Claims that TurboTax Fraud May also Affect Federal Returns

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Now that the tax season is here, the fears about TurboTax fraud is more punctuated than ever before. Taxpayers were shocked when they heard about TurboTax suspending state tax filings over fraud concerns. Imagine getting the news that someone else filed your tax returns and claimed your hefty tax refund. Fortunately, this problem only affected the state filings, not federal taxes.

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Well, this has changed. The details may be sketchy, but the FBI is now investigating claims that federal tax returns may also be affected by this fraud, putting your tax refund in jeopardy. The bureau interviewed taxpayers who claimed that IRS data was compromised, leaving room for fraudulent activities.

Imagine getting a message from the IRS acknowledging receipt of your federal returns even before you do your taxes. Given that all tax filings are done electronically, fraud has become a big threat.

While TurboTax 2015 free version allows taxpayers to make free tax filings, a rival, H&R Block, took advantage of the fraud cases surrounding TurboTax to attract taxpayers who did not want to fall victim to identity theft, among other types of fraudulent activities.

However, it is important to note that no system is perfect, especially when you consider the fact that both the IRS and most states had already put in place sophisticated systems to detect and help prevent theft.

Making Taxes Easier And More Accurate

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Traverse City Tax Preparation expert Frank Ellis has recently written an informative article on how to use all the features of the popular and innovative TurboTax software. In particular, he talks about how to move important information from the previous year’s income tax return to the current year’s return to be filed with the Internal Revenue Service.

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Also in the article, Frank Ellis discusses how to access details from an online TurboTax account or from a computer file. The idea is to get the most use possible out of the TurboTax 2015 software and to obtain the best refund from their 2014 Taxes that is legally possible from the Internal Revenue Service.

A really great advantage of the TurboTax software is that there is no need to re-enter important taxpayer information. This reduces the chance of error and allows users to file their returns more quickly. With TurboTax, the user can also transfer information from other files. Easy to use and automated features are readily accessed by anyone who uses the TurboTax 2015 software.

Frank Ellis elaborates that TurboTax assists taxpayers in obtaining the largest legitimate income tax refund possible. It enables users to import IRS tax form information from a number of excellent sources. Taxpayers do not have to scout around for documents and enter financial details; the TurboTax software takes care of this for them.

Frank Ellis also says that TurboTax softwawre is simple, secure and safe. He explains that many individuals miss important filing details and that this costs them money. TurboTax highlights tax credits and deductions and also filing deadlines for the tax season.

If someone would like to simplify tax filing even more, he could obtain a tax refund calculator to estimate how much money he is entitled to receive back from the government. With this estimate in hand, any individual can adjust his spending habits and pay check tax withholding.

The tax refund calculator is very convenient to people who want a better understanding of their possible refunds through out the entire filing process. Again, with an estimate in hand, users can plan their financial year more knowledgeably.

For additional information on the upcoming income tax season or to find out more about how to use the TurboTax software online, to to .

The Rising Demand For TurboTax Software

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TurboTax Software Demand Increases Intuit Profit

Intuit Incorporated announced a twenty percent rise in quarterly profits, as demand for their TurboTax Software grows. However,the firm appeared to show a loss on it’s fourth-quarter profit income and profit outlook. Intuit states it expects an overall loss of ten to twelve cents a share on an estimated income of between $683 million to $713 million for the fourth quarter.

The company initially forecast an estimated loss of between two and four cents a share on an income between $710 million to $720 million.

The company is based in Mountain View, California and the majority of its revenue is earned in the second and third quarters, when people invest in TurboTax Software during the run-up to the tax season.

The tax-filing season was later this year, hence the demand for TurboTax Software was delayed. Intuit relied on the third quarter to boost their yearly income.

Intuit’s net income amounted to $984 million or $3.39 a share, during the third quarter ending April 30, in comparison to $822 million and $2.71 a share in the previous financial year. Overall, income rose by around fourteen percent to $2.39 billion.

The company announced TurboTax Software sales were up, as many citizens opted to file TurboTax online.

Reconsider Your Mortgage Tax Deduction

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Consider your Mortgage Tax Deduction in a New Way

You may have better options when it comes to your mortgage tax deduction, and Turbo Tax 2014 can help you get the best advantage possible.

Turbo Tax 2014 guides you through the process of decreasing your taxable income, and you may come to a new decision about claiming your mortgage interest. Homeowners have differing ideas about carrying a balance or paying off their mortgages entirely, but the following example may help you make the right decision for you.

For example:

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Q: I have the money to pay off my mortgage balance and still keep money in my emergency savings account. The interest rate on the savings account is low, and I wonder if losing my mortgage tax deduction will have a negative impact at tax time. I am confident in my daily financial decisions, and I make every effort to save for retirement. What do you think I should do?

Singletary: I think you should pay off the balance of your mortgage, but with the following considerations.

Think about the current state of your health, your job security, and your ability to obtain subsequent employment in light of the present economic climate. You might need your savings funds if you face a health or employment challenge, and accessing these funds would be much easier if they are not completely tied to your home equity. If you are comfortable with this scenario, then I would endorse your decision to pay off your mortgage.

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

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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.

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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.