2 Good Reasons to Trust Turbo Tax This year

September 29, 2009 – 1:29 pm

2 Good Reasons to Trust Turbo Tax This year

It is estimated that 3 out of every 4 returns filed has a computing or typographical error that can end up costing you hundreds if not thousands of dollars down the road. Turbo Tax proofs all your tax information so you can make sure that everything you enter is accurate avoiding legal ramifications down the road and earning you the refund you deserve. As an added bonus, Turbo Tax regularly updates all the new tax laws that affect the tax credits you may be entitled to under the law.

The Easy Way to Keep up With Tax Credits!

This year alone, there were over 50 new tax credits place don the IRS books that taxpayers like you may be entitled to receive. Unless you plan on spending an immense amount of time studying tax laws there is no way you will be able to be sure you are getting all you deserve out of your refund. Don’t do it alone! Using Turbo Tax is more affordable than seeking a tax professional and is guaranteed to have all the information you really need to literally get the most out of your returns. You might very well qualify for new tax credits that you are unaware of and through a comprehensive software program; Turbo Tax puts the knowledge of a tax professional on your computer screen! You can feel safe and secure knowing that you have the latest information and that you will get everything you are entitled to by the letter of the new and old tax laws.

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By Steve | Posted in Tax Preparation, TurboTax | Tagged accurate, easy way, efile, filing, income tax, new tax laws, refund, tax credits, tax information, tax return, the refund you deserve, turbo tax, turbo tax 2009, Turbo Tax This Year, TurboTax | Comments (26)

What is the Dependent Care Tax Credit?

March 9, 2010 – 5:20 pm

What is the Dependent Care Tax Credit?

When you are a working taxpayer and have dependents that require care while you are working, you can take a tax credit called the Child and Dependent Care Tax Credit, to help offset the expenses. The dependent can be a child under the age of 13 or a spouse that requires care due to physical or mental limitations.

You can also claim the tax credit when you are looking for work. This is considered the same as working for this tax credit. Full time students are considered to have earned income while they are away from the home to qualify for the tax credit.

You have to name the care provider on your tax return and it cannot be a spouse, dependent, or someone under age. And you must fulfill the residence test where the child or dependent spouse must have lived in the house for more than half the tax year.

You can claim $3,000 for one dependent or $6,000 for two dependents. See IRS Publication 503 for more information on completing Form 2441 and claiming this credit when you prepare your taxes this year.

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By Steve | Posted in Tax Law, Tax Preparation, tax credits, tax deductions, tax forms | Tagged child and dependent care, dependent, earned income, full time students, irs, irs publication 503, spouse, tax credit, tax credits | Comments (0)

TaxAct Has Downloadable Versions Too

March 9, 2009 – 9:36 pm

TaxAct Has Downloadable Versions Too

Not only is TaxAct the best online free federal tax return option with affordable state returns, but the tax preparation provider also has downloadable versions of its great software ready for you today. Download the Free Edition now and get the maximum refund possible, free eFiling, easy to use navigation, easy and complex tax forms, and unlimited support.

Deluxe Options

Download the Deluxe version and important your past returns information, track your donations, complete a FAFSA for your child’s student aid, get expert tax advice, and prepare as many returns as you want. All these great services and options for only $12.95. There’s no reason to delay starting your tax return. File your return from your desktop and get a refund deposited into your bank account in as little as 8 days.

DOWNLOAD TAXACT FREE TODAY!

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By Steve | Posted in Tax Preparation | Tagged deluxe options, efile, fafsa, free edition, free efiling, free federal return, online free federal tax return, software download, state returns, state tax return, student aid, tax forms, Tax Preparation, tax software, taxact, taxact 2009, taxact online, taxact online 2008, unlimited support | Comments (5)

Sometimes Overlooked Tax Deductions

March 8, 2010 – 4:59 pm

Sometimes Overlooked Tax Deductions

Every year many mistakes are made by US taxpayers as they file their income taxes for the year. Many of the mistakes are related to address, names, and social security numbers. But some of the mistakes are related to tax deductions. If you miss a tax deduction that you are eligible for, you could be missing out on a decent sized amount of money.

State sales tax is a deduction that is sometimes missed. For states that do not have a state income tax, deducting the sales tax is the best selection of the two options to deduct. Local sales tax is also deductible. In some rare causes, deducting sales tax is better than deducting income tax when there is income tax to deduct.

Many taxpayers fail to adjust their basis on investments when dividends are reinvested. This mutual fund mistake can cost you a lot when you claim your capital gains on investments with reinvested dividends. Make sure to step up your basis every time dividends are used to purchase more shares of a fund.

Finally, forgetting to deduct cash contributions to charities can be expensive. Make sure to track the amount of cash contributions you make during the year to authorized charitable organizations and include them with your non-cash contributions on your Schedule A. Those weekly donations for $5.00 can add up quickly and save you money at tax time.

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By Steve | Posted in Tax Preparation, tax assistance, tax credits, tax deductions, tax returns | Tagged cash contributions, dividends, donations, file their income taxes, investments, local sales tax, state income tax, state sales tax, tax deductions, Tax Preparation, taxpayers | Comments (0)

Tax Assistance from the IRS

March 5, 2010 – 2:16 pm

Tax Assistance from the IRS

The IRS is the sponsor of two volunteer programs to assist in the preparation of their taxes. The Volunteer Income Tax Assistance Program is for taxpayers that earn less than $49,000 a year. While the Tax Counseling for the Elderly Program is designed to help anyone over the age of 59. The programs provide volunteers who are specially trained to help these two groups. The volunteers want to make sure tax payers are filing their returns with the correct tax credits like the Earned Income Tax Credit and the Credit for the Elderly.

In partnership with community centers and nonprofit organizations, the IRS has setup 12,000 tax assistance sites and plans to open more. The AARP is a major organization involved in establishing these centers with over 5,000 Tax-Aid centers nationwide. Many of the centers also offer language specialist to interrupt the tax laws in your first language.

The military is another large organization that is in partnership with the IRS to assist in the preparation of tax returns. Military families worldwide can find volunteers to help them prepare their taxes and ensure they receive all tax credits they are eligible for. Combat zone tax benefits are a major concern of these volunteers. Contact your local community center or non-profit organization for locations and office hours.

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By Steve | Posted in Tax Law, Tax Preparation, tax assistance, tax credits, tax forms, tax returns | Tagged aarp, child tax credit, combat zone tax credit, credit for the elderly, earned income credit, military, tax assistance, tax credits, tax-aid, tax-aid centers, Volunteer Income Tax Assistance, volunteers | Comments (0)

Notify the IRS When You Move

March 2, 2010 – 11:26 pm

Notify the IRS When You Move

If you move addresses during the year and especially during the tax season, make sure to notify the IRS of your new address. Form 8822 is the IRS form for changing your address on file with the taxing authority. Completing this form and send it to the IRS is important. Other options are also available.

When you file your tax return, you can change your mailing address on the mailing label that comes with your tax forms. This will notify the IRS of your new address quickly. You can also write your new address on the 1040 form in the address area of the form. Finally you can write your local IRS office and in written form, notify them of your address change.

Make sure to notify your employer and other companies supplying tax documents to you. You want to make sure all tax forms are delivered directly to your new address and do not get lost with the postal service or returned to the company. Forwarding your mail with the post office is also important. Make sure to complete an address change form with the USPS.

If you pay estimated payments utilizing a voucher provided by the IRS, continue to use the old vouchers until the IRS sends you new vouchers with your new address printed them on you. The IRS shares data with the USPS so your new address is shared with the IRS automatically when you tell the post office, but you should contact the IRS directly to ensure they have your correct address.

File Your Tax Return For Free!

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By Steve | Posted in Tax Preparation, tax forms, tax returns | Tagged 1040, form 8822, irs, post office, tax documents, tax season, usps, when you move | Comments (0)

Gotcha: The Alternative Minimum Tax

February 26, 2010 – 2:27 pm

Gotcha: The Alternative Minimum Tax

The Alternative Minimum Tax was established in 1969 as an alternative tax system for individuals that were able to avoid paying taxes while still earning above average incomes. The system is not indexed to inflation and over time has been applied to more and more medium income households. Recent changes to the tax code have attempted to minimize this negative and unexpected event.

Taxpayers find when their taxable income reaches a certain level and they have the right mix of tax adjustments that the AMT applies and increases their taxes for the year. Accountants are at times able to move spouses out of the AMT tax by filing them separately and shifting mortgage deductions and child deductions to the spouse will less income.

For 2009, the AMT levels were raised which will help reduce it’s affect on middle America. Based on your filing status the levers are now $70.950 for married couples filing jointly and widows/widowers, $46,700 for single filers and heads of households, and $35,475 for married couples filing separately. There are a couple deductions for AMT including tax on the purchase of a new automobile, and state and local taxes.

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By Steve | Posted in Tax Law, Tax Preparation, tax forms, tax returns | Tagged 2009, alternative minimum tax, amt, indexed to inflation, state and local taxes, tax adjustments | Comments (0)

Are Social Security Benefits Taxable?

February 26, 2010 – 1:52 pm

Are Social Security Benefits Taxable?

Marital status and your annual income are the two deciding factors in determining how much of your Social Security Benefits are taxable. The really good news is that Social Security Benefits are not taxable if they are your only income for the tax year. And since your only income is not taxable, filing a return with the IRS is not necessary. Two great advantages.

If you did work during the year or had other forms of income then you will need to determine how much of your Social Security Benefits will be taxed. There is a worksheet to complete in the instruction book for the 1040 or the 1040A forms. The quick check is to add 50% of your SS Benefits to your other income and see if the amount is here than the ‘base’ amount for your filing status.

Base amounts are $32,000 for married couples filing jointly, $25,000 for un-married tax filers and married tax filers who did not live with their spouse, and $0 for married couples that are filing separately. Another case were filing separately as a married couple increases your tax burden with the Federal government. For complete instruction take a look at Publication 915.

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By Steve | Posted in Retirement Savings, Tax Preparation, Uncategorized, tax credits, tax returns | Tagged non-taxable, social security, social security benefits, taxable | Comments (1)

2008 Free Tax Return Filing

November 9, 2009 – 3:58 pm

2008 Free Tax Return Filing

If you are in search of an online service that still provides a way for you to file your 2008 taxes before the end of the year, Free Tax USA is the solution you have been looking for. Although e-filing of tax returns for 2008 ended on October 15, 2009, you can still prepare your tax return online for free and mail in your completed forms.

Free Services

As long as your Federally Adjusted Gross Income is less than $56,000 you can file you Federal Income Tax return for free. But other services are priced just right for everyone. Including $9.95 for Federal filing when your adjusted income is above $56,000 and $9.95 for State Income Tax returns.

Great Benefits

Free Tax USA is easy to use, 100% accurate guaranteed, Fast, Safe, Secure, and Inexpensive. Your information is safely stored and transmitted using SSL encryption. Plus you have protection if there is a calculation error on your tax return. Free Tax USA will pay all penalties and interest in such cases. You’re tax return accuracy is guaranteed.

Other great services in addition to free preparation and e-filing, Free Tax USA offers printed tax returns mailed to your home, professionally bounded tax returns, your tax return on a CD-Rom, and free access to past tax returns online.

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By Steve | Posted in Tax Preparation | Tagged 2008 tax form, 2008 Taxes, free federal return, free tax return filing, free tax returns, free tax usa, guaranteed, income tax 2008, income tax return, online filing, tax return form | Comments (2)

411 Tax Relief – The Information You Need

May 1, 2009 – 9:28 pm

411 Tax Relief – The Information You Need

If you are in need specialized help for an upcoming audit, 411 Tax Relief has the information and assistance you are look for. Or if you have an outstanding tax balance that you cannot immediately repay, allow the experts at 411 Tax Relief to negotiate a plan that is within your means.

Received an Audit Notice

Good advice from 411 Tax Relief is to not represent yourself during an IRS audit. It’s possible to be completely honest on your returns and still end up on the wrong side of an audit. Contact 411 Tax Relief for IRS audit help from one of their veteran tax relief professionals.

You Can’t Pay Your Taxes

If you have back taxes or current taxes and are not able to pay them, the amount you owe could be negotiable. Allow the experts at 411 Tax Relief to negotiate your outstanding balance with the IRS and seek a reduction on your behalf. And the outstanding balance can be paid over time on a repayment plan that you can afford.

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