Tag Archives: Tax return (United States)

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.

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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.

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.

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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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A Look At Free 2012 Tax Filing Opportunities

Free 2012 Tax Filing

There is not much that people can get for free these days. Hardly anyone would think of ‘free’ and ‘taxes’ in the same sentence either. Still, it turns out there are free 2012 tax filing opportunities.

This is an ongoing trend: offering free tax filing software to consumers so they reduce their paper consumption, simplify the process, and locate potential tax rebates. The software is offered by the IRS, whose website indicates that almost anyone is eligible to use their free programs. Only one criterion prevents certain consumers: their computers must be secure enough to engage in this form of filing.

Those consumers who do not have access to a computer could look out for locations which offer free use of tax filing computers. Many have been sponsored by the IRS, and there could be help available to less computer literate individuals at these sites as well.

Otherwise, a person earning something just below the taxable threshold or a major investor are both eligible to use the system. More software is available for free if a person earns less than a certain amount yearly. Apart from the IRS, a number of other institutions also offer free 2012 tax filing. One advantage is that consumers get their returns in on time. Offering computer software is one way to encourage prompt returns.

If your returns are complicated, it might be that you still need to hire someone. Then again, someone who is experienced in filing taxes will find the process is even simpler online.

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My Taxes Need To Be Done!

Nothing strikes a note of fear into the heart of the average person more than taxes. I learned this from doing taxes for several years in a CPA office. I saw clients come in with several years of unfiled returns. They were totally unable to confront getting the taxes filed. The really sad fact is that most of them lost the refunds they would have gotten by filing on time because the IRS doesn’t refund if the return is over 3 years late.

But that fear is now largely unfounded. Everyone has heard horror stories of past strong-arm tactics by the IRS that were frightening. Those days are over.

Be Honest

In the last ten to fifteen years, the IRS has undertaken reforming themselves and rehabilitating their image. The only way the IRS can take legal action against you is if you intentionally try to defraud the government. Intentionally is the key word. The tax system for individuals is still voluntary as regards filing. If you don’t file a tax return, eventually the IRS will file it for you. They will not take advantage of any of the tax credits or possible deductions outside of the standard deduction. But there really is no need to fear.

Seek Help

Tax software has brought accurate, reliable tax preparation to the individual. You can do it yourself with free tax software. It isn’t foolproof but not for want of trying by Intuit. The IRS tax code and its several thousand pages gives a whole new meaning to the word complex. I have the utmost respect for the programmers who write tax software.

Filing your own federal and state tax returns has become simple. If you only have W-2 income, it probably won’t take more than 30 minutes start to finish. The software takes you down the road of filing without having to even look at a tax form until the end of the process. If you operate a small business as a sole proprietor (not incorporated), the software will help you gather everything you need to classify expenses and deductions and get them entered properly. You can even file your 1040EZ tax return on a PDA or smartphone.

So the fear factor is gone. Even if you file your taxes and later realize there was another deduction that you could have taken, TurboTax will walk you through filing an amended return to get those deductions and/or credits you are entitled to.

So take a deep breath, and get to it. Relax……………………

Dwight Mabe is a freelance writer and financial advisor based out of Greensboro, NC.

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