Use Turbo Tax 2015 Software To Find Deductions And Credits

Tax time can be a very anxious time as people begin to wonder whether they will strike it rich or end up paying out big time. The good news is that using modern software programs like Turbo Tax 2015 can not only make preparation easier, it can mean less stress next year.

If you have not already purchased a copy of TurboTax 2015, you may be surprised to find out that there are multiple versions of the software meant for different financial situations. To start, read the descriptions on the boxes on from the Turbo Tax 2015 website. If you own a home, have significant investments, or are self-employed, the company has different offerings for each situation.

The next step is to gather documents that you will need to get taxes ready. If you don’t already save receipts, now is the time to start. If you have medical expenses, donate money or items to charity, have a child in daycare, or have purchased an energy efficient appliance this year, you will want to have receipts handy as these can all decrease your 2015 tax burden.

Finally, spend a few minutes checking any documents that show your income (like W-2s from your work) as well as statements from banks, student loans, or anyone else who may have information about your taxes. Make sure the documents are correct, as mistakes could be costly when you begin preparing your taxes.

Not only does Turbo Tax 2015 take the stress out of preparing your taxes, it can save you big by finding deductions and credits that you may not have known about. But to get the most from your Turbo Tax 2015 software, you need to give it as much information as you can.

VN:F [1.9.22_1171]
Rating: 10.0/10 (2 votes cast)
VN:F [1.9.22_1171]
Rating: +2 (from 2 votes)

Related Posts:

Crowd Funding Can Be A Stumbling Block For Entrepreneurs

In Salt Lake City, designer Jenny Wecker collected pledges in the mount of $42,000 when she used Kickstarter to test market a diaper bag she had created. She received over 300 orders. Previously, she had handmade her product and marketed it on Instagram.

She indicated that she and her husband never considered the tax impact of such success. Apparently, other entrepreneurs are in the same position as they succeed at crowd funding but don’t realize that the IRS considers them to be small businesses with tax responsibilities.

Abraham Finberg, an L.A. tax accountant, says people are stunned when they receive a 1009-K and don’t know what to do. In addition, crowd funding complicates issues related to charitable giving. Is giving money toward having your company name stencilled on a food truck a charitable donation in the eyes of the IRS? Kelly Phillips Erb, a tax attorney from Pennsylvania, says the IRS has to make a decision on these nebulous issues.

English: A photo of crowd funding expert Pim B...

English: A photo of crowd funding expert Pim Betist (Photo credit: Wikipedia)

Diaper bag inventor, Jenny Wecker, who normally uses TurboTax software to prepare her returns, says she and her husband get tax refunds. This year, she used a paid preparer. She was relieved when, despite the surprise implications of crowd funding her project, they had a flat tax year–neither owing nor being refunded money.

Since Wecker explored Kickstarter, she has gotten questions from many potential customers and has lined up retail clients and wholesale customers, too. She indicates that the crowd funding experiment taught her what mistakes to avoid and also helped launch her design business.

VN:F [1.9.22_1171]
Rating: 10.0/10 (1 vote cast)
VN:F [1.9.22_1171]
Rating: +1 (from 1 vote)

Related Posts:

TurboTax And Beating The Competition

If you have not heard of Turbo Tax, you need to find a way to learn about it as soon as possible. The reason for this is that you never have to worry about paying immense fees to a company for doing only a few minutes of work. You will be able to see exactly how much you owe, how much you are getting back, and the amount you can expect to pay for Turbo Tax.

The problem with going to a tax preparation professional is that you are going to pay a huge deal of money for something that you can easily do yourself. They also never tell you how much you will owe them until afterwards as they change the amount based on the type of work they do.

US Navy 100209-N-6999H-001 Machinist’s Mate 3rd Class Austin Taylor, right, a volunteer income tax assistance member, assists Utilitiesman 1st Class Doak Walker, assigned to Naval Weapons Station Charleston, in preparing his 20 (Photo credit: Wikipedia)

Why choose TurboTax free? For starters, you will never have to worry about paying a person to do them, will be able to learn about how your money works for you, and do it from the comfort of your own home. Turbo Tax also offers you the ability to upgrade if you have more complicated matters to tend to, such as owning a business or a home. However, the free version will usually be fine for anybody needing to do their taxes. This is why Turbo Tax is an innovator in the tax industry, and why they are still going strong.

VN:F [1.9.22_1171]
Rating: 10.0/10 (1 vote cast)
VN:F [1.9.22_1171]
Rating: +1 (from 1 vote)

Related Posts:

TurboTax Can Help You With Your Taxes 2014 Filing

According to the IRS, tax-filing seasons starts Jan. 20

According to a statement made by the IRS yesterday, taxpayers can being filing their taxes 2014 returns on Jan. 20.

In spite of a last-minute tax law that as passed by Congress and and signed by President Obama, tax-filing season will begin on time.

Early in December, a bill was passed by Congress that extended more than 50 tax breaks that expired at the beginning of the year. This law has extended these tax breaks through the year’s end, making it possible for people to claim these on their taxes 2014 returns. This bill was signed into law by President Obama on Dec. 10.

View image | gettyimages.com

In years past, tax season has been delayed by last-minute tax laws that were passed by Congress. According to John Koskinen, the IRS Commissioner, this will not be the case this year.

In a statement, Koskinen said that the IRS has reviewed the late changes to tax law and found that there was nothing to prevent them from testing and updating their systems.

Every year, millions of Americans file their returns during the first several weeks of the tax season in order to expedite their tax returns.

The IRS says that in recent years, it has been able to issue the majority of tax returns within just 21 days if these returns were e-filed through a system like TurboTax. According to the IRS, filing electronically is the quickest way to get a tax return.

Kosinken also told reporters that refunds could be delayed as the result of agency budget cuts. In this recent statement, however, he did not estimate the time frame for this delay.

Approximately 150 million individual tax returns will be processed by the IRS this year. The average refund this year was about $2,800.

VN:F [1.9.22_1171]
Rating: 10.0/10 (2 votes cast)
VN:F [1.9.22_1171]
Rating: +2 (from 2 votes)

Related Posts:

Talking About Buying A Home

Things To Know When You Are Buying A Home

Buying a home can be a lot of different things. It will most likely be the most money you will spend on any single purchase. It may be the biggest debt you ever incur. And very likely, it could be the best investment you will ever make. Needless to say, it is a major decision to be made.

There are certainly many ways in which buying and owning a home is going to reflect on your personal income taxes. This is why seeking a consultation with H&R Block prior to making that purchase simply makes so much sense. They will make sure you grasp precisely what you are getting involved with.

Congress is constantly revamping the rules in the tax code, points out Lynn Ebel who is a tax attorney. Lynn works with the H&R Block Tax Institute.

Itemizing Deductions Helps Lower Tax Bill

“Itemizing deductions gets the homeowner a better benefit than the standard deduction”, Lynn points out. Homeowners doing so must complete Schedule A of Form 1040.

Regarding your home purchase, here are five things important that you know.

1. Mortgage interest may be deducted.

Homeowners are allowed to deduct the interest on their mortgage. For the year, couples may deduct up to one million filing jointly, and five hundred thousand each filing separately.

2. Real property taxes paid may be deducted

A great positive when you itemize your deductions is that you may claim your real property taxes for the time you hold ownership of a home that particular year.

3. For the purchase of your first home, a retirement savings may be used.

Without incurring the 10% penalty for early withdrawal, $10,000 may be withdrawn from your Roth or traditional IRA.

4. Closing costs are not deductible

5. At tax time, home improvements help

The bottom line is that before proceeding with a major purchase like a home, be sure to check with your tax adviser first.

VN:F [1.9.22_1171]
Rating: 9.5/10 (2 votes cast)
VN:F [1.9.22_1171]
Rating: +1 (from 1 vote)

Related Posts: