Use Turbo Tax For Easy Tax Filing

Tax Act

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.

The Findings Of An IRS Watchdog

Tax Act

Some reports from an IRS watchdog have indicted the federal tax agency for certain practices regarding offshore account disclosure. An arm of the IRS known as the Taxpayer Advocate Service has been responsible for reporting these kinds of voluntary disclosure policies aimed at wealthy Americans. According to the watchdog report, the IRS has failed to cap penalties in cases of this kind of disclosure.

A standard practice of the IRS has been to reduce the penalties for those who willingly disclose that they have hidden offshore bank accounts. These taxpayers have often accumulated this wealth from overseas jobs or from family inheritances. The discovered lack of penalty caps has been linked to higher-than-necessary tax payments for some American taxpayers. Some experts believe that this lack of consistency could undermine the IRS’s credibility in the future if the agency implements similar types of programs.

Prior IRS voluntary disclosure programs have netted over $4.4 billion USD in unpaid taxes from these kinds of offshore accounts over a recent two-year period. A renewal of this disclosure is expected to bring in more names of wealthy Swiss bank account clients who have avoided their obligatory tax payments.

Information from this IRS watchdog report reveals that the ordinary cash penalty is supposed to be a maximum of $10,000 for account holders who accidentally fail to report these assets. Willful withholding of information on foreign bank accounts can carry a penalty of up to 50% of the highest account balance for each covered year of tax nonpayment.