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. Buying a House is serious business. 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.

Cover of "Buying a House: An Easy, Smart ...
Cover via Amazon Buying A House

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.

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.

Tax Carnival Ecstasy – February 15, 2014

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.”

English: President Barack Obama's signature on...
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, “H&R Block Deluxe and TurboTax Deluxe are all online tax software that offers tax solutions.”

[email protected] presents Will the Alternative Minimum Tax Zap You for 2013? posted at Money Counselor, saying, “Americans’ elected representatives have created a semi-secret weapon to help assure you pay what they deem is your fair share: the Alternative Minimum Tax.”

That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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

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. 

English: The 6 co-founders of 6+1 advertising ...
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!

A Look At The Tax Deadline

The 2014 Tax Deadline

Like most years, the tax deadline for 2014 falls on April 15. Failure to file federal income taxes by this date results in penalties. Most people seek to avoid these financial penalties and get their taxes in on time. Still, thousands of taxpayers run into trouble and can’t meet this deadline each year. Each American adult is required to pay taxes, and taxpayers should strive to meet these deadlines.

English: Protesters standing near the United S...
English: Protesters standing near the United States Capitol during the Taxpayer March on Washington. (Photo credit: Wikipedia)

Many late filers simply procrastinate until the very end and pay the price. Without a doubt, taxpayers should start gathering their documents as soon as possible. Companies and stock firms usually send out necessary tax forms by the middle of February. Two months is more than ample time to file one’s federal taxes. Therefore, the average taxpayer doesn’t have a good excuse for not meeting the tax deadline 2014.

For 2014, the six-month extension lasts until October 13, 2014. That date is static and won’t be changed by the government shutdown. Anyone can take advantage of this extension, but they must apply for it. Fortunately, each taxpayer is guaranteed an extension, and many states offer automatic extensions. A simple extension doesn’t free a person from accrued interest on their tax burden, though.

In the end, tax deadline 2014 is much like every other year. A taxpayer can’t wait too long to file their taxes. They could otherwise find themselves spending hundreds or thousands on penalty fees. Sadly, such penalties can push a person into financial distress quite quickly. It’s always a better idea to file taxes as early as possible on an annual basis.