Bitcoins Ruled As Taxable Property by the IRS

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The US Government has recognized Bitcoins which is good in a way but at the same time they have decided to view them as property, making them taxable. If they had decided that the virtual currency actually was a currency then a tax could not be placed on them when they gain in value. Some view this as making the currency legitimate, and a good thing.

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Bitcoin Magazine (Photo credit: zcopley)

The fact that they can now be taxed reduces the interest for some who see the risk in the fluctuations in value and don’t want to take on the additional tax risk. Spending them would trigger the taxation while holding onto the property would not create a taxable situation. An odd part of the IRS decision is that miners would need to count their Bitcoins as income.

Stability in the marketplace is what many hope for with a couple exchanges having financial trouble in recent months. This decision by the government should increase stability.

It will be interesting to see if there’s a form to claim Bitcoin income in the future or if exchanges will need to issue 1099 tax forms to miners at the end of each year.

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Healthcare & Intuit TurboTax

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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. In addition to Health Care, you can File taxes online 2013 with the assistance of nation’s No. 1 rated online tax preparation services, Intuit Inc.

TurboTax(R) has been at your services for over 20 years, and has helped countless Americans decode the know-how of taxing processes. And, with the innovative launch of TurboTax Health, it has widened its spectrum and has taken up the initiative to educate the uninsured Americans how they can be a beneficiary of the Affordable Care Act, as per their requirements.

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English: Depiction of the House vote on H.R. 3590 (the Patient Protection and Affordable Care Act) on March 21, 2010, by congressional district. Democratic yea Democratic nay Republican nay No representative seated (Photo credit: Wikipedia)

Feel free to logon to www.TurboTaxHealth.com, and check out the new free online tool TurboTax Health. It provides you with the insight into ACA, and how you can make the most of it through an interview-like experience, synonymous with the popular TurboTax software.

Making health care choices can be brain-rattlers, for people may not be sure if they are barking the right tree. Hence, this is where TurboTax Health steps in, and in three easy to-understand steps familiarizes you with Affordable Care Guide. You learn about the health care options you have to make the right decision. Answering to few questions simplifies thing for you, including:

  • · Do you qualify for a tax subsidy? And the estimated amount that would help you to get health insurance at a discount.
  • · Know the estimate of how much you have to pay for your health insurance.
  • · You come to know about the tax penalties in-case you opt not to go for health insurance.

For the ones opting to buy health insurance, TurboTax Health simplifies things for you, as it gets you connected to your state or federal health insurance sellers, or to eHealth, a leading private health insurance site.

Intuit Inc. has helped Americans to decode the complexity of taxation procedures and educated the masses with layman’s terms on the latest tax laws and legislation, and this process they have carried forward with health care.

People with health care queries can get their answers from TurboTax Health, which has created a unique social community of tax professionals and, personal experiences of peers. With the help of AnswerXchange community, people are breathe easy has they can get step-by-step guidance and be more confident on taking their own decision for their health care needs.

With Intuit you are in safe hands, as it has made impression with revenue of $4.2 billion in its fiscal year 2013.

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Tax Carnival Ecstasy – January 14, 2014

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Welcome to the January 14, 2014 edition of Tax Carnival Ecstasy. In this edition we start with an article from Bill Smith presenting the IRS Tax Adjustments made in 2014. John Schmoll has some Retirement Planning Tips for the Self-Employed. And Kurt at Mymoneycounselor.com looks into Tax ID Theft Awareness. Hope you enjoy all the articles, bookmark, share, tweet and like our carnival on Facebook.

deductions

Justin @ Root of Good presents 11 Tips to Finish the Year Strong posted at Root of Good, saying, “Don’t make a huge financial mistake by ignoring these 11 things you have to do before 2013 comes to a close. These tips include a number of deductions that are “use it or lose it” each tax year.”

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Self-employed (Photo credits: www.myhardhatstickers.com)

filing

Bill Smith presents IRS Tax Adjustments In 2014 posted at 2013 Taxes, saying, “Taxes in 2014 are set to undergo various adjustments, affecting more than 40 tax provisions.”

retirement

John Schmoll presents Betterment Review: A New Investing Option to Consider posted at Frugal Rules, saying, “Investing in the stock market is vital to building wealth and with the variety of options available of where to invest it can be confusing. Choosing a good brokerage that has good offering and low fees can be a great way to help grow your retirement portfolio and get your investing on the right foot.”

John Schmoll presents Retirement Planning Tip for the Self-Employed: Don’t Make My Mistake posted at Frugal Rules, saying, “Retirement planning when you’re self-employed can be easily overlooked when you’re busy managing your business. However, this can cause a worse problem as you’re also losing out on a 401k match. With some appropriate planning and selection of the appropriate retirement vehicle you can set yourself up for success and grow your retirement portfolio at the same time. Just make sure that the option you select is the one that’ll benefit you from both a retirement and a taxation perspective.”

taxes

Bill Smith presents Start Filing Your Returns With TurboTax 2014 posted at 2014 Taxes, saying, “Get Your Refund Early by Filing Your Returns Early: E-filing with TurboTax 2014 to Start on Jan. 2″

tips

[email protected] presents Tax ID Theft Awareness posted at Money Counselor, saying, “Responding to explosive growth, the FTC has made January 13-17 Tax Identity Theft Awareness Week. What are the risks? What should you do if you’re victimized?”

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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Guidance on Preparing Your 2014 Taxes

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Usually, tax planning is not included on most people’s lists of new year’s resolutions. However, maybe 2014 ought to be the year when you make the effort to understand more about your taxes. This will allow you to correctly plan and organize your responsibilities.

This resolution will help you once tax season arrives, and it might result in you saving more cash over the long run.

Here’s some advice to help you get started on achieving this goal:

Organize your tax file for 2014. This might be an online file, where you can scan transactions and documents over the course of the year. This will impact on your total tax amount. Alternatively, you could use a bin or folder to store the details.

The advantage of electronic files, like Turbo Tax 2014, is that when your tax is due, you can just email the data to your accountant. Then, he or she can keep the file for use during an audit. Ensure that you have sufficiently backed your data up, just in case an unforeseen problem arises. Including notes on your tax documents will help your accountant understand the transactions, which facilitates the filing procedure.

Examples of important tax documents are: 1099s, W2s, escrow documents for purchase, K1s, receipts for car registration charges and real estate tax, receipts for additional tax deductible purchases, and letters confirming charitable donations made to recognized nonprofits.

All the best to everyone for a healthy, happy, successful and tax conscious 2014.

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How To Check Your Tax Return Online

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Check Your Tax Return Online

Everyone needs to be updated on the progress of his or her application for a tax return after they file. Failure to do this could unnecessarily prolong the waiting time, which is typically twenty one days. In most cases, the internal revenue service, commonly known as the IRS, is able to meet the 21 day target. However, delays associated with incomplete information or inaccurate details will hold up the process especially if the applicant does not get details of the hindrance. As a rule of thumb, one is advised to keep track of the process by checking the status of his or her tax return online.

There are several ways of verifying the condition of your tax return. To begin with, one can use a telephone to check the status of is of her tax return. The process is simple and it entails calling the IRS hotline at 1-800-829-1954. Besides this toll-free hotline, those with iPhone and Android phones can also check their tax return via a special application, IRS 2go. If you would like to check your tax return status online, the IRS website is the most appropriate place to visit. The website application is easy to navigate through and thus accessible to all and sundry.

The Where’s my Refund IRS web application will help you get the status of your tax return. However, this website is usually updated once in a day. For electrically-filed tax return, the refund information should be available in 24 hours after ISR receives the information. Alternatively, you can check your tax return online by simply having your security number ready at hand while logging in to the IRS website. Going by this option, a number of details would be required, including the exact amount to be refunded. Nevertheless, the goal will be met since one will be able to quickly learn the status of his or her returns.

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Check Tax Return Online

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Check Tax Return Online

Since the 2008 Economic debacle, the U.S. has looked for ways to maximize income while minimizing expenses. As a government’s chief method of income is the taxation of its citizens, the Federal government has looked to allowing the lapse of Bush era tax breaks, raising taxes where appropriate, and stricter guidelines for tax professionals.

This ethos is trickling down to the state level. In some of the harder hit states, new and tighter regulations concerning the taxpayer and his/her tax bill are coming into existence and the taxpayer is facing new and more intense scrutiny. This effectively translates into greater responsibility and headache for the professional tax preparer.

Already living in one of America’s most highly taxed states, the average citizen in the state of New York may not be aware of the ordinances in place that dictate nearly every phase of the tax preparer’s profession and his/her relationship with corporate and individual clients. Tax preparers have to pay a fee and register with the New York Department of Taxation and Finance if they make a least ten tax returns in a calendar year (deeming them professionals). As the Internal Revenue Service already has tax preparer registration in place, this is a double whammy for tax preparers who reside in the state of New York. Twice represented and twice accessed for the privilege of practicing within New York.

Of course, state and federal governments maintain that this regulation is good for the state and good for the country. Regulating tax preparers provides additional assurance that more citizens are in compliance with tax regulations (regulating at every level will ensure more scrupulous compliance). This regulation may persuade people to seek internet services in order to check tax return online and streamline the entire process.

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