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.

American Tax Relief With Turbo Tax

American Tax Relief With Turbo Tax

If you are looking to find American tax relief, hiding from the IRS is not the way to do it. Through services by companies like Turbo Tax, you can stay ahead of your delinquent taxes, and avoid the penalties that this can accrue.

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For people who have not yet filed their taxes, or owe back taxes to the IRS, it is best to start with finding out about your options. There is a solution for your problem, and it usually has to do with not putting off what needs to be done. Filing taxes late is better than not filing them at all. The sooner it is done, the sooner you can resolve your back taxes and limit added interest fees. The upside to acting fast is that you can begin to take control of your financial situation. The downside is that once the IRS decides to take action, you will immediately feel the impact. The IRS can put levies on your wages and bank accounts, and failure to file your tax returns is even punishable by jail time and a heavy fine – $10,000 per year that you have not filed.

Tax Relief
stevepb / Pixabay

Remember, however, that you do reserve the right to file your tax return, no matter how late it is. There reaches a point where tax relief will take more than just your own hard work. If you owe more than $15,000 in back taxes, you should consider hiring professional help from an attorney or a certified tax specialist.

The Beginning Of A New Trend In Advertising

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The Beginning Of A New Trend In Advertising

Wieden & Kennedy is largely known for some of the most creative and bold works in recent times in advertising campaigns for brands like Nike and Coca Cola as well as Proctor and Gamble. Recently, in a move that was totally unforeseen, the company was chosen to handle purchasing of media for Turbo Tax a company owned by Intuit.

As announced by a spokesperson, the tax software specialist W&K is now in charge of all media buying for TurboTax a job that was initially handled by the Initiative. This is going to be a joint affair. The company’s New York office will manage purchasing, while the Portland HQ will manage the media planning aspect of this massive account. The Initiative has been unavailable for comment.

Intuit logo
Intuit logo (Photo credit: Dell’s Official Flickr Page)

What makes this move so significant is that by and large media buying is a job that is handled by large, specialized organizations whose work includes being able to give their clients much better insights and rates considering the scale that they work on. However, with this particular move, it could be the beginning of times when scale is trumped by integration, especially with a client like TurboTax a Super Bowl advertiser. This may herald the beginning of a trend that is long talked about in the advertising world– the integration of marketing communications in terms of media and creativity.

This move by Turbo Tax was decided after an internal review process with undisclosed participants. The media and the creative reviews were done separately, but the results are what led to the move to consolidate it all.

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.

Small Businesses Get Help From Intuit’s TurboTax CPA Select

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Intuit’s TurboTax CPA Select

New TurboTax CPA Select connects small businesses with CPAs

Intuit has announced a new online service known as TurboTax CPA Select, that links small businesses who need to file their taxes with a CPA.

Image representing Intuit as depicted in Crunc...
Image via CrunchBase

The inventor of TurboTax, Quicken, and Quickbooks, Intuit has come out with a great new tax preparation and filing service right on schedule for the approaching tax season. The program, TurboTax CPA Select is intended to assign small businesses who need tax help to a CPA. These business owners can know have an accurate estimate of the cost of their tax preparation before they have to file them.

Brian Crofts, Group Product Manager of Intuit, states that with CPA Select our focus is to be able to handle business on both the customer and CPA side, giving customers what they need and want.”

The new service was introduced by Intuit on January 23 at the Small Business VCon and again on January 29 at Intuit’s Innovation Gallery Walk.  The Gallery Walk was held at the Mountain View headquarters of Intuit from 4-8 p.m. Pacific Time and gave them a chance to show off their latest products/services. The CEO and other leaders of Intuit shared their predictions about technology as well.

TurboTax CPA Selects lets users search a group of selected CPAs. The CPAs have profiles of themselves with a photo, client reviews, star ratings, and educational and professional information. Once a small business picks a CPA, they simply upload and submit their tax return from the prior year along with any other necessary documents such as 1099s and W-2s. Within 24 hours, the selected CPA will give that business an estimate based on what they have submitted.  Users can then accept or deny the estimate. If it gets accepts, the CPA prepares and files the tax return.

This online service is not only for small businesses, but also for individuals. Users can sign up by filling out the registration form or using the link to their Facebook page. Requirement 7216 asks users to give consent to submit documents by having them type their full name, their spouse, and the date. TurboTax CPA Select is simple for messaging the CPA directly or to chat or message Intuit customer service.

Crofts states that he wants the service to be convenient and easy to use for individuals and businesses, even if they only need one-time help with their taxes.

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CPAs that belong to the TurboTax CPA Select plan can link their profile to their social media sites and manage everything from their dashboard. They are also able to send messages to their clients directly.

Plans starting at just $89.95 are now available. Mint.com users may be able to use CPA Select since it is on their advice list of services that can save them money.

3 Tips for Buying Accounting Software

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When running a small business, purchasing accounting software is typically an essential step so that you can keep track of your business finances. While there are plenty of different options out there for you to choose from, not all accounting software programs are created equally. Here are three tips to keep in mind when it comes to choosing a business accounting software package.

Check Out the User Interface
When you buy an accounting software package, you’re going to be spending a lot of time using it. Because of this, you’ll need to choose a software package that has a user-friendly interface. While they all claim to be user-friendly to some degree, some are better than others in this regard. Typically, you can download a demo or try out the software before you buy it. When you are looking at a few different software options, try out the user interface to make sure that you feel comfortable using it. Look at the different features that the software offers and find out how to access them through the user interface.

Search for Integration
Another word factor for you to consider when buying a business accounting software package is whether it integrates with your current system. If you are already using some other software products, you may want to buy a software program that is designed to work with them. For example, if you are using some kind of payroll software to do your payroll, you may want to buy an accounting package that integrates with it seamlessly. By doing that, you will be able to get right to work once you buy the accounting software. Otherwise, you may have to invest in other software programs to go along with your accounting package.

Look at the Features
The features of the accounting software are what you’ll actually be using on a regular basis. Because of this, you need to check the list of features on the accounting software package to make sure that they meet your needs as a business. Some businesses do not meet all of the features that come with the more advanced accounting software packages. Sometimes, your business might need more features than what some of the smaller accounting software packages offer. Regardless of what you need, make sure that it is included in the package that you’re about to buy. For example, you may need to be able to print purchase orders or invoices with the software. You might need to be able to keep track of employee’s working time through the software program. Once you find a program that provides what you need, purchase the software and get started taking control of your business finances.

For businesses large and small, it’s crucial to have the right tools to help you manage day to day and future growth. For expert business accounting software installation advice, contact Horizon Business Systems today.