Ginita Wall points out 5 common tax myths that everyone should know about, especially with the deadline for filing right around the corner.
I would like to address some of those common tax myths that most people have heard about, although don’t really fully understand. Another source of information is TurboTax.com and the easy to use site will explain the tax myths as well as ensure that you get the biggest possible refund.
Despite popular belief, there is no evidence to suggest that if … Read the rest
Now that your vacation has ended, it is a good time to begin your year on the right side with your taxes. Being prepared will enable you to get full income compensation through the help of tax volunteers.
The opening date for filing your taxes was Jan 2,2014, you could complete your taxes for filing using Turbo Tax 2014 prior to that date. Thus, this is the right time to start filing. An advantage of filing very early is that you will get your refunds earlier which is very much a logical action to take.
The IRS is well known for pulling strong-arm tactics on those who do not pay their taxes, but to be honest, they do have a softer side for those who have a legitimate reason for being late with their payments. To make it easier for you the taxpayer, as well as the IRS, they have developed programs for you to use, to get your tax payments back on track again, and in their good books again, as it were.
Installment agreement is an IRS debt relief program aimed at those who owe a large amount … Read the rest
The ability to get prior year tax information from the IRS is virtually a guarantee due to the fact that the IRS is required to keep tax returns on file for seven years. As with most actions related to the IRS there is a form that is required to fill out in order to obtain prior tax information. This is Form 4506 that can be found by completing a simple form search on the IRS website. The IRS will not provide prior tax information without filling out a hard copy of Form 4506.
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.
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
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