The EITC Not Always Claimed for 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. Any many would get substantial refunds thanks to programs like the EITC.

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. So everyone should file their taxes and learn as much as possible about deductions and credits that you can claim.

EITC

Earned income tax credit (Photo credit: Wikipedia)

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. But if unqualified filers can get this great credit, shouldn’t you try to obtain the credit also?

Features In TurboTax 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.

TurboTax 2015
TurboTax 2015

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 today.

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.