If you are looking to find American tax relief, hiding from the IRS is not the way to do it. Through services by companies like Turbo Tax, you can stay ahead of your delinquent taxes, and avoid the penalties that this can accrue.
For people who have not yet filed their taxes, or owe back taxes to the IRS, it is best to start with finding out about your options. There is a solution for your problem, and it usually has to do with not putting off what needs to be done. Filing taxes late is better than not filing them at all. The sooner it is done, the sooner you can resolve your back taxes and limit added interest fees. The upside to acting fast is that you can begin to take control of your financial situation. The downside is that once the IRS decides to take action, you will immediately feel the impact. The IRS can put levies on your wages and bank accounts, and failure to file your tax returns is even punishable by jail time and a heavy fine – $10,000 per year that you have not filed.
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Remember, however, that you do reserve the right to file your tax return, no matter how late it is. There reaches a point where tax relief will take more than just your own hard work. If you owe more than $15,000 in back taxes, you should consider hiring professional help from an attorney or a certified tax specialist.
Can You Still File 2009 Taxes With Turbo Tax 2009?
Turbo Tax 2009 was released in late 2009 as a way for people to prepare and file their taxes themselves from a computer. The software guided users through the process and helped them to get the biggest tax refund possible. Turbo Tax is updated every year to stay current with tax laws, so to file your taxes you must use the version of the software from that tax year.
For 2009 taxes, this means you will need to use Turbo Tax 2009. You will not be able to e-file your taxes from 2009, but the software will let you print everything out you need so you can mail it in to the IRS. However, the IRS implements a time limit of three years on requesting tax refunds from any given year. Therefore, tax returns that were due on April 15 of 2009 had to be filed by April 15 of 2013 in order to receive the refund. If you had an extension on your taxes in 2009, which shifted the deadline to October, the latest date to file your return and receive a refund is in October of 2013.
This means that while it is still possible to file 2009 taxes with Turbo Tax 2009, the time period in which most people could actually receive a refund has passed. After the three-year period is gone, there is no way to get back any money you overpaid in taxes. In addition, you can no longer use that year’s refund to help pay taxes owed in another year.
Financial capability is a major part in an adult’s life. Finishing your degree and getting a job is needed in order to maintain a sustainable life, along with paying taxes. Tax which comes from the Latin word “taxo” meaning rate, is a monetary obligation given to individuals to support the government; it is not a donation or a voluntary contribution, rather it is an imposed donation as mandated by law. Taxes are necessary for the government to function and provide services to the people. There are two forms of taxes levied to individuals: direct and indirect. Direct taxes are imposed directly on the income or property/business of an individual while indirect taxes are imposed on commodities, sales, etc.
Get to Know Your Taxes
1. Payroll Taxes – tax which is taken out directly from an employee’s wages and calculated based on their earnings. This includes Income Tax Withholding, Social Security and Medicare taxes and Unemployment Taxes.
2. Property Taxes – these are imposed taxes based on property’s fair market value. Generally, it is imposed on realty but some jurisdictions may tax business properties, as well.
3. Sales Taxes – it is imposed on the retail price of commodities and services.
4. Inheritance or Estate Taxes – a levy paid by a person inheriting money or property from a deceased individual.
5. Gift Taxes – it is tax on property or money given by one living person to another. Some “gifts” are not taxed due to exemptions in taxation law.
Tax season begins and it’s time to file the necessary forms such as the W-2 form or the Wage and Tax statement. The W-2 form is an account of earnings (wages and other forms of compensation) that an employer must submit to the Internal Revenue Service (IRS) by the end of the fiscal year. It is an employer’s account of their employee’s compensation and the withheld taxes on their paycheck.
Filing taxes is a gruesome and tiring task where companies or individuals hire professionals in order to file accurate accounts. TurboTax offers a stress-free tax season.
TurboTax in Action
TurboTax helps in filing the necessary taxes along with tax deductions that the company deserves. They ask questions which are relevant to the company’s profile enabling them to see which taxes suit you along with the corresponding deductions to benefit the business. No need to worry about calculations; they will do it all. They will be there every step of the way. Their experienced and expert employees have handled taxes for years and know exactly what works on behalf of the business.
Another feature of TurboTax is that it’s done online. No need to visit a tax store, it’s just a download and a click away. The main idea is to maximize time for other things and not all on taxes, no need to pull your hair out and burn the midnight oil. They handle the IRS too, if they have any questions regarding your taxes.
No need to have your W-2 handy, they can get it from the company. Are you indecisive about which product to get? They can assist in the decision making. No need to worry about making a mistake, they can double check to avoid any penalties; if the IRS still finds mistakes, they’ll pay for your penalty plus interest.
Are the refunds taking too long to be released? They can get it fast for you through efile and direct deposit at no extra charge. Worried about not owning a bank account? Don’t worry; they can have it mailed to you.
When you use TurboTax to file your taxes, you may notice that you can write off the money that you gave to charities. This is a good way to reduce your total tax bill or get a bigger return, and you get to help the victims of tragedies at the same time. However, the IRS has said that taxpayers like yourself need to be aware of common charity scams that can cheat you out of your money.
Many charity scams crop up after every tragedy, and the ones in Boston and Texas are no exception. Most of the time, charity scams will be set up to look like real charities that you may have reported contributions to on TurboTax before. They could mimic the name, the color scheme and other important aspects. Always make sure that you check with the IRS to see if the charity is verified before donating.
It is also important that you never give out your social security number, your credit card numbers, or any other personal information. Some charity scams will use these things to steal your identity, and they can then steal your money later on, above and beyond what you donate so that you can write it off on TurboTax. On top of this, you never want to donate cash just in case the organization is a charity scam. It is easier to report transactions on TurboTax if you donate with a check or a credit card, and this means that you have a record of the transaction if it is a scam.
The 2013 tax season was fraught with unprecedented problems caused by government budget fights and IRS delays in updating forms. In addition, some major tax preparation firms, most notably H&R Block, caused problems for taxpayers claiming education credits by not properly updating their own software, delaying some clients’ returns by weeks. TurboTax managed to escape most of the tax season controversy until the evening before the filing deadline. On that night, they had their own crisis which was exacerbated by Twitter.
TurboTax admits that on Sunday, April 14th, some of their online users were not able to access their accounts, causing a panic among those who had waited until the last possible moments to file. The outage was caused by a glitch in the company’s software and the extremely high volume on the web site. According to TurboTax officials, the site was never entirely down, though the outraged tweets on Twitter painted a different picture.
Although the problem only lasted about one hour, from 6:40 pm until 7:50 pm PT, last minute filers panicked and tweeted frantic questions and complaints to TurboTax‘s Twitter account. TurboTax was aware of the problem before the tweets hit, but users had their doubts, and so kept reminding the tax company of the problem. All was quickly fixed; however, leading many to blame procrastinators instead of the company for the problem.
Twitter users may not have passed on any useful information this time, but the pressure they exerted probably didn’t hurt anything. In the future, TurboTax will surely be more prepared for traffic surges on their site.
Welcome to the March 9, 2013 edition of Tax Carnival Ecstasy. Bill Smith starts us off with some Strange But Legitimate Tax Deductions that were recently presented by TurboTax.com. Big Cajun Man has an article detailing when you should begin to file taxes for your children. Edward Webber takes a look at Tax Code 944L which was recently increased for the 2013 tax year. And finally Bill Smith takes a look at another celebrity with tax issues, Bill Romanowski who has failed to pay taxes for some time. Hope you enjoy the articles, bookmark, share, tweet, like and come follow the next carnival edition.
John Schmoll presents 4 Simple Ways to Make Filing Taxes Easier Every Year – Frugal Rules posted at Frugal Rules, saying, “Very few people enjoy doing and filing their taxes. However, with a few simple steps you can make the process easier every year.”
Big Cajun Man presents Taxes: When Should They Start? posted at Canadian Personal Finance Blog, saying, “When should you file for your kids?”
Edward Webber presents Tax Code 944L posted at TaxFix Feed Update, saying, “The tax allowance for 2013 has increased in the UK. This post will let you know how much you can earn before you need to pay any tax.”
Bill Smith presents Prevent A Bill Romanowski Like Situation posted at 2010 Tax, saying, “NFL star Bill Romanowski has landed himself in fresh controversy after the Internal Revenue Services recently revealed that the ex-football sensation owes more than $5 million in back taxes.”
That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.