Benefits Of Online Tax Programs
Posted on | February 2, 2012 | No Comments
It is almost tax time and more people are opting to file their taxes online as opposed to using an accountant. The market for online tax filing programs continues to grow since Turbo Tax launched their program.
Mobile devices are now now introducing apps to help you with the preparation of your 2011 taxes. Currently, only the 1040EZ form can be filed using the iPhone or Android via the Turbo Tax and H&R Block apps. Complete Tax hopes to launch by the end of January and TaxAct has now made itself available on the iPad. Just scan your W-2 into your smartphone or iPad and your taxes are filed. You can also use your mobile device to track the status of your refund.
Other tools that people have found useful include TaxAct’s glossary of terms, tax preparation checklist, tips, and status check. Complete Tax will retain your data in its database in the event that you do not qualify as an EZ filer. Turbo Tax allows you to ask questions and provides a checklist, while H&R Block answers questions, estimates taxes, and can schedule an in person appointment at a local office.
Users can also enjoy the availability of bookmarks. Some services also refer to the them as flags. While each company calls them something different, these tools come in handy. They allow the user to mark a page to include notes or reminders. The can help the user remember to enter important information and remember where you left off, should you need to stop in the middle of filing your return.
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Tags: H&R Block > IPad > iPhone > IRS tax forms > tax > Tax Preparation > taxact > TurboTax
What You Did Not Know About The Brownback Tax Plan
Posted on | January 30, 2012 | No Comments
Poor Kansans would be affected most by the Brownback tax plan
Sam Brownback, Kansas Governor, came up with this new tax plan with the aim of overhauling the Kansas tax code.
Under the new tax plan, taxpayers who earn less than 25,000 dollars per year will be required to pay 156 dollars more in income taxes. In contrast, more than 21,000 taxpayers who make more than 250,000 annually will get an average reduction of around 5,200 dollars in income taxes.
On average, 185,692 taxpayers who earn between 50,000 dollars and 75 dollars will pay 282.90 dollars less in the proposed plan.
These figures were concocted by Kansas Department of revenue and not by some special interest group.
After submission to a special senate committee that specializes in tax codes, the plan raised a storm as critics say that its a government conspiracy to shift the cost of running the government from the rich to the impoverished Kansans.
Anthony Hensley minority leader called it, Robin Hood in reverse. He said that the plan would basically rob the poor to make the rich richer.
The Brownback administration insisted that the plan is meant to help the most impoverished Kansans.
Nick Jordan, Revenue Secretary, claimed that the plan would create new economic opportunities across the state for all Kansans regardless of their income level.
The tax plan lowers the tax bracket for the lowest earners, those earning less than 15,000 dollars, to 3 percent from 3.5 percent and that of the highest earners from 6.45 to 4.9 per cent.
The intention of the state was to make 2012 taxes flatter and simpler for all Kansans.
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Tags: Anthony Hensley > Brownback > Kansa > List of people from Kansas > Nick Jordan > Robin Hood > Sam Brownback > tax > TurboTax
Governor Christie To Grant Tax Cuts For All
Posted on | January 26, 2012 | No Comments
Governor Chris Christie took his message to voters of New Jersey during a town hall meeting on January 18, 2012. He hit the airwaves in many media appearances. The first-term Republican governor of the Garden State attempted to sell his 10 percent income tax cuts for all. One day after his state of the state address, he informed crowds that he is the architect of New Jersey’s economic comeback.
With a boldness that only success can give, Christie presented the plan as a model for national economic policy too. Of course, this continues to feed into the speculation that he is positioning himself in a positive light for the 2016 presidential election. Political spectators also believe the tax cut is a way to firm up his qualifications as a fiscal conservative. He has not only cut spending, but also he has cut taxes. New Jersey has a notorious reputation for high taxes and high spending.
Governor Christie takes credit for the current economic environment of New Jersey. In the first two years of his term, he has added private- sector jobs, reduced more than 375 government programs, placed a cap on increased property taxes, and overhauled that state’s pension and employee benefits programs. He plans to outline detail of the entire state budget in February. Christie stated that the intention is to pass that tax relief in phases over the next three years. His plans are a sharp contrast to other governors in liberal states such as New York, California and Illinois. Those Democrat governors raised taxes and targeted successful taxpayers with tax hikes. Christie’s tax cut idea caused thunderous applause at his town hall meeting in the New Jersey suburbs.
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Tags: Chris Christie > Christie > Garden State > New Jersey > New York > Republicans > State of the State address > tax > Tax cut > TurboTax > United State
Santorum 2012 Taxes A Tax Plan With Short Term Goals And No Long Term Benefits
Posted on | January 23, 2012 | No Comments
Rick Santorum 2012 taxes and tax plan offers big savings for the wealthy and large corporations, while increasing the deficit. His plan substantially cuts taxes, but the raise in the deficit counteracts any short term benefit to the American people.
The Santorum tax cuts would give the upper one percent the biggest tax cuts. Individuals who make between three-million to eight-million dollars would receive an average tax break of around one million dollars by 2015. The middle class who makes around fifty to seventy-thousand would receive around two-thousand dollars. The lower class making around twenty-thousand would get about thirty-nine dollars.
Santorum’s plan would increase the disparity between the haves and the have not’s. The burden on the middle class would increase and the upper class would continue to pay less taxes. Increasing the deficit would devalue the American dollar and lessen our spending power as a nation.
The Santorum tax plan would cut investment income and lessen the taxes of large corporations. The problem remains that corporations do not give back their profits with more jobs or increasing the growth of industries in the United States. Modern business looks at the profit margins and has no problem sending jobs abroad or having off shore bank accounts that cannot be taxed.
The Santorum plan only increases the economic problems, which exist today. The creation of more jobs, lessening unemployment, and lowering the deficit are not part of his plan. His plan is a bandage on a bleeding economic wound, with no constructive plan to keep the patient alive.
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Tags: Government budget deficit > internalrevenueservice > Mitt Romney > Republicans > Rick Santorum > Santorum > tax > Tax Policy Center > TurboTax > United States
Romney Has Investments Funds In Cayman Islands
Posted on | January 20, 2012 | No Comments
Romney Has Big Stash in Cayman Islands
It might not be immediately obvious, but Mitt Romney has millions of his fortune in investments funds in the Cayman islands, an infamous tax refuge.
A representative for Romney says he obeys the law, and that he pays the normal taxes despite where his money is.
As Republican nominations get closer, Romney is finding it harder to keep the secrets about his wealth under wraps.
Jack Blum, a lawyer from Washington thinks Romeny’s financial situation is a disgrace to the United States tax system.
Romney recently let out that he has been paying only 15% in taxes, much less than most of us. He stated privacy as the reason for wanting to keep this information separate, but all potential presidential candidates have to expect people to look into their financial affairs.
Romney is not hurting for money. His fortune is estimated at 250 million, and he pays lower income taxes on his investments in the Cayman Islands.
Blum says channeling money through offshore accounts lets investors avoid many small fees and traps that they would pay if the same money was on US soil. The primary reason for having funds in that location is avoiding taxes.
It may not be illegal, but it looks bad to some people, and the tax havens like the Cayman Islands cause the US government to lose out on $100 billion in revenue every year. Considering his timing, Romney may be wishing his investment funds were somewhere else less suspicious right now.
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Tags: Cayman Islands > Investment > Jack Blum > Mitt Romney > Offshore bank > Republican > Romney > tax > TurboTax > United States > Washington
Budget Cuts Prevent The I.R.S. From Collection Of Taxes
Posted on | January 14, 2012 | No Comments
Budget Cuts Make the I.R.S. Less Efficient, Report Claims
Reduced funding and an expanding mandate have left the Internal Revenue Service incapable of performing its primary duty of tax collection efficiently. This is according to a report released by the agency’s Internal Monitor on Wednesday.
The backlog of cases and job cuts has made the agency less capable of collecting hundreds of billions of dollars in taxes every year. This is what the national taxpayer advocate, Nina E. Olson claims in her annual report to Congress.
The agency is now using computer software to ask taxpayers to file their returns without necessarily going through the costly and time consuming audit. This has helped the agency to administer the ever-complex tax code.
She dismisses the claims made in the Internal Monitor report as baseless and inaccurate.
The report was released in the middle of a political showdown in Capitol Hill. The mandate of the I.R.S. is expected to expand in the coming years. This is because it is tasked with administering the healthcare plan proposed by Congressional Democrats and President Obama.
In the last financial year, the president asked for an increase of more than one billion dollars in I.R.S’s budget. This is to enable the agency to hire 5,100 employees.
While the proposed healthcare scheme is not yet in place, the operations of the agency have already been affected by the budget squeeze.
Due to the expanded mandate and job cuts, the IRS has not been able to respond to inquiries from the public. For instance, some taxpayers have to wait for up to six weeks to get a response to their inquiries.
While the report noted that IRS is already a well run agency, an increase in funds will increase its efficiency.
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Tags: Accounting > Department of the Treasury > government > internalrevenueservice > irs > tax > TurboTax > United States
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