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Buying A House And Saving on Taxes

Posted on | September 3, 2014 | Comments Off

H&R Block At Home Free Edition

When it’s time for you to buy a house, make sure that you aren’t just blindly following any advice. Make sure that you take your time to fully understand that you are getting into. Your finances are going to either take a major hit, or you’re going to be able to gain leverage when purchasing your dream home. The key to moving forward within this world is simple, you need to have patience, and you’ll need to also make sure that you’re in line with the tax breaks that help you, not hurt you. Without fully understanding some of the crucial tips for purchasing a home and possibly saving money on your taxes as a result, things can get really difficult.

Changing Tax Deductions

One thing that H&R Block professionals recommend in regards to purchasing a home and getting the best opportunity at the same time is to look into claiming itemized deductions. These will help you pinpoint a lion’s share of deductions that standard solutions won’t allow you to get. If you bought a house in the past year, this will be amazing.

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Go Beyond The Basics

When doing taxes, you need to focus on looking at beyond just the basics. You’ll find that a great deal can be dropped off your overall taxes, including deductions like interest, points, real estate taxes, and so much more. When it comes time to fill out paperwork, take a step back and allow a professional to look at your files. You may find out that there are some hidden gems in terms of deducting overall tax liability and more.

The Record Keeping Process

One of the most crucial tips that you can take with you today, especially when it comes to saving money on your taxes every year is to make sure that you have a clear picture of your finances, and anything that pertains to the purchase, sale, and upkeep of your home. It is a wise move to invest in a good filing cabinet and keep paperwork for upwards of 5 years. You’ll find that if you’re meticulous with this, you’ll make great gains moving forward with the world of purchasing a home, getting a mortgage, and saving money on your tax return.

One last thing you should remember is simple, hire a good tax preparation professional. Seek out qualified »crosslinked«

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H&R Block Answers Questions Regarding Tax Credits And Deductions For Education

Posted on | June 7, 2014 | Comments Off

H&R Block At Home Free Edition

Education expenses can be claimed as a tax credit on an itemized return, but under what circumstances? For instance, does a long-term course of study as an electrician count as a 4-year post-grad program?

According to income tax experts H&R Block, the American Opportunity Credit, or AOC, may be claimed by individuals who are working toward an educational credential such as a certificate or bachelor’s degree. That’s it.

H & R Block also advises its clients to look at the Lifetime Learning Credit as tuition and fees may be claimed under its rules as a deduction. One caveat is that the school must be eligible, and the courses must be helpful toward getting or improving career-related skills. A person does not have to be working toward a degree of any kind to claim this tax credit.

In fact, both the tuition and fees deduction and the Lifelong Learning Credit may be taken together, but the taxpayer must use different expenses to qualify. Go online to IRS.gov to consult Publication 970 about the Lifetime Learning Credit and the deduction for tuition and associated fees.

Another taxes and education question comes up regarding CLEP tests. Students wonder if the testing fees are deductible. Experts at H & R Block say no they are not for a couple of reasons.

CLEP tests garner an individual education credits for life experience or knowledge. However, as there is no real instruction or course being taken at an eligible educational institution, the CLEP test expenses are not legitimately deductible. This may be a source of frustration for some people who are enrolled in college or about to start and are trying to get ahead of the game as far as course credit goes. However, the IRS very narrowly defines what fees do and do not qualify as a deduction.

Go online to H & R Block at hrblock.com to get answers to more tax-related questions.

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First Time Filers Should Use TurboTax.com

Posted on | March 31, 2014 | Comments Off

H&R Block At Home Free Edition

Filing taxes for the first time can be nerve racking and it is worse if you are late with your preparation. You may experience challenges gathering all your information so that is why it is important to plan ahead so that you are on time with your filing.

If your 2013 taxes are your first filing, you have to be mindful of who is preparing your taxes. You may choose to prepare the taxes yourself or hire a tax preparer. If you have been asking friends and family about filing yourself, you may have heard about TurboTax.com. TurboTax.com is the authority on tax filing. It offers free federal filing and other options for state returns. By filing your 2013 taxes with
TurboTax.com, you will be given step by step directions, as well as great customer service. In addition, TurboTax.com will ensure that you learn about all the deductions that can be applied to you when you are preparing your 2013 taxes. While your experiences in life will give you some insight on tax filing,
TurboTax.com gives you all the information you will need as a first time filer to ensure that your filing is done correctly.

350px US Navy 050412 N 4776G 028 Internal Revenue Service Commissioner Mark Everson speaks with Electronics Technician 3rd Class Dana Alba about the efficiency of the Veteran Individual Tax Assistance %28VITA%29 program aboard USS Ronald

(Photo credit: Wikipedia)

As you reminisce on your children and your fun times, you will remember that taxes were something that you did not worry about. Now that you are filing for the first time, you have to make sure it is done correctly. Visit TurboTax.com today to review all the benefits available for you, which include an easy to navigate site and guaranteed results. Be sure to check out TurboTax.com.

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Tax Carnival Ecstasy – February 15, 2014

Posted on | February 16, 2014 | Comments Off

H&R Block At Home Free Edition

Welcome to the February 15, 2014 edition of Tax Carnival Ecstasy. In this edition we start with an article from Bill Smith on taxes and retirement. And Kurt from MyMoneyCounselor.com presents an article on the Alternative Minimum Tax for 2013? Hope you enjoy all the articles, bookmark this carnival, share, tweet, and come back soon.

retirement

Bill Smith presents You Need To Know A Lot About Retirement posted at FastSwings, saying, “2014 Taxes are here causing many people to worry a lot about retirement. If you are among these people, i.e. you feel you are far behind in your retirement or haven’t started saving for it at all, this tax article will give you some advice on readying yourself for this imminent event.”

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English: President Barack Obama’s signature on the health insurance reform bill at the White House, March 23, 2010. The President signed the bill with 22 different pens. (Photo credit: Wikipedia)

taxes

Bill Smith presents TurboTax Makes the Most of Superbowl Time! posted at 2012 Tax – Free Tax Filing Options, saying, “There is nothing better this time of year than watching the Superbowl especially if your team made it.”

Bill Smith presents Healthcare & Intuit TurboTax posted at 2010 Taxes to 2013 Taxes, saying, “To know the ropes of TurboTax Health care and understand the highlighters of Affordable Care Act, turn your glances towards Intuit Inc. to get apprised of the facts.”

Bill Smith presents TurboTax And The Earned Income Tax Credit posted at 2013 Taxes, saying, “Individuals who wish to use a tax service may wish to try TurboTax 2013. This is the option that they may need to easily pay their taxes, and be able to get the tax help they can use.”

Bill Smith presents H&R Block Deluxe and TurboTax Deluxe posted at 2014 Taxes, saying, “Related Posts:

Exclusive SuperBowl Ad Preview: Turbo Tax 2013 Puts The Fun In Taxes

Posted on | January 29, 2014 | Comments Off

H&R Block At Home Free Edition

It’s hard to put taxes and fun in the same sentence; Taxes are nobody’s favorite thing. The confusing jargon and often complicated form names, exceptions and rules lead to many Americans dreading having to file their taxes each year. What a lot of them don’t realize though is that filing taxes doesn’t have to be so confusing. In fact, it can be easy, with the help of technology. 

350px The 6 co founders of 6%2B1 advertising agency

English: The 6 co-founders of 6+1 advertising agency (Photo credit: Wikipedia)

We let technology guide us through the day, from waking us up in the morning to letting us do our jobs to providing us with entertainment at night. It’s hard to imagine there’s any American left that doesn’t have access to a computer, laptop, smartphone or tablet. TurboTax 2013 utilizes that fact and comes with a super easy tax filing program that lets people do their 2013 tax return with ease. All that’s required is answering straightforward questions about life, which – as TurboTax 2013 hypothesizes – nobody can do better than the tax filer himself.

As part of a new campaign to persuade Americans to file their own taxes TurboTax 2013 has come up with a series of fun, endearing advertisements. And to make sure they reach an audience as big as possible the ads will launch as part of the Super Bowl Ads in 2014. After all everyone has to file taxes, and what other platform reaches all kinds of Americans at the same time in such large numbers?

As most people know SuperBowl ads aren’t just your regular TV ads, they’re the cream of the crop that are in a league of their own. Advertising space of just 30 seconds during the SuperBowl can cost multiple millions. It’s therefore no surprise that SuperBowl ads often feature A-list celebrities and have sky-high budgets. SuperBowl ads are funny, endearing or even small works of arts. Their goal is to achieve maximum impact and with the rise of YouTube many of them have gone viral in recent years. Not an easy thing to accomplish for a company dealing with taxes in comparison to, say, a company selling soda or a TV production company.

Conceptualized by advertising agency Wieden + Kennedy, the TurboTax 2013 SuperBowl ads manage to continue the tradition of funny, clever and endearing SuperBowl ad though. From a girlfriend subjecting her unsuspecting boyfriend to one random question after another to a guy flying with a bird in the sky (yes, you read that right) the TurboTax 2013 ads have admirably put the fun in taxes. Check out an exclusive preview below!

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How To File Back Taxes

Posted on | November 5, 2013 | Comments Off

H&R Block At Home Free Edition

How To File Back Taxes

All people with income need to file taxes yearly. If you have missed one or more years in the past ten, now is the time to file back taxes. The Internal Revenue Service (IRS) can impose steadily increasing fines and penalties the longer you wait.

Why File Back Taxes
There are convincing reasons to catch up on back taxes:
• Reduce penalties; there are separate penalties for not filing, and for not paying; by filing you avoid one penalty even if you cannot afford to pay immediately
• Ease your conscience by meeting legal requirements
• Start the clock on the IRS statute of limitations which is three years to audit and ten years to collect
• If the IRS has sent an inaccurate estimate, filing can correct it
• You may be due a refund for any of the previous three years; unless you file, you will not know

Steps for Filing Back Tax Forms
Follow these steps to file back taxes:
• Gather all W-2s or 1099 forms, receipts and other documents to support deductions and credits for each year
• If you are missing W-2s, 1099s or 1098s to support deductions, ask for copies from the IRS, using Form 4506-T
• Download appropriate tax forms for each year, or use tax preparation software
• Prepare the tax return for each year, using that year’s information and guidelines
• Submit the forms, along with as much of a payment as possible to reduce interest charges
• After filing, talk to the IRS to try to reduce penalties and fees

If you need help to file back taxes, consult a tax attorney. He can help gather and complete necessary documents to send to the IRS. This professional can also negotiate a payment plan or settle other issues.

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