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Claims that TurboTax Fraud May also Affect Federal Returns
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.
Photo by Images_of_Money
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.
June 19, 2015
Tax Deductions That Aren’t Allowed By the IRS
Getting tax deductions for an allowed expense on your taxes is great. Making the mistake of claiming a deduction that is not allowed by the IRS can you get into trouble and a possible audit. For example, you can deduct the expense of a dinner with clients up to 50% of the bill only. If you claim more than the 50% allowed or you do not properly record the business purpose of the meeting, the deduction could be thrown out.
Travel is similar to entertainment were only the part of the travel that is business related can be deducted. If you take your family or your spouse with you and do things on your trip purely for pleasure, those parts of the trip cannot be deducted on your return.
Commuting costs are only allowed from one business location to another business location. The commute from your home to the office is not something you can deduct on your taxes.
Tax Deductions That Aren’t Allowed By the IRS
Make sure your charity giving is to IRS recognized organization or the donation will not be deductible. And if you get something, like a night at the opera, in exchange for you donation, you need to subtract the fair market value of the benefit you receive from the donation that you claim.
And the IRS has made giving to charities without a proper record not something you can deduct. You could previously deduct small amounts of cash that you gave to charities. But now it is required that you have proof of the donation to get the deduction. So write a check instead of giving cash.
March 9, 2015
Making Taxes Easier And More Accurate
Photo by stevendepolo
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. Lets look at ways we are making taxes easier and more accurate to file.
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 software and to obtain the best refund from their 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 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 .
January 1, 2015
Three Savings Strategies Used By Millennials
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.
Savings Strategies at the Mall
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.
August 18, 2014
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.
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June 18, 2014
Reconsider Your Mortgage Tax Deduction
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:
(Photo credit: marsmet531)
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.
April 8, 2014