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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.

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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.

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Complete Your 2012 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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The Pros and Cons of Filing Your Tax Return Early

Some people can’t wait to file their tax returns. They are the lucky ones, who anticipate a refund. Others dread tax season every year, and want to put off the knowledge of how much they owe the IRS for as long as possible. In these contrasting situations, it is easy to see why some people would want to file their tax returns early, and why others would want to wait. But are there advantages to filing early, in general? Or are there drawbacks? If you find yourself considering the possibilities of both, then these pros and cons of filing your tax returns early should help.

Pros:

Faster refunds. As previously mentioned, people expecting refunds may want to file early. Why? Because a faster refund means having access to much-needed (or wanted) cash earlier. That’s simple enough.

Getting the monkey off the back. Even if you expect a refund, actually gathering the documentation and filling out the paperwork can be a source of apprehension. Getting it over and out of the way can ease your tax season tension, pronto.

Finding tax professionals. Because many people choose to wait until the last minute to file their taxes (and because many employers get 1099s and W-2s out at the last minute) it is a good idea to file early if you are prepared to. This way, you can avoid clamoring for the attention and services of a tax preparer when then clock is ticking down.

If you owe money. Filing early means you know exactly what you owe the IRS even sooner. This allows you more time to prepare for that big payment, or to make arrangements to pay it over time. When it comes to paying bills, the general consensus is that the more time we have to pay them, the better. Right?

Cons:

Missing amendments. Some amendments to tax law come out late in the tax season. Therefore, if you file early, you may miss out on pertinent changes that could alter your tax returns, which may require that you file extra forms to amend your taxes.

Parting with your money sooner, rather than later. If you are one who is considering filing early to pay your tax burden early, then you might want to reconsider. Think about what that money could be doing for you if you held on to it a little bit longer, as opposed to handing it over to the IRS.

As you can see, there is a lot to consider when it comes to filing your taxes early. Is it for you? Read over these pros and cons and decide for yourself.

About the Author: Bernetta Ladden finds tax time to be stressful. After she meets with her accountant she enjoys relaxing with the oolong tea blend she loves. In her spare time she can be found searching goldenmoontea.com for another great blend.

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How To Get The Most From Turbo Tax

People are wondering for 2012 tax season how they can get the most tax refund. The filing deadline is April 17. Even though, we are a few months away from submitting returns, getting yearly spending together might be haunting the mind.

Turbo tax is the best-selling tax software that offers a step-by-step guide on how to file your tax return to get the maximum refund at a low price.  Do not pay a high price to the tax office and still wonder if your savings were maximized.

To receive the highest refund, we should choose the cheapest and best option when filing tax returns.

The tax office has done our tax returns at least once in our lives. Savings needs have increased and turbo tax is a cheap, fast, and easy way to file tax returns.

Turbo tax editions are simple to use and offer a step by step guide on how to fill out forms. If another tax preparation method offers you a bigger refund, turbo tax guarantees your money back.

I have compiled the most common turbo tax software for you to browse and find which category fits you. You can make a decision which one you should choose to file your taxes.

The free edition is for singles, with no investments and only one source of income. Free technical phone assistance, free e-filing and the 1040EZ form is included. To save time, the prior year’s return can be imported. It costs $27.95 to file your state return

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Tax Filing Using Turbo Tax Is Easy

The average 1040EZ filer is someone who earns less than $100,000, is under the age of 65, has no dependents, does not own a home, and does not qualify for most taxable credits. Tax filing using turbo tax is easy for this kind of person. One of their electronic filing applications, called SnapTax, can help these people file their taxes in as little as ten to fifteen minutes.

For a person using SnapTax, they can use the application straight from their phone by using a smart phone to capture a picture of their files. An optical reader will then import the photos, and also the information, into the online tax forms. This application itself is free, but there is still a cost to filing the taxes, as certified tax professionals have to file it once it enters their database. The IRS even has an application called IRS2Go that allows taxpayers to check on the status of their refunds once they are filed.

For those who earn less than $100,000, which is a good amount of people, then tax filing using turbo tax and their application is probably the best choice. Using this application is easy and quick, which is perfect for the busy person on the go, or even those that are new to doing their taxes, such as a high school graduate or a college graduate. As many people have smart phones in this day and age, they can file their taxes and check on them in the same hour.

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