There have been reported incidents of swindlers using an IRS pitch as a 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 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 Tax period gets near. More about IRS Tax Scams:
IRS Tax Scams
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 should help people allay their fears in regards to their 2016 taxes.
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.
The pressing desire for consumers to search for low prices lets us know that Millennial’s love great deals. Because of the volatile economy, individuals born between 1980 and 2000 are always looking for ways to save on purchases. Here are some savings strategies you should consider.
Even economists are noticing how conscious these consumers are being with their funds. How are Millennial’s capable of maintaining this frugal lifestyle consistently?
Millennial’s Use Social Media for Savings Strategies
You may or may not be a fan of social media, but it is one of the main ways this generation chooses to communicate. Individuals are sharing everything from their opinions to pictures of their dinner plate. Social media users are also sharing their shopping experiences. It is not uncommon to see someone promote a deal or coupon in their status.
Millennial’s will search the web for the best deal
Since most shoppers have desktops or mobile devices, they can research a product before making a purchase. They can visit multiple retail websites and coupon websites for hours before finally making a purchase. They even look for the least expensive ways to handle obligations like paying bills and filing taxes. For instance, Millennial’s would rather use turbo tax software than visit a tax preparer in a shopping mall.
Millennial’s will usually stick to the price they wish to pay
Instead of allowing the store owner to set the price, Millennial’s are forcing these online retail merchants to adjust their prices. The amount of competition online gives this generation the upper hand. If store owners will not offer reasonable prices, these shoppers will click off and visit another site within seconds.
Millennial’s are always searching for the best price, and they will set a limit and stick to it. This generation is always looking for the best deal and rate. The internet allows them to compare prices from virtually everywhere. This great convenience gives them the ability to be frugal at all times.
H&R Block is one of the best tax preparation software packages used worldwide. Today more than 500 million clients mainly in Australia, the U.S., and Canada use H&R block. With almost 50 years of small business experience H&R Block system understands the requirements of their clients and creates, sustains and implements such systems to support the franchisee in their business growth. Take a look at Small Business Tax Software options.
Not only experience, but the H&R block tax preparation services has very strong recognition, making itself a house hold name all over the world. H&R Block is one of the leading and top selling products in tax preparation and continues to use it every year; that has built its own reputation on popularity, reliability and simplicity. Millions of people today use H&R Block to prepare their State and Federal income tax returns each year as they trust the professionals.
Various features include Tax Tips, along with a knowledge center that offers useful information on how to increase your refund. FREE Tax Calculators and Tax Estimator for various purposes help in computing your tax figures easily. Online help from the H&R Block professionals is at your fingertips at any point of time, and uncomplicated forms with step by step assistance ease you through the tax return process.
Do not let tax liability force you to pay more than your fair share of taxes. The IRS has been providing special reliefs to people who have not been able to meet their tax obligations for the last few years.
The tax revenue authority body through its “Fresh Start” initiative is taking target at small business owners and the unemployed to meet revenue collection targets set previously.
According to Doug Shulman, IRS Commissioner, the agency has an obligation to work with struggling taxpayers in order to find a workable solution for both parties.
Every taxpayer should know that failing to file returns or to pay taxes on time will attract penalties which will increase their tax liability.
» Failure to file on time will result in a penalty of five percent per month of the unpaid taxes until the amount is fully settled.
» Failure to pay taxes will lead to a penalty of half of 1 percent of the unpaid taxes every month.
The good news is that the agency is giving a half-year grace period to some self-employed people and eligible unemployed people. During this period, these groups of taxpayers will not incur penalties for late payment or failure to file returns. However, taxpayers who fall into these two categories will have to fill out the IRS Form 4868 to ask for an extension.
Under the Fresh Start initiative, eligible taxpayers will have up to 15th October to pay their taxes. Self-employed individuals who have seen their income drop by more than 25 percent due to the economic crisis in 2011 can also qualify for this deadline extension.
Filing taxes can be a frustrating experience. Hiring a professional for tax filing is not an option for some people. It is easy to file your own taxes with TurboTax. In fact, it is possible to file right from an iPhone.
Since many people use their smart phones to do virtually everything, tax filing should not be left out. That is why TurboTax has a app for easy filing. It is as easy as snapping pictures of required documents and the app turns them into proper forms.
There is a small charge for electronic tax filing. If the taxpayer falls below a specified income they may not have to pay a fee at all to file. Even so, filing electronically is a quick way to file. If money is owed to the taxpayer it can direct deposited right into their account. If there are no problems, the money can be in the bank in less than two weeks.
The entire process of electronic tax filing and TurboTax in particular is completely safe. Some people worry about the privacy of their documents when filing electronically, but the information sent is safe and kept confidential. Errors are also minimal with electronic filing. There is actually a greater chance for errors when filing a paper return.
Many people are switching to electronic filing over the older paper way of filing. It is more convienent, quicker and easier than traditional paper filing. TurboTax is an inexpensive way to file on-line. Try out the program and take the stress out of tax filing this year.
Accounting nightmares can be a frustrating waste of both time and money. Forgetting to turn in tax paperwork can result in various fees and penalties, and failure to pay bills on time can be costly as well as embarrassing for your company. It is imperative that all companies hire reputable accountants to ensure that all of their records are up to date and any outstanding bills are paid on time.
Business taxes are usually paid quarterly, and failure to pay these taxes may result in large penalties and could make your business a target for auditing. It is especially important that businesses with employees stay on top of their payroll taxes because the employee is dependent on the company’s accountant to figure their paychecks and withhold the proper amount of taxes from their pay. Many accounting nightmares have occurred for both businesses and employees when payroll taxes are not properly withheld and paid.
Not paying the company’s bills on time can damage your company’s reputation, even if you have plenty of income to pay the bills. It is very important that each company has a system in place for receiving bills and paying them before their due dates. The company should have an accountant that enters bills into an electronic system that keeps track of when the bills are due and the amount owed. Bills should be marked paid and filed neatly so that there is no question whether or not the bill was paid and the accountant can easily prove that the payment was made. The expenses should also be placed in categories so that expenses can easily be entered as deductions on tax forms each quarter or year.
It is equally important that accountants keep track of all monies that are owed to the business and ensure that the business collects the full amount of money they are owed. Many accounting nightmares have occurred because employees have failed to properly track the money that the business is owed and had no way to prove the debts. Good communication between people who handle accounts payable and accounts receivable for each company is essential to ensure that every item is properly entered into the computer system and filed efficiently.
The best way to avoid accounting nightmares is careful planning. It is essential that each company start a filing and accounting system as soon as it is founded so that paperwork doesn’t fall through the cracks and nightmares don’t have a chance to start. Most businesses either choose a computerized accounting program to handle their income, expenses, payroll, taxes, and other accounting needs or decide to outsource their business accounting to a local firm that can handle all of the paperwork and file reports and forms as needed. These are both great options for handling business finances.
Communication is key to streamlining business accounting and other paperwork and avoiding the hassles and nightmares that come from poor planning and shoddy accounting practices. Whether a business owner chooses an accounting firm or computer software, they should always keep an eye on the finances and make sure that they are aware of every dollar that comes in or goes out of their business.
John Smith is a now retired CMA with twenty years experience in the Canadian financial industry. John has moved into the human resources function, and now helps accountants find work, as well as helping businesses screen candidates. There is plenty of additional information on the qualities of top accountants, and there are services like accountingresume.ca that can assist in getting hired in this competitive industry.