gives you the opportunity to prepare your tax return before that date and have your 2016 tax return ready to mail on or after January 23, at the start of the 2017 Filing season.

    April 18 Filing Deadline 

    The filing deadline to submit 2016 tax returns is Tuesday, April 18, 2017, rather than the traditional April 15 date. In 2017, April 15 falls on a Saturday, and this would usually move the filing deadline to the following Monday — April 17.

    However, Emancipation Day — a legal holiday in the District of Columbia — will be observed on that Monday, which pushes the nation’s filing deadline to Tuesday, April 18, 2017.

    What does the April 18 deadline mean to me?

    Non-residents can apply for their tax refunds even after the April 18 deadline, but your return has to be filed no more than 3 years after the original deadline in order for the IRS to issue you a refund.

    You should not worry about penalties and fines if you have no tax liability as the IRS may not penalize you if you do not file a return on time.

    The deadline for filing your Form 8843 is the same as the deadline for filing your tax return (April 18).

    If you owe additional tax for the year, you must file your tax return and pay those taxes by April 18 to avoid late filing and payment interest and penalties.

    How Sprintax works

    To get started, simply create an account here. Sprintax will give you a step-by-step guide to the whole process – all you need to do is answer a few simple questions.

    Once you’re done, Sprintax will generate your tax return/s and you can simply send it to the tax office – it’s as easy as that!

    Once complete, we’ll store your details for any future tax returns. You can also prepare tax returns for previous years using the same account.

    Sprintax offers 24 hour support to students via our Live Chat facility to answer any questions you may have here.

    Don’t miss out on your tax refund and stay compliant by using Sprintax!

    Have a question? Ask our virtual assistant Stacy here.

  • Don’t Miss the US Tax Return Deadline on April 15th

    The US tax deadline is April 15th; use Sprintax to file your US tax return.

    International students and scholars are legally obliged to file a US non-resident tax return by April 15th. We know that tax laws can be confusing, so this is where Sprintax can help. You can sign up here to start using with our easy-to-use online tool now.

    Sprintax will help you prepare an accurate return, meet your tax obligations for your visa, and maximize your refund. And even if you miss the forthcoming deadline, we can still help.

    As an international student, you must submit your tax documents to the IRS for any income earned in 2014 by April 15th this year. Even if you haven’t earned any income, you’re required by law to file a tax return to meet your visa obligations.

    You must file a US tax return by April 15th if:

    • You received a stipend, grant or allowance in 2014
    • You received income/salary/pay from working on or off campus in 2014
    • You didn’t receive any income in the US during 2014 (you must still file 8843 form to declare this)

    Many international students and scholars can benefit from reduced rates and exemptions due to tax treaties between the US and their home countries. Sprintax has the built-in expertise to check if you’re eligible for these treaty benefits.

    If you don’t have an account already, then sign up to Sprintax here as soon as possible to meet your tax obligations.

    Remember, if your university has given you a special access or discount code, don’t forget to use it just before the payment step!

    Missed the Deadline?Don’t worry, if you miss the deadline, Sprintax can still help.

    Don’t have a Sprintax account? Simply create your account here now to start.

    Got any questions? Chat with our tax experts now; we’re happy to help!

  • Top 5 Tax Myths International Students believe in – DEBUNKED!

    George Orwell once said: “Myths that are believed in tend to become true”.

    Well, there might be a grain of truth in what he said but not when it comes to taxes and the U.S. taxation laws.

    As an international student you are not supposed to know the US tax procedures concerning tax return filing by heart but at least you should be aware of the Top 5 tax myths that most international students tend to believe in. So do not walk around believing in “old wives’ tax tales and check the most common tax myths DEBUNKED here!

    Myth 1: Students are not obliged to file US tax return
    Busted: Regardless of the fact that you probably do not classify as an U.S. citizen or you have received no income throughout the previous year, you are required by the U.S. taxation law to file a tax return. Remember this!

    Myth 2: You can file your taxes any time during the year
    Busted: You should complete and submit your tax documents to the IRS by 15th of April for any income earned in the previous year. That means that tax returns for 2014 must be postmarked by 15th of April 2015.

    Myth 3: Not filing your tax return will not have any consequence for you
    Busted: Even if you haven’t earned any income and therefore you do not owe any money to IRS, not filing your taxes can still influence your future plans. You are obliged to file your tax return by the U.S. law and not complying with the law may affect your future visa applications. So why risk your visa status or even your permanent residency? Be sure to FILE your taxes!

    What’s more, if you have received any income during the tax year you could be entitled to get some of the taxes you paid back. If you do not file your tax return, you lose the opportunity to apply for your tax refund and get some extra money. Not to mention the penalties that IRS can impose on you.

    Myth 4: Non-resident students can avail of same tax credits and deductions as the residents
    Busted:Unlike resident aliens who avail of the same tax benefits which are available to the U.S. citizens, non-resident aliens cannot claim the same tax credits and deductions; such as filing a tax return online or education credits, for instance.

    But you can still be eligible to take advantage of ‘tax treaties’ signed between the United States and your home country, so make sure you check this. Sprintax has all credits and tax treaties relevant to non-resident international students already built in making Sprintax the easy option for tax filing for non-residents.

    Myth 5: You can file electronically
    Busted: Unlike the U.S. residents, the non-residents for tax purposes cannot file their tax return electronically. And by “electronically” we mean that you cannot submit your documents to IRS electronically. You can however rely on the help of an online tax preparation tool as Sprintax to help you with the complicated tax documents (and you better do!) but once done, you should print and post them to IRS.

    You have more burning questions for taxes? No worries, contact our great team- they got all the answers!