Free Tax Filing for Taxes

Tax Filing for 2011

Each year, thousands of taxpayers fail to file their federal income taxes. Some individuals willingly forgo this action while others run into special circumstances. No event or situation frees a taxpayer from their responsibilities though. With that in mind, a person can always file back taxes in order to start catching up. Various options are currently available for taxes 2011.

Tax Preparation
Tax Preparation (Photo credit: agrilifetoday)

Filing tax returns for previous years often proves relatively simple. However, an individual needs the right software and extensive records for that particular year. Products like TurboTax, TaxAct, and others offer software for past returns. Free tax filing 2011 is hard to come by but is not impossible to find. Undoubtedly, taxpayers want to save as much money as possible.

For taxes 2011, the taxpayer needs to fill out all necessary tax return forms. They should treat this return just like any other one, making sure to avoid common mistakes. Failure to do so might cause problems when the IRS receives the return. Without a doubt, it is important to handle this matter quickly to avoid major consequences and problems.

Free tax filing 2011 is still available even though it is a past tax year. Many people fail to realize that they can still finish taxes 2011. The longer an individual waits, the more penalties they will face. In the end, finishing this task quickly produces the best results under all circumstances. That fact should not be forgotten for obvious reasons. The IRS takes federal income taxes very seriously after all.

IRS Tax Fraud Increasing

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IRS Tax Fraud Increasing

Identity theft linked to IRS tax fraud has been increasing. However, according to a recent government report, the IRS is actually unaware of the number of persons who are running scams on the system.

Based on a study from the Government Accountability Office (GAO), a watchdog that collaborates with Congress, between January and September 2012, there were approximately 642,000 incidents of identity theft which involved tax fraud, which is 62 percent more than 2011. The report further stated that during that same period of time, the IRS would have paid some $754 million in refunds that were suspicious.

The report also shared that returns that involve identity theft are hard to track. The IRS informed the GAO that it is unable to determine why and how this is happening. American taxpayers who have been victims of identity theft and false returns, may experience delayed refunds and have to pay additional costs for re-filing, in addition to the tons of paperwork.

The Government Accountability Office is an imp...
The Government Accountability Office is an important information-gathering agency for Congress. (Photo credit: Wikipedia)

Unfortunately, the tax and fraud professionals advised that this problem in increasing because it is easy to run the scam via electronic filing such as turbotax 2011. Once scammers have someone’s Social Security number and name, they can apply for the refund to be transmitted via direct deposit. Therefore, it is difficult for the IRS software to determine the legitimacy of the returns that are filed.

This problem is estimated to burden the US Government by billions of dollars. CNBC reported that the IRS inspector general forecasted an estimated $21 billion that could be paid out over the next five years in tax refunds that are fraudulent.

One of GAO’s directors, James White, shared with The Huffington Post that this problem is hard to solve and partnering with the banks could be one of the solutions. During the first nine months of 2012, 116 banks reported information to the IRS about over 193,000 accounts that were linked to tax fraud. White further stated that this type of crime is hard to catch and measure.

The IRS was able to block an estimated 262,000 fraudulent tax returns in 2011. However, according to CNNMoney, approximately $5.2 billion was lost to identity theft.

Taxes Can Be Simple With TurboTax

TurboTax 2011

Using Turbotax 2011 would be the best way to handle the filing of your taxes regardless of your financial situation. There are many people that make the mistake of putting off their taxes until the last minute. However, doing so would only delay the return of the money that belongs to you. Additionally, it is possible that you would be subjected to late fees for missing the deadline. It is important that you turn in your taxes as soon as possible in order to limit the financial stress that you face during this season. Instead of waiting until the deadline is approaching, you want to look for solutions that can help you to rid your life of this problem during this tax year. When you have the ability to use this great software, you will find that it takes much less time to enter all of your information and get it submitted.

Typically, people worry about the amount of time that is needed to get their taxes submitted. However, TaxAct is a streamlined approach to filing taxes because it is designed for anyone to use. As a result, you do not need to be a tax professional in order to complete your taxes with this software. In fact, most people that use TaxAct know very little about the specifics of tax law. Since this software is designed to remove all of the hard work, all that you need to do is enter some financial information. When you choose TaxAct this tax season, you will be able to enjoy a larger savings than any other option on the market today. Try the best and you will notice the savings in your pocket.

Strange Federal Tax Deductions

2011 Federal Tax Deductions

Everyone is looking for deductions for their 2011 federal tax situation.  We’ve all heard of the mortgage deduction, the medical deduction, and even deductions for owning an electric car–but are those all the deductions you can find?  It’s important to know all the deductions, so you can maximize your own personal benefits this tax season.  There are many “unique” deductions that are perfectly legitimate that most individuals probably are not even aware exist.  These deductions have been used in the past and are still on the books. Perhaps they might even help you this tax season. Take a look at this list of the top ten strange and weird deductions.

10 Strange But Legitimate Federal Tax Deductions
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Federal Tax Filing

2011 Federal Tax Filing

If you think 2011 federal tax filing is confusing, maybe this will help you. Below are some things that you will need to know for the tax season.

You should know that you may be able to file your federal tax return without any cost to you through the IRS Free File program. This program is designed to try to get taxpayers to file electronically. It is open to those that ma

LOS ANGELES, CA – NOVEMBER 10: California Gov. Arnold Schwarzenegger (C) greets job seeker U.S. Army veteran Rodney Buckingham (2ndR) at the Internal Revenue Service booth as he attends Honor A Hero, Hire A Vet job fair on November 10, 2010 in Los Angeles, California. Schwarzenegger launched the ‘Honor a Hero, Hire a Vet’ intiative in 2006, and there have been 47 job fairs since its inception. (Image credit: Getty Images via @daylife)

de $57,000 or less. There are about 15 preparation companies in the program, and all of them have different criteria for eligibility that are usually based on income, age, military status, or state residency. Once you have finished doing your taxes on the Free File program, you can e-file your tax return for free.

You should also know that members of the military, senior citizens, and low income taxpayers may be able to file their taxes for free. Volunteers will help them with assistance and help them file electronically.

One other thing you should know is that new IRS regulations are making all tax preparers have a tax identification number. Tax preparers must use that pin number when they sign taxpayers returns. It your tax preparer does not have one; you need to find another preparer.

Above all, if you are going to file your taxes make sure you have all the necessary documents you need to file correctly.

Back Taxes – Getting Back Tax Money

Back Taxes

Getting professional help with your 2011 Federal Tax Filing would allow you to get your Back Taxes and obtain the money that belongs to you. If you have not been able to get your information ready in time, you probably missed out on the date that you were supposed to file your taxes. When this happens, you likely have money that is owed to you. However, not filing also means that you are not able to obtain this money because of the fact that you took too long to complete the filing process. If you find yourself in this position, you want to do what it takes to get the money that the government has been holding for you. Instead of allowing them to keep the money, you can have someone help you to get this money back into your pocket.

Doing 2011 Federal Tax Filing is not something that you should worry about when you have the assistance of a team that knows what they are doing. Through the use of these services, you would be able to get your taxes done quickly, this would allow you to get the money that belongs to you into your bank account as quickly as possible. It is very likely that you do not have a large amount of extra money, you should do what it takes to claim what is yours today.