When I filed my taxes for the first time, I didn’t have Turbotax or any other program to help me out. It was a very intimidating and scary process for me and I was constantly worried about messing up and having to pay a penalty to IRS. Filing for taxes is an easy job if you are aware of what you need to do. The following are some of the tips that you can use as a first time tax filer:
The first thing that you need to do is to organize all your files and documents. Have all these stored in one place, be it the forms, the receipts or other kinds of relevant documentation. By doing this you will be able to save a lot of time and also make the whole process more easy and convenient. Next, you should also check whether you qualify to file for free or not. If you have a W-2 along with very little bank interest then you would qualify.
Also, do not forget about filing for your state taxes with TurboTax 2015. When you have a tax filing program like TurboTax, you would be able to file for state taxes and federal taxes easily because all your information can be transferred automatically. Another top tip to keep in mind would be to file online using TurboTax 2015 instead of doing the process manually because the latter is a time consuming process and the scope for errors is also higher.
According to a recent Government Accountability Office report, the IRS continues to leave its vast computer systems without proper security. Private taxpayer data is vulnerable to hackers, fraudsters and former IRS employees. This GAO report tells of significant deficiencies relating to the financial reporting systems. Millions of Americans are rightfully concerned because they are required by law to file tax returns but worry about fraud.
The IRS must continue making improvements to taxpayer financial data controls. This news comes in the wake of a very unpleasant six weeks for taxpayers and the IRS. Taxpayers have entered this filing season with greater fears over fraud. TurboTax recently announced it was suspending tax return filings due to fraud.
Taxpayer distress became more severe when some learned that their tax return had been filed by someone else who received their refund. At first, it did not involve federal taxes, only state returns. The FBI began investigating returns filed using TurboTax. Those interviewed about this spoke of data being compromised and returns may have been filed on the basis of 2013 returns.
The report tells of easily compromised IRS passwords and outdated software having improper security functions. Worse yet, at times the IRS fails to delete access for employees who quit or have been fired.
Additionally, former employees of the IRS retain access to its data system when they should have been immediately cut off. A co-author of the report says that there is a plethora of taxpayer data that remains at risk for identity theft.
Taxpayers have no confidence in the credibility and security of the IRS especially after the Treasury Inspector General for Tax Administration stated that 1.6 million taxpayers had been affected by identity theft early in 2014. It was a fraction of that four years before. Electronic filing likely plays a role.
The GAO warns that gaining access to IRS files does not require much sophistication on the part of hackers. At the same time, it reports that some security weaknesses have been addressed, but more improvements must be made.
We are currently in the midst of the tax season, and many tax filers already received their refunds. These individuals should feel happy and lucky because there is an issue currently afflicting the tax industry. Based on recent reports from the TheBestCompanys.com, some individuals are not receiving receiving the refunds they were expecting. Apparently, identity thieves found a way to claim and steal from these unsuspecting individuals.
Since the start of the year, internet fraud on the Turbotax 2015 free platform increased by approximately 37%. This percentage includes suspicious filers and filers who had their information compromised by hackers. TurboTax 2013 creators were not aware of this glitch for quite some time. When they discovered the issue, they started making changes to their interface, and now these issues are becoming less frequent.
The chief tax officer of Intuit, David Williams, believes internet fraud will be an ongoing problem. If they correct one problem, he expects the problem to pop up somewhere else. Intuit plans to do their part by placing safeguards and deterrents in vulnerable spots within the interface.
This will help out the tax filer tremendously, but the tax filer needs to do their part as well. Intuit encourages tax filers to guard their information when they are filing a tax return. This will put another barrier in front of any hackers and thieves.
If you are using TurboTax 2015 to file your 2014 taxes, the software can save you a lot of time by transferring last year’s information into the current year, explains Frank Ellis, a tax specialist.
In an article in the Traverse City based Tax Preparation Examiner, Ellis explains in detail how users can simply use last year’s information and then submit their return to the IRS with the up to date information.
Users are also able to use TurboTax 2015 to get the largest possible refund, and Ellis tells you how to do this by explaining how to access many of last year’s details and entries that have been saved on your computer.
This saves time as you do not need to retype much of your information, and also ensures more accuracy. The convenience of TurboTax 2015 doesn’t stop there; the software also allows you to transfer important and relevant information from other files.
The fact that TurboTax 2015 looks for important documents and enters financial details automatically is one of the biggest appeals for most users filing their 2014 taxes. The software is designed to make the filing process as easy as possible, and to maximize the refund amount.
Ellis also points out the security and safety of the software – two things important to anyone dealing with personal financial information. Also pointed out are those all important little known deductions and credits, the many innovative tools of TurboTax 2015, and any important deadlines for filing.
Using a tax refund calculator is highly recommended during the entire process, to give users a fairly accurate idea of how much refund to expect. The entire tax filing process is easier and goes much more smoothly when you are able to make any necessary adjustments, based on your estimates of any tax refund.
Many users like to have some idea of their refund amount during the filing process, and the tax refund calculator allows you to be informed every step of the way. You can prepare more efficiently for the financial year when you are able to estimate the amount of your tax refund in advance.
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.
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.
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.
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.”
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.”
[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.