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.

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.

Rapper Ordered To File Back Taxes

File Back Taxes

“I was underground” was the excuse Grammy-winning singer and rapper Lauryn Hill gave to explain why she did not file back taxes between 2005 and 2007.  The IRS claims she owes three years in back taxes.  On her Tumblr account, Ms Hill said she had not filed because she wanted to protect her family.   Being “underground”, she surmised that filing her taxes would endanger herself and her family.  However, the government did not agree with her and said she is facing three counts of misdemeanor for not paying back taxes on her $1.6 million income.

Ms. Hill asserted in her Tumblr account that she had every desire to “rectify this situation.”  The 37-year-old resident of New Jersey said that she had left public life to get away from the “distortion and compromise.”  In the early part of her career, Ms. Hill gladly paid her taxes.  The former star of the Fugees posted that she did not abandon her fans on purpose.  She did what she felt was right for herself and her family.   She said she had the right to resist a system that was opposed to her personal survival.  Making her file back tax would have jeopardized that.

Lauryn Hill has been ordered to appear before the court on June 29th.  If convicted, Ms. Hill could serve a one year imprisonment and pay $300,000 dollars in fines because she did not rectify the situation.   The court rejected her reason as to why she did not pay back taxes.  Although this is not a great deal of money for the singer-actress, she feels she has a legitimate case against having to file back tax.

Running Your Own Business and Managing Accounts for the First Time

If the idea of being your own boss seems increasingly attractive in these trouble economic times, you’re not alone.  Surprisingly large numbers of individuals have taken, or are taking, the leap into self-employment.  It seems odd, when the economy is contracting, but it is often the case during recessions that the number of self-employed and new small businesses rises.  Small businesses are now leading the way in job creation; with more people facing job insecurity and redundancy, for many the only choice is to create their own job.  The idea is attractive at any time, being your own boss means freedom to take control of a big part of your life.  However, not all businesses will succeed and one crucial area that causes businesses to fail in the early days is poor planning, particularly of the financial kind. So what are the key tools to help you overcome the obstacles?

Basic Planning Matters

  • Planning can seem like a very boring part of preparing to go it alone.  However, it’s possibly the most essential part of the process.  Planning every aspect of your business from your marketing strategy to finding premises is absolutely necessary.  Planning your financial arrangements should also figure highly on your list.
  • Financial planning should include obvious, and frequently overlooked, matters like invoicing software and accounting software.  Customers will need to be billed and you need to be clear how this is going to work.  Simple paper invoices are fine; they are also time-consuming to produce and track. Invoicing software makes the process straightforward – and should be fool proof.
  • An accountant is an absolute must for any business or self-employee.  Tax and VAT regulations are complex and ever changing.  Regulations that apply to your company will vary depending on its size and could easily change as you grow.  Working with a professional from the start will ensure you stay on the right side of HMRC.  When choosing an accountant consider the following.

Finding an Accountant

  • Do find an accountant before, or when, you start trading.  It’s perfectly understandable that many small firms put this off.  Why pay for a service before you’re earning?  The simple answer is that you may not be aware of what records you need to keep.  Tax authorities recommend keeping records for at least six years.  An accountant can guide you through this from the start.
  • Contact a number of accountants and ask some questions.  Different firms operate on different charging structures.  Some will list charges for each service – which can allow you to pick and choose what you need.  Others will agree a service level for a fee – payable quarterly or monthly.  This may suit you if you will have a high volume of accounting work that needs to be dealt with frequently.
  • Find out what prospective accountants recommend in terms of accounting software.  Software comes in a range of options, including cloud versions which are extremely flexible and versatile.  Using online accounting software means that it will not matter what software your chosen accountant uses – they will be able to access your records online as and when required.

As your own boss you’ll be responsible for far more areas of your business than the actual work you do to bring in the cash.  While you don’t need to be an expert typist to type a letter, or a world class receptionist to answer the phone, areas such as accounting need specialists to be involved.  Don’t consider cutting corners on this particular aspect of your business but shop around carefully for a service that suits your specific needs and business.  With the right accountant and the right accounting software, making ends meet will seem effortless.

Simon Wilson blogs about small business issues and challenges, focusing on everything from accounting software to how small businesses can use social media.  When he’s not online Simon enjoys playing cricket and is a big movie fan.

Be Prepared For Your Taxes

There are many factors that can devalue your return during tax filing.  A bit of preparation each month can saves hours of work later on. This can also net you extra money on your return, which is always a good thing.
There are several ways to prepare for your taxes a little at a time.  Here we will discuss a few methods that will save you time when taxes roll around, or save you money if you are paying an accountant by the hour to prepare your taxes for you.

Save Your Receipts

Whether you are a business owner or simply buy supplies for your job out of your own income, you need to remember to save and file your receipts for any purchases made in relation to your work.  While most think of this when purchasing a new printer, laptop, or copier, they often forget the smaller purchases.  Other possible deductible purchases include:
•             Boxes of pens, pencils, highlighters, and other minor office supplies
•             Reams of paper and ink cartridges for printers and copy machines
•             Fuel used in travelling to purchase supplies

Stay Organized

There is nothing more frustrating and time consuming than a large box of random papers being dropped on your desk at tax time.  Save your accountant time and yourself money by properly filing these papers, receipts, and pay stubs for easier access during tax form preparation.  By doing this you will make a good impression as well as learn how to systematically reduce the stress that tax filing brings.

Communication is Key

During the year, if you have any doubts as to whether an activity will be important to your taxes, do your research and communicate with your tax professional.  This simple act can also protect you from possible auditing as your tax preparer will be able to notify you if an activity is going to bring up red flags later.
It is also important to communicate with your accountantabout any changes in your life or business. Common events that can affect your tax filing include:
•             Marriage, divorce, and separation
•             Custody changes
•             Insurance rate changes
•             Vehicle maintenance related to work

Plan Ahead

In the event that an audit takes place, you will need your records for several years prior to the year of audit.  In order to avoid excess stress and hassle, keep all tax records filed in an easily accessible place for at least ten years, more if you prefer.  The space taken by one four-drawer filing cabinet can save you from a very nasty auditing experience.

Some regularly saved records include:
•             Previous tax records
•             Purchase/Sale records for livestock in farm related industries
•             Banking records for all bank accounts
•             Receipts or proof-of-purchase for all vehicles
•             Maintenance records for all vehicles
•             Year-end paystubs for at least five years

Summation

By following these simple steps you will take a large bite out of the stress, time, and expense of tax preparation, as well as keeping secure and reliable resources handy in case of audit.  This system will also allow you more broad range of possibilities where your deductions are concerned, offering you a larger return at the end of each fiscal year.

Author’s Bio: Val Anne is an in-house writer from Franklin Debt Relief, a company specializing in programs for people with high credit card debt.

Tax Carnival Ecstasy – April 5, 2012

Welcome to the April 5, 2012 edition of Tax Carnival Ecstasy. In this edition we start with Learning About Tax Liability by Bill Smith. We also have an article on starting a small business, Home Business, Yay or Nay? from the site 2010 Tax. Jeffery Weber looks at Using Credit Card Rewards to Reduce the Cost of Paying your Taxes. Finally, Edward Webber examines How Much Can a tax payer can Earn Without Paying Taxes 2012. Hope you enjoy the articles, bookmark, share, tweet, like on Facebook and come back real soon.

Amy Gardner presents Social Media Marketing Basics for Small Businesses posted at Small Business Credit Cards.

Jill Thompson presents What Debt Collectors Cannot Do To Collect Your Debts posted at How Does Rent To Own Work?.

Maria Clark presents Phrases to Avoid When Negotiating With Lenders posted at Credit Cards for Bad Credit Resource.

filing

Bill Smith presents Learn About Tax Liability posted at 2010Taxes, saying, “Tax liability can have you make wrong choices. However, the IRS has been helpful to some people in difficulties such as these.”

taxes

Bill Smith presents Home Business, Yay or Nay? posted at 2010 Tax, saying, “While the old American dream was once to land a steady job with good benefits and an early retirement, the updated version often entails becoming an…”

Jeffery Weber presents Using Rewards to Reduce the Cost of Paying Taxes with a Credit Card posted at Smart Balance Transfers, saying, “Paying taxes with a credit card is costly, but these costs can be mitigated with certain rewards credit cards.”

Edward Webber presents How Much Can You Earn Without Paying Taxes 2012? posted at TaxFix Feed Update, saying, “Each year the amount that you can earn tax free changes. This article will look at how much you can earn in 2012 without being taxed”

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.

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