Watch Out For IRS Tax Scams

There have been reported incidents of swindlers using an IRS pitch as a 2016 IRS Tax scam. One such incident happened to Brett. He panicked after hearing a phone message that the IRS was about to investigate him. Brett is a 43 year old contractor from the County of Morrow. He wondered whether he had missed anything in regards to his Free Turbo Tax 2015 application. So he decided to make a call back and then his worry turned to anger. There are lots of scammers out there especially as the Taxes 2016 period gets near.

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At this time of the year, thieves and con artists fine tune their tricks and up their game in order to swindle individuals, often threatening them with jail terms and deportation. The IRS has now issued an alert to the public, warning of the phone scam and other scams people are likely to be exposed to at this time of making their tax returns. Turbo Tax 2015 should help people allay their fears in regards to their 2016 taxes.

2016 IRS Tax Scams
Photo by Judith E. Bell

The Ohio State Attorney General has been fielding questions and complaints from local residents, especially those from the counties of Morrow, Fairfield and Franklin. It is expected that con artists will pull scams pretending to be from the government as this helps their scams seem more legitimate.

 

Governor Cuomo And New York Tax Rates

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Your New York 2013 taxes may seem higher than ever, but changes may happen in the near future thanks to the proposed tax cuts set forth by Gov. Cuomo.

New York has a reputation for having a high tax rate, and it may take decades for this perception to change. Newspapers and magazines across the country have written about this perception, and this has only reinforced this feeling. TurboTax 2013 may be especially helpful for New York residents, and your 2013 taxes may be filed with confidence if you consult TurboTax 2013 as well.

Employers took notice when Cuomo announced his plan to decrease business taxes and implement tax-exempt zones for new companies. The program is referred to as START-UP NY, and the proposed tax cuts are part of a larger tax relief plan Cuomo presented during his recent State of the State address.

The Cuomo proposal includes things such as freezing property taxes, trimming estate taxes, cutting corporate franchise taxes, and eliminating the corporate income tax for Upstate New York manufacturers. The plan would also eliminate utility surcharges for businesses and establish a refundable credit regarding personal and corporate income taxes. This credit would be equivalent to twenty percent of yearly property taxes for a manufacturing firm.

There may be a limited number of businesses that feel the full impact of these proposals, but tax relief may have a broad and positive effect in other ways. A reinvented tax plan may create a friendly business environment throughout the state of New York.

TurboTax ItsDeductible Is Going Mobile

On December 3, 2013, Intuit Inc announced that its’ new TurboTax ItsDeductible app for iPhone had become available. This app is aimed at helping the estimated seventy-five percent of US citizens who donate to charity, convert their goodwill into sizable tax deductions. This app is free of charge and offered on the iPhone with iOS7 app store.

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The Turbo Tax online program itself is very popular. When combined with the portability and convenience of a mobile device, the TurboTax ItsDeductible app allows people to easily monitor their charitable donations. This app features valuations for over ten thousand commonly donated items, like toys, clothing, sporting goods, games, appliances, household products and more.

Although most taxpayers are aware that non cash donations might be tax deductible, they do not always value the goods they donate to charity correctly. Usually, this is because they have just guessed the value randomly. For example, sometimes, bags of clothes are donated with $50.00 valuations, when the real value is over $300.00.

Prior to leaving a donation facility, people can easily and quickly input their donated goods into TurboTax ItsDeductible. Then, the app will automatically make a fair market valuation, based on guidelines by the Internal Revenue Service. This ensures that users receive the full deductions they are entitled to on their tax returns. The app uses location sensitive technology to quickly capture the address of the charity, for tax record keeping. All philanthropists should monitor their donations with this app, to be properly rewarded for their generosity.

Can You Still File Taxes With Turbo Tax for last year?

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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.

Tax Refund Ballerz
Tax Refund Ballerz (Photo credit: bornazombie)

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.

TurboTax Makes Tax Season a Breeze

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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.

Earned Income Tax Credit (EITC)4
Earned Income Tax Credit (EITC)4 (Photo credit: Antonio Villaraigosa)

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

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.