Taxmania is an online platform where anyone can prepare and file their tax return easily, quickly, and safely online.
With more than 16 years in the market and with over 100,000 tax returns filed through the application annually, Taxmania has managed to increasingly simplify the tax preparation process for the taxpayer.
Did you know that Taxmania offers two ways to prepare tax forms? You do not have to be an expert to file your taxes. At Taxmania we offer two simple ways: classic mode and basic mode.
Below, we explain the difference between both for individuals seeking their best match. Learn more!
Easy, Fast, and Safe Tax Return Preparation
Before selecting the model that you will use to prepare your tax return, do you know who is subject to filing tax returns?
Puerto Rico taxpayers who have to file tax returns fall into the following categories:
- A resident who has a gross income net of exemptions greater than $0.
- A non-resident and US citizen with a gross income greater than $0.
- A married individual living with their spouse chooses to file separately and has a gross income net of $0 exemptions.
- A non-resident foreigner who has had income from PR sources subject to tax.
- Every individual who during the taxable year has a net income subject to alternate basic tax of $25,000 or more.
Once you access Taxmania, create your account, and select the year of contribution that you are going to work on, you will have the opportunity to choose the model of your preference:
As the name mentions, the classic Taxmania model digitally simulates the tax form as it traditionally appears on paper.
This option is preferable for those who have a more complex tax scenario.
There are scenarios that should automatically be worked under the classic mode. These are:
- Income reported on Forms: 480.6A, 480.6B, 480.6C, 480.6EC, 480.6CPT, 480.6F, 480.7, 480.7B, 480.7D and/or 1099-R
- Rental Income
- Agriculture Income
- Proceeds from the Sale of Goods
- Total Distributions from Qualified Retirement Plans
- Sale or Exchange of Capital Assets
- Sale or Exchange of the Main Residence
- Dividends from Corporations
- Government Plan Distributions
- Distributions from Individual Retirement Accounts and Educational Contribution Accounts
- Dividends from Capital Investment or Tourism Fund
- Long-Term Capital Net Gain in Investment Funds
- Participation in Profits of Partnerships, Special Partnerships, and Corporations of Individuals
- Distributions from Qualified Retirement or Deferred Compensation Plans and Annuity Accounts
- Distributions due to a Disaster Declared by the Governor of Puerto Rico
- Income from Salaries, Wages, Compensation, or Public Entertainment Received by a Non-Resident Individual
- Income of Residental Individual investors
- Other Incomes not Included Above
Important: If you select this option, you will not be able to backtrack and select the basic mode. To make the change, you will need to start the form over again.
This tax return preparation format is based on questions. Each question has its corresponding box and, once the question is answered, the program automatically places the information on the spreadsheet.
This option is ideal for taxpayers with simple tax scenarios. This mode also allows you to prepare the tax return from your computer, tablet, or mobile.
If you change your mind, you will have the option to switch to classic mode and your information will be transferred automatically. However, once you make the change to the classic model, you won't be able to return to basic mode unless you create the sheet again and select the basic option.
Available Tax Forms in Taxmania
After verifying that you have all the necessary documents, vouchers, or information, you can select the corresponding tax form and start entering the basic information.
These are the available forms:
- Puerto Rico Individual Return: Declaration of income in Puerto Rico. You need a withholding statement, such as Form 499R-2 or W-2PR, and any information tax forms you accumulated that year, such as Form 480.6A, among others.
- 1040-PR Child Credit: You will need to fill out a 1040-PR to make a claim for the credit for a minor dependent.
- 1040-PR/SS: You will need to file a 1040-PR to file a federal tax return for self-employment or if you are going to pay Medicare and federal social security.
- 1040-US: You will need to file a 1040-US for this report on income from services rendered by employers in the United States or for retired United States individuals with federal sources.
Do you want to know the tax return preparation process in more detail? Visit our video How to fill out the Puerto Rico Tax Return at Taxmania.com.
Taxmania is designed to be easy to use for all users, from the first-time filer to accounting experts. With the option of working tax returns in Spanish or English, both models offer the same benefits that distinguish Taxmania from other tax preparation platforms.
- Compliance with high levels of security. Currently, Taxmania complies with the SOC 2 Type II audit, which ensures that your personal data is protected.
- Program with the latest certifications. Taxmania complies with the necessary requirements and regulations established by the Department of Treasury and the IRS in order to be a certified provider.
- Available in the Cloud. Taxmania works exclusively from the Cloud, so you don't have to download heavy programs to your computer. Additionally, the Cloud offers you the freedom to work from your computer, tablet, or cell phone.
- Available credits. If you meet the requirements established by the Department of Treasury or the IRS, you can request the following available credits: Credit for Work, Child Credit, or the American Opportunity.
- Optional computation and regular computation. The regular calculation is the one that the system shows you, without any type of adjustment, where the income of both married taxpayers is added and processed. The optional computation is an adjustment made by the system where the income of each taxpayer is determined separately for the contribution and then added so that it can alleviate any possible payment for your taxes, all depending on their income, deductions, and dependents.
- Data validation. When filing your tax return, Taxmania has a functionality that validates information and highlights any errors that need to be corrected.
- Technical support. If you have any questions about the program, you will have the option to request help through the application. Available Monday through Friday, from 9:00 a.m. to 6:00 p.m., the team will take care of responding as soon as possible. We also have articles and manuals available in our Information Center.
Interested in knowing the costs of the tax return, our available packages, or more information about all the benefits Taxmania offers? Visit our article Taxmania: Simplify the process of Filing your Taxes.
Tips for individuals
- Verify that your Social Security number is the same one that appears on the Tax Form, Withholding Statement, or other document used to prepare the tax return and that they contain the electronic filing confirmation number.
- The basic information must always be completed in its entirety so that the program makes the corresponding validations correctly.
- You must ensure that all information entered is correct, from income to mailing address.
- Do not file a tax return if you are still missing documents as this delays its processing.
- Remember that if you receive Form 480, it expires on February 28, so you must wait until that date to file your tax return and avoid amendments.
- After completing the basic information in its entirety, the recommended thing would be to fill out your W2 or a 480 that you have received and then continue with your Schedules.
- If you are going to claim dependents, be sure to complete Schedule A1 Individual on your tax return.
- To receive your refund as quickly as possible, be sure to complete the direct deposit authorization on page 1.
Starting to prepare your tax return in Taxmania is free. You have nothing to lose. Try it today! We offer you the easiest, fastest, and safest way to prepare and file your taxes.