2009 Taxes to 2024 Taxes

Tag: tax returns

Paul Ryan Taxes To Be Released
Paul Ryan Taxes To Be Released
Following in the footsteps of presidential candidate Mitt Romney, Paul Ryan has agreed to release his tax returns for the past two years.
The ‘Paul Ryan taxes’ story broke when he announced that he would be releasing the details of his 2010 and 2009 taxes on CBS’ “60 Minutes” television program.
As Chairman of the House Budget Committee, Ryan has made quite a stir in the political world with his proposed Social Security and Medicare policies.
According to an assessment made by the Los Angeles Times newspaper, Ryan’s net wealth is estimated to be anywhere between $2 million and $7.7 million.
Despite these large figures, Ryan insists that voters want to know about the economy (and how it can be improved) and are not bothered about the contents of his tax returns and how much money he makes (which is estimated to be $174,000 a year).
Speaking to CBS’ Bob Schieffer, Ryan said: “They’re asking where the jobs are. Where’s the economic growth. Those are the issues that matter”.
Romney, who is with an estimated net worth of around $250 million, has long been criticized for his reluctance to make his tax returns public, despite pressure from President Obama.
The speculation as to whether Paul Ryan would release his tax returns was something that had been boiling up for a while, with several news outlets (such as ABC News and Yahoo News) all publishing stories titled “Will Paul Ryan Release His Tax Returns?”
It was public knowledge that Ryan handed turned over “several years” of tax returns (how many years no-one quite knows) to Romney’s office during as part of the vice presidential vetting process. However, whether any of those tax returns were to be made public was speculated upon for some time, and it seems that only now we have an answer.
Related articles
- TurboTax Software 2012
- Change Your Life By Filing Your 2010 Tax Return
August 14, 2012
The Process of Minimizing Tax Returns
The Process of Minimizing Tax Returns
Claiming an interest payment deduction would help you decrease your taxes. Those who are shouldering the burden of student loans would hardly want to add to the worries by requiring paying interest on the repayable amount to the government. Fortunately, it is possible in several cases to deduct the interest applicable on student loans. This is not a very difficult process provided that you fulfill the prerequisites for claiming the aforementioned deduction on your taxes.
The first step towards this would be to have the correct filing status, which, in this particular case, implies that every kind of filing is applicable other than being married and filing taxes separately. The reason for exemption of this status is not very clear; however, to avoid wasting time filling out a deduction which you are not eligible to claim, you should take note of this rule.
You should also remember that you are not eligible to claim a deduction in case you claim to be another individual’s dependent or associated with tax exemption on their tax forms. This should be easy for those who have graduated from college and in the process of repaying their education loans. Even then, it is wise to make absolutely certain that no second person claims you as tax deduction in their own forms.
Moreover, you are eligible to claim deduction of taxes only after you have paid the applicable interest on your education loan. This is applicable only in cases where you are the sole individual to have any obligation to repay the loan. This means that in case you are liable to pay interest on a loan amount that both you and your parents are obliged to repay, or a parent PLUS loan, you are not eligible to claim this particular deduction.
In case you are paying interest on an education loan made in the name of a dependent of yours, you are eligible to claim the interest as a deduction. However, it should be remembered that this claim for deduction holds ground only if you are the person responsible for repaying the loan. In this case, you would also be required to claim an exemption based on your tax return.
February 7, 2010
Help Me In My Tax Preparation
Help Me In My Tax Preparation
Nothing can make you grind your teeth more than the thought of tax preparations. Fortunately, there are some people making a living out of this.
If thinking about preparing your taxes raises your anxiety level, then stop, you don’t have to worry. This tax preparation job can be easily outsourced to other people. These people are known as tax preparers who prepare and file tax returns throughout the year. It will be of help to know the different types of tax preparers available in the market.
The basic tax preparers work at a low fee and have the least expertise. Most of these professionals are part-timers. For a simple tax condition such as basic W2 salaries without any home ownership, it is the best choice.
A more advanced form of tax preparers are the enrolled agents. IRS provides licenses to these people and they need to keep up their educational standards to protect their licenses. But they don’t have any formal education in tax or finance. Compared to basic preparers, the enrolled agents are more competent, but much less compared to a CPA. For a tax situation that requires basic 1040 filing along with some schedules, an enrolled agent would be a good choice. But if you need more sophisticated actions such as reducing your tax payments, then you would be better off approaching a CPA.
A certified public accountant or CPA is licensed as well as highly trained. It’s really a difficult task to pass the boards in order to become a CPA. After becoming a CPA, he or she is needs to pursue approximately another 40 hours of education. But the bottom line of using a CPA is that with higher competencies, the cost of service also rises proportionately. Most CPAs are worth the money you spend on them as they can guide you well with all your overall tax planning.
Then there are tax attorneys. They can provide you with more sophisticated tax plans to save huge money. The tax attorneys also can look after situations when you get pulled for an audit by the IRS. CPAs are good enough to handle any tax issue raised by IRS, but they hardly have any clue regarding evidentiary laws. For any kind of legal issues raised by the IRS, you will need a tax attorney to fight for it.
So, who would be the right person for your tax preparations? The answer to this question rests on the type of financial condition you are in and your objective. Normally the equation is simple: more complexities need more competencies. If you can afford it, go for a CPA. If the CPA is good enough, your savings will be far more compared to the fee are paying.
February 1, 2010
Obtaining Past Copies of Your Return
Obtaining past copies of your return from the IRS can be expensive and should be avoided if possible. There are two free options the IRS provides before you need to pay for an actual tax return that was filed this year or in a prior year.
Tax Return Transcript
The Tax Return Transcript is an abbreviated form of your tax return with all line items, forms and schedules. This will most likely meet your needs in obtaining past tax information. These transcripts are free and can be obtained through a phone call to 1-800-829-1040 or through the mail accompanied by an IRS form 4506T-EZ or 4506T. These forms are available at IRS.gov.
View image | gettyimages.com
Tax Account Transcript
The Tax Account Transcript shows adjustments made to the return after it was filed which will be extremely important in obtaining the true tax that you paid. It also provides the basic data from your return so as to match the Tax Account Transcript with the Tax Return Transcript. You should request both transcripts when you call or mail the IRS.
Tax Return
If you still need a copy of the actual return, then you will need to pay $57. This request also takes more time to process, 60 days as apposed to 10 days. Complete the form 4506 and mail it to the local IRS center listed on the form. You can request 6 years of prior returns if needed.
January 21, 2010
Free Tax Return Filing
Free Tax Return Filing
If you are in search of an online service that still provides a way for you to file your 2008 taxes before the end of the year, Free Tax USA is the solution you have been looking for. Although e-filing of tax returns for 2008 ended on October 15, 2009, you can still prepare your tax return online for free and mail in your completed forms. Something you may not have know until now. FreeTaxUSA is one of the few online providers that helps individuals complete their taxes online for past years that they have failed to file for.
Free Services
As long as your Federally Adjusted Gross Income is less than $56,000 you can file you Federal Income Tax return for free. But other services are priced just right for everyone. Including $9.95 for Federal filing when your adjusted income is above $56,000 and $9.95 for State Income Tax returns.
Great Benefits
Free Tax USA is easy to use, 100% accurate guaranteed, Fast, Safe, Secure, and Inexpensive. Your information is safely stored and transmitted using SSL encryption. Plus you have protection if there is a calculation error on your tax return. Free Tax USA will pay all penalties and interest in such cases. You’re tax return accuracy is guaranteed.
Other great services in addition to free preparation and e-filing, Free Tax USA offers printed tax returns mailed to your home, professionally bounded tax returns, your tax return on a CD-Rom, and free access to past tax returns online. And when you file your taxes next year with Free Tax USA, your information will transfer to the new year. So if your address and employers have not changed, their information will be ready for you to work with.
Related articles
- FreeTaxUSA and The Amended Tax Return (2010taxes.org)
November 9, 2009