Tag: Tax preparation

TurboTax CPA Select

TurboTax CPA Select

Every year most everyone has to prepare their taxes and often it is confusing and a pain to do; however, with TurboTax, the hassle is taken out of preparing taxes. For example, with Turbo Tax, you have many deductions to consider but the hassle is taken out by answering preset questions and then answering them. As you answer the questions, a display will show you on the total refund amounts.

If you have questions as you work on TurboTax, you can get help from an email, the phone, on a message board or talking with a tax professional. In addition, there is a database that can offer quick answers to your tax questions. TurboTax gives a guarantee that their calculations are accurate but if there is a penalty for an error made by TurboTax, they will pay the penalty and refund your money back.

Often with this tax method, you will find a bigger refund and by using TurboTax, there is less anxiety when working on your taxes. TurboTax can be found at office supply stores such as Best Buy and Staples. Prices vary on TurboTax from store to store.

All you have to do with TurboTax is to install it on your computer and then follow the instructions. When you are ready to use this product, pull out all the information you need to file your taxes such as W2s, 1099s, interest and medical expenses. Then, just follow the questions. Forms you need for this process are inside the program. Next, fill out all of the information that TurboTax needs and then continue on with the program. Finish you work by printing it out and mailing it on or file it by efiling

This method of filing your taxes is economical, timely, efficient and most of all you get your taxes done without worry and stress!

In addition, for those who want additional tax help, try the TurboTax CPA Select.

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Free Tax Filing For Amended Returns

Free Tax Filing For 2010 Amended Return

Even with the best of intentions, mistakes happen. Sometimes they can be costly. But in the case of amended tax returns, fixing them could be free.

There are any number of reasons why people may want to amend their federal tax return. In addition to correcting simple errors, they may want to take advantage of a new credit, such as the $8,000 first time home buyer tax credit. Or they may have forgotten that lottery win back in July 2010.

IRS Form 1040X, 2005 revision
IRS Form 1040X, 2005 revision (Photo credit: Wikipedia)

Whatever the cause, free tax filing for 2010 amended return is as simple as filling out Form 1040X available from the IRS website or from some online tax preparation applications like FreeTaxUSA or TurboTax. The IRS, however, is not set up to accept electronic filings for Form 1040X, so they will have to be printed out and mailed.

Be sure to have your completed 2010 tax return ready to include any necessary information. In offering free tax filing for a 2010 amended return, many online tax services can provide this information quickly and easily.

Then just fill in the second section of Form 1040X identifying what has changed. Be sure and download any additional credit IRS forms needed to explain your claim. Explain why you are amending the return, print the form and send it to the appropriate IRS address. Be sure and include any documentation to support your claim, such as a bill of sale, copy of a deed and such.

If you have used online services such as TurboTax or H&R Block, check for free services offered in filing for a 2010 amended return. Other services, such as filing for state amended returns, may require a fee.

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File Your Taxes Easily with TurboTax

When it comes to online tax filing security is the major issue. Many people may like the concept or many might look down, most of them may feel worried about putting their information all on the internet and doubt that is it actually safe and secure to submit your tax return this way. While you have few downsides to submit your taxes online as long as you are aware of the risks and avoid them then it is not at all unsafe or dangerous. This depends on your provider as well while submitting the return. Thus, it is always best to verify yourself by doing little research and look out for the recommended online tax filing websites and which one has the highest recommended software to be downloaded. There are number of software available online which are secure and help you file your tax returns online. One such software is TurboTax, one of the leading and top selling tax preparation software. TurboTax comes in various versions, which version to use depends on your situation.

You can visit the TurboTax’s website and you can file your tax returns online without having to pay any fee if you are simply doing an individual form. With more complex forms there will be some fee charged. With this you can even download the premium or deluxe TurboTax software for complex tax return filing like for large corporations or businesses. The software will include all that you need with a systematic assistance offered to you. Once you buy and download the software you can use this software every year to file your taxes. So, it not at all bad investments deals to do. Filing taxes with TurboTax is easy and safe as well. It has been in market since long and has created a good name.

 

 

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Four Distinct Advantages Of Using The FreeTaxUsa Software

FreeTaxUSA

FreeTaxUsa is an incredible tax filing service that is starting to get great reviews from many leading tax filing experts.  Anyone can use FreeTaxUsa2011 without any difficulty.  There are many advantages to using the tax preparation software.  Let’s take a close look at four of them.

Endorsed by The IRS

One important note is that Free Tax USA 2011 is endorsed by The Internal Revenue Service.  This is great for anyone who may have concerns about using a tax service that may lead to a potential audit.

Accurate

The creators of FreeTaxUsa understand the importance of helping individuals avoid making a mistake on their returns.  That is why this incredible service is 100% accurate.

Fast Return

It can take weeks for you to get your return if you decide to file your taxes in the traditional manner.  You may be able to get your return within a week after using FreeTaxUsa.  This is great for anyone who needs money to cover sudden bills.

Free Support

The staff at FreeTaxUsa2011 is trained to address any concerns you may have with the software.

FreeTaxUsa is ideal for anyone who wants to use a reliable electronic tax filing service that will provide positive results.  It is free and accurate.  It is also endorsed by The IRS.

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Top 10 Tax Tips for the Year

Tax filing season has started and the documents you need should be in the mailbox soon. While the return is not due until April 17 this year, here are 10 tax tips to ensure you are ready to file.

  1. Start gathering records now. This includes receipts, canceled checks and other supporting documents.

  2. Watch for W-2s and 1099s. You will need them.

  3. For answers to questions, look at the IRS website.

  4. Use Free File. If your income was $57,000 or less you qualify for free file. You must access this service trough www.irs.gov. The IRS has collaborated with many companies that offer software to make all the calculations and file your taxes at no cost. There are also online forms that look like the standard forms that can be completed and filed online.

  5. Use IRS e-file. This is a safe and easy way to file your return. It was used by 106 million people last year and is now require of many tax preparers. If you owe money, you can pay immediately or by the deadline. If you are due a refund, it can be directly deposited to you ban within 10-14 days.

  6. Consider all options. Prepare it yourself or have a preparer file it for you.

  7. Use direct deposit. It will save several weeks over the time to send a paper check.

  8. Find all you need at the website www.irs.gov. Publications, forms and tips are all available.

  9. Read IRS Publication 17. This comprehensive resource highlights all you need to know to file a return.

  10. Take time to review. Do not rush. A mistake will slow down your return’s processing. Ensure all SSNs and math are correct. If you need help, ask. There are volunteer sites as well as help through www.irs.gov for all your tax questions and tax tips.

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Save on Tax Preparation: File Your Own Taxes

Tax preparation can be costly so save money and try doing your taxes yourself. Tax preparation can cause you hundreds especially if you opt for an expedited refund. Filing your taxes yourself is easy with the help of the Internet. Several tax preparers offer online tax services in which you can file your taxes for very little if anything at all. Depending on your income, you may even qualify to file your federal taxes for free.

Where is my W-2?

By the end of each January, employers must mail your W-2 wage information to you if you are a wage earner. If you are self employed, you will not have a W-2 form. Other tax forms, such as 1099s, you may receive for other income such as investments, retirement, or contract work. If you do not receive your W-2, contact your employer or the IRS. The IRS can send you a Form 4852 with your income information on it to complete your tax returns.

How to Begin Your Tax Returns

Begin filing your tax returns by deciding whether you are going to complete paper forms or file electronically using an online tax preparer such as TurboTax, TaxAct, H &R Block or IRS FreeFile.

Gather all income forms such as W-2s and 1099s. If you are married and filing together, you will also need your spouse’s W-2 and 1099 forms. To begin filing your tax returns, you will need basic information such as your name, address, phone numbers and social security number. You must decide how you are filing your taxes such as single, married filing separately, married filing jointly, or head of household. Each filing status has requirements and if you are using an online tax preparer it may help you decide which filing status fits you the best.

Standard Deduction vs. Itemize Deductions

After entering your income information, which will come directly off of your W-2 and 1099, you must decide on whether you will accept a standard deduction or itemize your deductions. Your standard deduction is an allowable deduction from your taxable wages that the IRS allows conditional on your taxation filing status. Dependent on your actual expenses and allowable tax credits, a standard deduction can possibly be beneficial. To determine which deduction you prefer to file, review your allowable deductions and tax credits. Charitable donations, legal fees, prior taxes paid, tax preparation fees, student loan interest paid, educational expenses, job-related expenses not reimbursed, childcare costs, as well as volunteer time are all allowable deductions and tax credits that can reduce your taxable income.

If these deductions and tax credits are more that the standard deduction the IRS allows, it is more advantageous for you to itemize. But, be careful because those that itemize deductions are more probable to be audited from the government. Ensure you have receipts for all expenses you deduct. If you are audited and do not have receipts for expenses you claimed, the IRS can adjust your return which could cost you thousands of dollars in taxes.

IRS: Publication 501: Exemptions, Standard Deduction, and Filing Information.

https://www.irs.gov/publications/p501#en_US_2010_publink1000221074

IRS: Eight Facts About Filing Status

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