Posted on | June 19, 2015 | No Comments
Most taxpayers already know about Turbo Tax, but in case you have not, then you need to find a way to learn more about the software as soon as possible. The free version of the software will save you a lot of money in accounting fees. It will help you calculate how much you are required to pay as well as the tax refund owed to you by the IRS.
The main disadvantage of hiring a tax accountant to do your taxes is that you will be forced to pay a lot of money for the service. The worst thing about it is that these professionals never give a quote in advance; they complete the work then quote an obscene amount.
There are many other reasons why you should choose TurboTax free edition. First and foremost, you will never have to worry about finding a professional to do your taxes for you. Secondly, the software enables you to file accurate returns even when your tax situation is somewhat complicated, and you can do that from the comfort of your own home. If you need a more sophisticated version for your business, you can easily upgrade your software, but the free version is absolutely fine for the vast majority of taxpayers. With all these offerings, it is easy to see why Turbo Tax is an industry leader.
Posted on | March 11, 2015 | Comments Off on The EITC Not Always Claimed for 2011 Taxes
You would have been given a refund had you filed your 2011 tax return, but you never did. The IRS is holding onto $1 billion in unclaimed funds that will become the property of the federal government if tax filers don’t claim the funds before the end of the tax filing period. Over 1 million houses failed to file and are owed the money.
Tax payers have three years to file a return and claim funds that they are owed. The people that do not normally file when owed tax refunds are part-time workers or students who do not make much money and therefore feel they will not be getting a refund. But they pay more into the system than is required and therefore would have gotten a refund had they filed.
The Earned Income Tax Credit (EITC) is one big area of refunds that are not filed. These are refundable tax credits and therefore are given to filers that have not paid much into the system but have earned some income. In 2011 the EITC was as high as $5,700 if your family size was large enough. There have been stories about illegal immigrants gaining the right to file 3 years of returns to obtain three years of EITC. Those numbers are not yet included in this report by the IRS.
Posted on | January 6, 2015 | Comments Off on Features In TurboTax 2015 Designed To Help Filers
TurboTax software comes with various benefits and features for users. One such feature allows users to transfer the data from the previous year’s taxes into the current year. Therefore, taxpayers can transfer their 2013 taxes into TurboTax 2015 for their 2014 taxes. Frank Ellis, a Traverse City Tax Preparation Examiner, recently told readers how they can handle this process for their tax returns, which then get sent to the Internal Revenue Service.
A major benefit of this software, as explained by Ellis, is the fact that users don’t need to retype this information. Since data is automatically transferred i, this process is faster and lessens overall mistakes. Such convenient, automated features help taxpayers handle a variety of tasks with ease through TurboTax.
Ellis mentions that TurboTax 2015 is supposed to help taxpayers maximize their refund. With other features like importing tax forms, taxpayers have plenty of tools to help them automatically enter their financial details from appropriate documents. There’s no longer any need to find this information and enter it manually.
Perhaps no other tax preparation software is so simple, safe, and secure today. Of course, TurboTax 2015 contains a lot of features that users are bound to overlook. Articles like those from Ellis help identify these incredibly useful features. When users fail to use these features, they wind up making the process more difficult for themselves. They could even lose money because these tips help individuals find credits, deductions, filing deadlines, and other tools from TurboTax for their 2014 taxes.
A tax refund calculator can help taxpayers simplify the their tax filing process. In doing so, individuals can estimate their refund or amount due throughout the process. Estimating one’s refund or return can help them make adjustments to maximize their refund and ensure the process goes smoothly.
Tax refund calculators are convenient tools for figuring out a return amount before finishing the filing process. In most cases, the calculator accurately estimates the future refund, helping individuals prepare for the coming year more effectively. Many individuals rely upon their tax return in order to pay for major expenses within the following few months. Some people can’t survive financially without a large refund.
To learn more about TurboTax 2015 for your 2014 taxes or to learn about taxes in general, then visit http://www.harborfinancialonline.com/ today.
Posted on | September 3, 2014 | Comments Off on Buying A House And Saving on Taxes
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.
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 H&R Block providers and you’ll find that your next preparation could end up giving you a serious kickback in return.
Posted on | June 7, 2014 | Comments Off on H&R Block Answers Questions Regarding Tax Credits And Deductions For Education
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.
Posted on | March 31, 2014 | Comments Off on First Time Filers Should Use TurboTax.com
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.
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.