Need Free Tax Filing? Choose Turbo Tax Free File For Your Tax Returns

Tax Act

Filing your taxes over the internet can be tedious. However, Turbo Tax Free file enables you to do your taxes absolutely free over the internet. It is equipped with tons of features that will make you go through the process easily either from your house or office. Moreover, it is ideal for businesses, professionals and even those who are self-employed. Each user can file for their simple tax returns and it avails form 1040EZ that you can fill based on your marital status and availability of dependents. Although the free version can help you, it, may not be able to handle emerging complexities in the process making it important to invest in the paid version of the software.

As much as the free online version may not offer you all the exquisite features that you need, you are guaranteed of around the clock customer support. You can reach the department through a dedicated chat platform or make a call in order to talk to an agent who will be able to serve you and resolve your problem. Moreover, there is an online community where you can post your queries and receive answers that you seek. In fact, this forum even allows you to scroll through posts by other users; you can be lucky to find someone who had the same problem as yours, with replies of course.

How to Access Turbo Tax Free
To be able to access Turbo Tax Free, you have to create an account from the Turbo Tax website. Once the account is generated, you can then sign in. The software is only one step away from you. Due to the simplicity of the application’s interface, you do not have to be computer savvy to be able to use it. Furthermore, you can browse through all the sections systematically through very easy to follow steps. Each section comprises of a few questions whose answers are the building blocks of your tax returns and contains definitions of terminologies that may be a little difficult to comprehend. One main feature of Turbo Tax Free file for your taxes is the ability to import data from various sources. This eliminates the tedious data entry work. Upon completion of all the sections, the last page will reveal to you the amount of money you are entitled to as your refund. From there, you can choose to complete the process and file your returns or save what you have prepared so that you can finish at a later time. Federal filling may be free, but you will incur some charges for the state returns.

Day 56 - Tax Time
Day 56 – Tax Time (Photo credit: absoblogginlutely)

Other Key Features of Turbo Tax Free
Whenever you have a refund, Turbo Tax Free enables you to choose a bank product. For example, if you have a state tax return of $500, you can choose a bank product that suits you. This way, the process is transparent. Nevertheless, it is critical to understand that any bank product will have processing and handling charges from the bank. Therefore, deductions will be made for the bank charges and the application process. You can decide to collect the remaining amount through check, direct deposit or a prepaid Visa card.

Turbo Tax Free offers you precise calculations and smart scans for error detection. Furthermore, you are assured of compensation in case of any errors. Lastly, your transaction is always safe with Turbo Tax Free file for your taxes.

Finding The Right Online Tax Prep

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Finding The Right Online Tax Prep

During tax time there are all sorts of advertisements for at home tax prep. These sites offer many different features and each claim to be the best one. This is why it is important to understand this battle as well as what it can mean to you when filing your taxes.

One of the biggest sites out there is free Turbo Tax 2013. Many people like this because it allows them to file for free on their federal tax forms. A newer site that you can do this with is TaxSlayer. Tax Act is among these as well. The nice thing about these different options is that they are all free and allow you to quickly get your information in so you can receive your refund.

IRS 1040 Tax Form Being Filled Out
IRS 1040 Tax Form Being Filled Out (Photo credit: kenteegardin)

The thing many people wonder is which they should go with. The truth is that it is simply a matter of preference. However, there are a few things to keep in mind when looking at the site you will go with. One is whether they offer free support, as not all do. Will they charge for additional forms, which is especially important if you have your own business. You also want to find out if there are any charges to have the money direct deposited into your account.

You will need to think about what your needs are for your taxes. If you have no clue what you are doing, then it may be beneficial to pay for a service that offers online chat with tax professionals, such as H&R Block at Home. If you know what you are doing or are doing a simple 1040EZ, then chances are you do not have to worry about this.

In the end, you need to go with the site you feel most comfortable with. Each site has benefits and drawbacks. This is the nice thing about these sites is that you can find one that will meet your needs. Just make sure you take the time to see what each has to offer before you get started as having to imput all your information again can take a long time and will be frustrating.

Don’t Forget these Deductions for your Tax Return

Tax Act

Hopefully you aren’t procrastinating so much that it makes a difference, but its important to note that the due date for filing your 2011 United States federal income tax return isn’t the traditional April 15th, rather its April 18, 2012. This is due to the celebration of Emancipation Day (the day that President Lincoln signed the Declaration of Emancipation) a day earlier than normal (since April 16th is a Saturday this year). As you gather together all of your financial information for fiscal year 2011, minimize your tax liability by keeping the following deductions in mind:

Child Care Deduction
One of the most often overlooked tax deduction line items is the child care deduction. This deduction does not require the taxpayer itemizing deductions and can be taken by any taxpayer who works and has minor children or by any couple where both partners work and have minor children. It can also be taken if one member of a couple is handicapped or disabled and cannot care for the children while the other partner works.

The main items to have available to take the child care deduction are:

  1. Provider’s Social Security number [if an individual]
  2. Provider’s Tax identification number [if an organization]
  3. Provider’s legal name, address and phone number
  4. Total amount paid to Provider
  5. If more than one child, a breakdown of the total dollar amount paid per child

Many taxpayers overlook this particular deduction and it can make a big difference in their return, either by diminishing their payment due or often by increasing a taxpayer’s refund exponentially. In some states it can even result in a state tax refund even when nothing was paid in all year.

Business Expenses and Schedule C
Another often overlooked deduction is business expense. Many taxpayers do not realize that they need to file a Schedule C even for a tiny seemingly innocuous home business. One example is Avon ladies or other cosmetics representatives. They have a number of deductions such as product samples, telephone, home office, wardrobe, computer and office supplies and gas and repairs or standard business mileage deduction if they use their car to deliver product. Most women in this small business arena feel that their business is too small for deductions, but they can greatly assist in the family’s overall tax situation and determine whether they pay in April or get a much-needed refund.

Sales Tax & License Fees
If you itemize, one of the most overlooked deductions is your annual automobile license fee. The part of the fee that is based upon the value of the vehicle can be deducted.  Also, if you purchased any big ticket items during the tax year, the sales tax paid on those items could diminish your 2011 taxes as well.

Gambling
Gambling costs are by far the most overlooked item on tax returns. You can bet that it’s a sure thing that casinos will report any winnings to the IRS, but reporting what you spent acquiring that winning jackpot is your sole responsibility.  That’s why, if you’re even a little bit of a gambler, it is always best to save all of your ATM, check cashing or cash bank withdrawal receipts as proof that you had the wherewithal to make those bets that resulted in your winnings. In most cases, the amount of cash outlay over a one year period will be equal to what was won. In any case, you can write off an amount only up to the amount that you won. It would then be a wash, however, and at least you would not have to pay taxes on your winnings.

Charitable Contributions
Many taxpayers remember to deduct their cash contributions to their church and assorted charities, but forget about tangible goods that they may have deducted. Making sure to get a receipt from any charitable organization that you donate clothing, toys, furniture, appliances and other household goods to is always a good idea. In addition, if you have an old car that really isn’t worth very much if you sell it, it could be worth much more as a tax deduction, so be sure to donate it before the end of the tax year.

While it is your responsibility as a citizen of the United States to pay your fair share, it isn’t your duty to pay more than your fair share. Work within the boundaries of the tax code, and remember that the deductions are there for a purpose. If they apply to your circumstance, take full advantage of them!

Crafted by Stacy Nguyen for the firm of Bottar Leone, PLLC. who believe in American principals, like the responsibility of paying taxes and the right to a fair trial. A good Syracuse personal injury lawyer is ready to help you win your case.

When you are missing your W2 Statements

Tax Act

Make sure you have all your W-2 Forms before you file your 2010 tax return for this year because you will need all of them. You should have gotten a Form W-2 in the mail from each and every one of your employers for the year. The deadline for the employers to get them out to you is January 31st, so wait until then before you begin to worry.

If after that date, you do not have your Form W-2:

1. Call up your employer. Ask them if they sent out your Form W-2. If they did, make sure that they have your correct address. If they send you another W-2, wait for a reasonable space of time to receive the paper.

2. Call the IRS. If by February 14th, you still have not received the Form, then you should call the IRS toll free at 800-829-1040. When you contacting the IRS, you will need to give them information such as your Social Security number, your address, your phone number,  and of course your name, as well as:
• Your employer’s contact information (name, address, and phone)
• The dates you were employed by him or her
• An estimate of how much you earned for that year, and an estimate of the amount of money withheld for your federal income taxes, your dates of employment. These numbers can be obtained most accurately by looking at your final pay stub or consulting your a leave and earnings statement if you have it

3. File for your tax return. Yes, even without the needed Forms, you still have to file your tax return (or for an extension) before April 18th.  Just use Form 4852 instead as a replacement for the missing Form W-2. Send Form 4852 with your tax return and your most accurate income and withheld taxes information. This may delay your tax refund while they verify that your form is indeed accurate.

4. File a Form 1040X. If you do eventually receive your W-2, but you have already filed for your tax return, compare the W-2 numbers with the numbers you filed. If they do not match up, obtain a form 1040X to file a revised tax return.

The mentioned instructions and forms and instructions can be obtained from IRS.gov website or by calling 800-829-3676

Free Online Taxes

Tax Act

It is quite a harrowing situation when you are trying to prepare 2009 taxes, sitting with the tax booklet and form, and all your pay stubs and receipts. At the same time hiring a tax professional is quite costly for just preparing returns. However a good tax service can prove to be both beneficial and economical.

A good tax service has lot to offer and includes services like online submissions for all states, lab testing of possible mistakes and deductions, sales applications which are linked to proper import information, IRS text publications and ability to talk directly with the experts who are preparing the taxes. Such services also offer monetary advice covering topics like preparation of pension, info on rentals and ownership of homes, advice on small business and so on.

A good tax service will offer much more than free online taxes 2009 and will include the basic preparation of taxes and a conscientious strategy and planning of your taxes and finances.

Tax programs are indeed a boon, as a good one is simple to use and will relieve you of the stress and anxiety of preparing your returns.

The tax application if any should be easy to install and set-up, so as to access the online tax service speedily and effectively.

Online software for taxes should provide all the tools and features needed for filing an accurate and complete tax return. Apart from providing the relevant state forms for taxes, a good service will also provide publications from IRS, other program imports, error rectification and deductions, and a suitable audit defense.

The program should be logical and provide proper drop-down menus, relevant icons and the relevant definitions for an effective work flow.

The interface has to be extremely user-friendly as there are many who have never availed a tax service online. The databases should be up to date providing the current tax laws in an easy to understand form without using the complicated tax jargon. The program should also be proof to errors which are likely to be made by the novice tax preparer.

The online tax service should have a proper help system with contextual help menus and in-depth explanation for each step. Apart from this the service should also offer tax advice the other support through online chat, email or phone.

5 Tax Write-offs for Freelancers

Tax Act

2010 is officially over, and you know what that means–it’s almost time to prepare your taxes (cue groaning.) Tax preparation can be a daunting task, especially if you plan to do it yourself.  And for freelancers or self-employed individuals, there may be even more confusion.  Luckily, there is a lot of information available online today to help us all through the process.  Terms likes 1099s, Schedule SE, Schedule C, Schedule C-EZ, will be words you soon become familiar with, if you aren’t already.

Below are 5 great tax write-off opportunities for freelancers and the self-employed.  It’s important to be aware … Read more at 2009 Taxes

Tax Act

2010 is officially over, and you know what that means–it’s almost time to prepare your taxes (cue groaning.) Tax preparation can be a daunting task, especially if you plan to do it yourself.  And for freelancers or self-employed individuals, there may be even more confusion.  Luckily, there is a lot of information available online today to help us all through the process.  Terms likes 1099s, Schedule SE, Schedule C, Schedule C-EZ, will be words you soon become familiar with, if you aren’t already.

Below are 5 great tax write-off opportunities for freelancers and the self-employed.  It’s important to be aware of what tax write-off options are available because, as freelancers and self-employed individuals, you’re paying much more taxes than someone employed by an employer.  Freelancers and the self-employed pay not only the employee share of Social Security and Medicare taxes, but also the employer’s share.

1.    Job Hunting Expenses and PayPal Fees: Freelancers with long-term projects are fortunate in not having to continuously search for new gigs, however, for most freelancers, we’re always on the hunt for more projects to keep the pay-flow going.  This may mean signing up with job boards where there may be a fee to join or a fee to bid on projects.  These are expenses that may be written off.  PayPal fees for accepting payment from clients for work completed may also be written off.  Just make sure you keep receipts and print off all online documentation pertaining to the expenses and fees.

2.   Health Insurance Expenses: If you are buying your own health insurance (meaning you are not part of a health plan offered by your employer or your spouse’s employer), then this is an area that is deductible. Health insurance premiums are costly so this is an area where you can see the biggest deductible from your freelance work income.

3.    Home Expenses: This particularly applies to individuals who work directly out of their home.  A portion of your utilities, cellphone (if used for business), insurance, and mortgage interest may be deducted.  The amount deductible is based on a percentage calculated from how large your office space is within your home.  You’ll need IRS Form 8829.

4.    Research and Technology Expenses: If you are working in a particular industry and have expenses related to research for that industry, such as attendance cost for a conference, a book purchase, a magazine subscription, or something else related, gather your receipts as these items that qualify for tax write-off. Technology equipment, such as the cost of a computer, a printer, and other equipment you use for work also qualify.  And don’t forget about Web site hosting fee and design and maintenance fees, these are also expenses you may write off.

5.    Travel and Transportation Expenses: Travel associated with doing business may be written-off.  Whether the expense is for airfare, hotel, car service, gas, tolls, mass transit, or car payment and insurance cost, these are all expenses you should have a tally of to determine the amount that can be written off.  Business-related travel includes any transportation required to attend a business meeting, to purchase office supplies, to attend an event, and other related-business purposes.  Business travel does not include going to and from work.

Want to know more?  Check out these 50 blogs about taxes!

Wendy Lau is a New York City-based guest blogger for Pounding the Pavement and a writer on the subject of becoming a nail technician for the Guide to Career Education.

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