But don’t fret just yet: the penalty is due when you file your 2014 tax return in April 2015. By then, you’ll be paying even more: the flat fee increases to $325 in 2015 and $695 in 2016. Ouch. There is some good news. The self-employed get something of a break in 2014: there is an option to claim a new, simplified deduction for a home office.

What do you need to know about taxes in 2014?

Kind of a “tag along” provision is the personal exemption phaseout (PEP). Phase-outs for PEP in 2014 begin with AGI of $254,200 for individuals and $305,050 for married couples filing jointly; the personal exemptions phase out completely at $376,700 for individual taxpayers ($427,550 for married couples filing jointly).

What’s the Top federal tax rate for 2014?

You’re going to figure this out in a few months when you file your tax return. And it’s no fluke. It will happen again in 2014. First, the top tax rate for taxpayers is now 39.6%. We haven’t seen those kind of rates in almost 15 years.

Can a tax break be claimed on a 2013 tax return?

If a tax break expired as of December 31, 2013, you can still claim it on your 2013 tax return which is filed in 2014. It’s confusing, I know. If you still have questions, feel free to shoot me a note!) Tax season opens in 26 days. And here’s my big prediction: a lot of taxpayers will be taken by surprise.

What is the federal income tax rate for 2014?

The 39.6% tax rate kicks in at $400,000 for individual taxpayers and $450,000 for married couples filing jointly. All wages are subject to Medicare tax.

Where does tax go on a self assessment tax return?

Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return.

Where do I file my past due tax return?

Filing Past Due Tax Returns. File all tax returns that are due, regardless of whether or not you can pay in full. File your past due return the same way and to the same location where you would file an on-time return. If you have received a notice, make sure to send your past due return to the location indicated on the notice you received.

How can I get my tax return corrected?

Contact the payer (source) of the income to request a corrected Form W-2 or 1099. Attach the corrected forms when you send us your completed tax returns. If the IRS files a substitute return, it is still in your best interest to file your own tax return to take advantage of any exemptions, credits and deductions you are entitled to receive.

How do I refile my state tax return?

Complete the state amendment form and submit it to your state’s Department of Revenue. The form should have the correct income, deductions and filing status that should have gone on the original tax return. If the amendment results in additional taxes due, mail the tax payment with the amendment to the Department of Revenue.