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.
TaxACT Logo (Photo credit: Wikipedia)
It is important that you consider your free online options to file your taxes prior to deciding which would be able to best meet your needs. There is no one solution that is going to work for every person, you may find one service to be very useful, but your brother may enjoy the layout of another service. Typically, this decision is very much about personal preference and the company that you are most comfortable with. However, they are very different when it comes to guiding you through the process of filing. TurboTax makes the tax filing process easy by guiding your every step through a return, they make the steps easy by providing simple explanations that you can understand. As a result of this approach, TurboTax is great for those that want to save time, it is a quick solution that can help you get your taxes completed easily.
When it comes to time involved with filing your taxes, the H&R Block solution would be the slowest. There are no in depth explanations and this can mean that you would spend a lot more time to get through the filing process. The TaxAct solution is going to fall in the middle, it will save you money and make your taxes easier to do while limiting your stress.
President Obama seems to be boasting that families coming under the middle-class category will not be paying more than $2000 extra as taxes during the year. This is correct for taxes on income; however, the President fails to mention, that there is allowance in the deal for the cut on payroll taxes to expire. More taxes will be paid this year by 77% taxpayers, which is almost $1200 extra by those who earn $75,000 to $100,000, and this income range falls into the middle class, as defined by Obama.
English: United States President Barack Obama signs into law the American Recovery and Reinvestment Act of 2009 as Vice President Joe Biden looks on. (Photo credit: Wikipedia)
President Obama says the deal is going to reduce the deficit. However, there is going to be an increase in deficit by around $4 trillion during the next decade, as there are extensions to the tax cuts provided by the Bush administration, which comprises of one percent top taxpayers. There will be a “deficit reduction” by the deal, only in comparison to a situation, if the Bush cut on taxes were extended to everybody.
All the talk by President Obama of preserving tax cuts for the middle class in the deal to prevent the fiscal cliff seems to create the impression of people paying same amount in taxes for the year, except people who are wealthy. However, that is quite incorrect. Obama has left out in his analysis that temporary reduction of couple years payroll taxes of Social Security has been permitted to expire. This will result in many people paying more taxes in the year.