Tax Preparation Archives - Page 4 of 8

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 … Read the rest

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 … Read the rest

Free Online Options To File Your Taxes

Filing your taxes on time can be a very long and time consuming process if you do not have a clue of what you are doing. However, you can make this process as easy as possible by simply choosing to file online with TurboTax or TaxAct. If neither of these tax filing options is ideal based on your personal needs, you should consider using H&R Block Home edition which also receives good reviews.

It is important that you consider your free online options to file your taxes prior to deciding which would be … Read the rest

States Consider Alternative To State Income Tax

Alternative To State Income Tax

A trend in tax filing is already taking place in some Republican led Southern and Midwest states. Other states are considering a similar plan to eliminate their state income taxes and replace it with a higher sales tax to make up for loss of revenue. Legislative watchdogs and tax reform experts can only speculate to the success of these new tax reform campaigns.

The Push for State Tax Reform

Since there is little hope for any more changes with the federal tax system, many states are making plans to spur economic growth within their own … Read the rest

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.

The IRS is getting set for the year’s … Read the rest

IRS Tax Relief Programs

The Internal Revenue Service (IRS) has several programs that offer tax relief for persons who have outstanding back taxes.

One IRS tax relief program is the Installment Agreement which allows people who are financially unable to make the payments to pay their tax debt over time. Monthly payments can be made until the entire tax debt if paid off. There is also an Offer in Compromise (OIC) program which allows taxpayers to settle their tax debt for a lesser amount than what they owe. This program works well for persons with limited means.

There are also situations where the IRS … Read the rest