Tag Archives: Accounting

Getting Taxes For Free

Getting 2012 Taxes For Free

Many reasons exist that an individual taxpayer would want to get his or her 2012 taxes for free. One reason may be that he or she simply forgot to file. The 2012 taxes had a deadline that ended in April. Therefore, a person who owes taxes may have to pay interest and fees implemented by the Internal Revenue Service. Getting the taxes done free will save that person some money so that he or she can use the rest to pay the IRS.

IRS Form W-2

IRS Form W-2 (Photo credit: Wikipedia)

Another reason someone might want his or her 2012 taxes for free is a huge refund. Single mothers and students can sometimes obtain large refunds because of their annual diligence and struggles. The government looks kindly upon those individuals. Therefore, any person who has not yet filed taxes would be happy to get them done free.

An individual can get 2012 taxes free in a wide variety of locations. The number one place to file taxes free is the government website. However, several independent providers offer tax-filing services to individual taxpayers and businesses. Each provider has varying features and benefits, and each provider has a specific period for filing taxes. The best way for a person to get 2012 taxes free is by conducting research and working with the provider that offers the fastest turnaround and the best customer service.

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Complete Your Tax Return For Free

Complete Your 2012 Tax Return For Free

It’s time to prepare your 2012 tax return. But have you ever considered submitting your federal income tax return online? Well, if you are ready to deal with your 2012 tax then there’s good news; you can prepare and file your taxes for free. You have to admit that it would be far simpler to do all of your federal income tax preparation from the comfort of your own chair and then file the taxes for free. You can file your taxes for free if you use an online tax software provider. If you have all of the information for your 2012 tax return to hand then you can do the job in no time at all.

US Navy 080206-N-6538W-008 Electrician's Mate ...

US Navy 080206-N-6538W-008 Electrician’s Mate 2nd Class Nathan Hansen, left, helps Operations Specialist 1st Class Paul Lutton prepare his tax return aboard the Nimitz-class aircraft carrier USS John C. Stennis (CVN 74) (Photo credit: Wikipedia)

OK. So how do you go about doing your taxes for free online and preparing your tax return for 2012? Look online and locate a federal income tax preparation software site that has been IRS approved. The majority of the sites that let you file your 2012 tax return for free are easy to understand.  In fact doing your taxes has never been so easy. Anyone who is filling in their 2012 tax return needs to know that the site they use is speedy and secure. Find a site you like and fill in your 2012 tax return. When you have given all of the federal tax information needed then it’s time to let the software take over. Submitting your taxes has never been as easy and you can do all of this for free.

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How To Organize Your Tax Records

How To Organize Your Tax Records

Learning how to organize your tax records can save you stress and time when it is time to file your taxes.  Start the year with an organization system so you know where all of your records are when it is time to file your taxes.  If you aren’t sure what records you need, here is a general guide that is suitable for most people.

Income

Your employer will issue a W-2 with your income and tax information for the year.  You should also include interest statements from investment accounts and any 1099s that you may receive for work done the previous year.

English: Same as :File:2010 Receipts & Expendi...

English: Same as :File:2010 Receipts & Expenditures.PNG, but slightly improved. Bar chart comparing estimates for United States federal government total receipts and expenditures in fiscal year 2010. (Photo credit: Wikipedia)

Medical Expenses

File receipts for all medical expenses and your out-of-pocket health expenses.

Donations

Keep all receipts for cash donations made from the previous year.  You can also deduct non-cash donations made to a charitable organization.

Real Estate

If you own your home or other real estate, keep all interest statements and tax assessments.

Child Care

If your children are in day care for all or part of the year, keep a copy of your receipts for payment.

Student Loans

The interest you pay monthly on a federal student loans is tax deductible.

Letters from the IRS

If you receive any letters from the IRS, keep these in your file.

Previous Tax Forms

Keep all previous tax forms for future years.

Other Receipts

Keep all receipts that you may need for a deduction.  You may not need them, but it is better to have them in case you do. If you plan on itemizing your deductions, keep all receipts for taxes you paid, medical expenses, interest you paid, charitable donations, loss due to theft, job expenses and other receipts you think may qualify for a deduction.

If you plan to itemize your deductions, it will be a lot easier for you if you keep these receipts organized throughout the year.

If you do not have a lot of paperwork each year, you can store them in one file.  However, if you have a lot of receipts or other tax papers, you should organize them by type to make your free tax filing 2012 easier and quicker.

For most people, a simple paper organizer that holds several files is sufficient to organize tax information.  Use a separate file for each type of paperwork, and file receipts and information as soon as you get them.  Keeping paperwork organized and not letting it pile up is important to stay organized, so file your paperwork as soon as your get it or once a month as needed.

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How To Free File Online Using The IRS Website

How To Free File Online Using The IRS Website

Many taxpayers are using free file online programs that are based on popular tax software programs like the TurboTax 2013 programs. The free file online program is offered directly by the IRS on their website. It is available to all taxpayers, but different taxpayers can access different portions of the program based on their income and other factors.

The IRS free file online program connects taxpayers with participating software companies like TurboTax 2013. Taxpayers can choose between a range of software programs including the TurboTax 2013 Freedom edition. Once the taxpayer has selected a software company, they can get started on their returns.

English: YOU ARE FREE TO USE THIS FILE

English: YOU ARE FREE TO USE THIS FILE (Photo credit: Wikipedia)

Taxpayers who have an adjusted gross income of $57,000 or less can file using the free program. Taxpayers who earn more than that amount cannot use the free software programs. However, they can download free file online forms. These forms are primarily for people who enjoy doing their own taxes. Using these forms, these taxpayers can prepare and file their own taxes online. However, these taxpayers do not get the extra assistance that is offered to people who can take advantage of programs like the TurboTax 2013 software programs.

Before they get started with the program, taxpayers need to prepare themselves. They will need to have copies of their last year’s tax return, copies of their W-2s, 1099s, and any other information that they will need for their taxes. For instance, taxpayers who plan to itemize their deductions may want copies of their charitable deductions or information on how much interest they have paid to their mortgage company throughout the year.

Before starting, taxpayers should also estimate their adjusted gross income. If you have not had any significant changes to your income over the last year, you should be able to estimate your adjustable gross income using last year’s tax return. Once you have determined whether or not your adjusted gross income is more or less than $57,000, you will know which program you are allowed to use. About 70% of all taxpayers have adjusted gross incomes of less than $57,000 so the chances are high that you will qualify to file free online.

Once you have completed the tax preparation work, you can submit your return electronically with the click of a few buttons. If you qualify for a tax refund, you can elect to have it mailed to you in a paper check, or you can have it electronically deposited into your bank account. Electronic deposits are typically the fastest way to get your returns, and you may see your refund within three weeks or less of your filing date. If you owe taxes, you can also make your payments electronically.

The free file online program is perfect for many taxpayers. However, taxpayers with unique situations may simply want to use some of the low cost software offered by a company like TurboTax 2013. This is especially true for people who own their own businesses or who need to file an extension.

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Processing of Tax Returns to Begin on January 30

Processing of Tax Returns

Earlier this week, the US Internal Revenue Service (IRS) announced that electronic filing of tax payments for the year 2013 will commence on January 30.  As a result, individual income tax returns will not be processed before then.

Electronic tax filing had been originally scheduled to begin on January 22. The nine-day extension is a result of the changes in tax law which took effect on January 1. The American Taxpayer Relief Act (ATRA) was the result of the “fiscal cliff” tie between the president and the house.

IRS Form W-2

IRS Form W-2 (Photo credit: Wikipedia)

The IRS is getting set for the year’s activities by upgrading its systems to suit the new tax payment procedure. IRS is now updating their forms and setting new programs to make this successful. According to the IRS, the updates should be ready to serve Americans from January 30. Other documents for treating cases such as residential energy credit claims, general business credits and depreciation of property will be available towards the end of February when their updates should be completed.

The acting commissioner of IRS, Steven T. Miller further reassured the public that this year’s tax electronic filing will soon kick off. The shift in date is to make sure that everything is properly done.

This year, IRS hopes to process all tax returns electronically. Last year, they processed more than 80% tax returns electronically. Even the paper type will not begin until after January 29.

Miller concluded by saying that electronic filling of tax returns is the most convenient for tax payers.

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Legislation Delays Cause TurboTax To Prepare For Short Tax Season

TurboTax 2012

Intuit Inc., which is the maker of the tax software TurboTax 2012, is getting ready for the tax season to begin late in 2012.

With the changes that are occurring in tax laws it is possible that the filing deadlines may be pushed to later in the year. This could cost the company a delay in revenue  of $50 million to $75 million. This could translate into a 10 cent to 15 cent loss in their per share earnings in the companies second quarter of the fiscal year. This was the warning that the company had  announced over the last week.

The company expects to make up the loses in later quarters and is readying themselves by staying in contact with federal tax authorities. They want to stay on top of the changes and develop software that covers all of the possible scenarios. They hope to be ready for whatever congress decides.

English: President Barack Obama leans back in ...

English: President Barack Obama leans back in his chair as he listens to the discussion at a Long-Term Fiscal meeting in the Roosevelt Room of the White House, May 29, 2009. (Official White House Photo by Pete Souza) (Photo credit: Wikipedia)

With a mix of large tax increases, along with the across-the-board spending cuts, which will begin in January if there is no intervention from lawmakers,  it is creating a fiscal cliff. There is still no word on whether President Obama and the Republicans leaders are going to be able to bury the hatchet and come up with a resolution and get together on a new tax code, even if it is a temporary one just for this year.

Approximately 1/6 of all the tax returns last year were filed with the assistance of TurboTax 202. This year they are better equipped to face the challenges. With the use of social media, and on and offline commercials they have led people to the understanding of what TurboTax 2012 can do for them.

With the new tools that Intuit has installed, they will be able to help users keep up with the changes and file on time and accurately.

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Saving Money With Tax Services

Locating free 2012 tax filing services would be a great idea for anyone that has a need to save some money. Spending hundreds of dollars on tax software is likely something you cannot afford when dealing with the large burden of taxes. However, it is important that you find a way to get your taxes done as quickly as possible. When you use out of the best free options on the market today, you will be able to keep hundreds of dollars in your pocket. Throwing away money on software is likely something you cannot justify on a limited budget, free options can help you to get great results while also allowing you to save some money in the process. There are many companies that attempt to make it difficult to get taxes done, this helps them to ensure that they are able to profit off of your need for help.

However, free 2012 tax filing services offer many alternatives that can put the power back into your hands. The company you select to complete your taxes is very important. Making the right choice would help to limit your tax burden. Additionally, you can eliminate much of the time that goes into filing your taxes. The turbo tax 2012 software would be one of the best options that you could find available to you today. This program is very simple, it takes just a few minutes to enter all of the required information. Once you have put all of your finance information into the program, you will be able to see your savings and enjoy the ability to count on professional presentation and reliable customer service if you need help at any point.

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