Tag: IRS tax forms

Maximize Your Refund With TurboTax

If you are using TurboTax 2015 to Maximize Your Refund while filing, 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.

Photo by JeepersMedia

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.

Bitcoins Ruled As Taxable Property by the IRS


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.

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.

Completing Your Taxes


Completing Your 2010 Taxes

Completing an annual tax return is a responsibility that is shared by all American wage earners.  If you fail to file a tax return in any given year, you could face both legal and monetary penalties.  If you have not yet filed past due tax returns for your 2010 taxes or previous years, it would be a good idea to file a complete tax return for those years as soon as possible to avoid being penalized.

When looking to complete a return for 2010 or a previous year, the first thing that you need to do is gather as much of your financial records as possible.  If you have lost or thrown away pay stubs or bank statements, you should be able to get everything you need by contacting your employer, bank, brokerage firm, or any other entity that provided you with tax information that needs to be reported.

You are one of 50,000,000 Americans who must fill out an income tax return by March 15 do it now! …. (Photo credit: Keijo Knutas)

Once you have gathered all of your financial information, the next thing to do is prepare the tax returns.  Be sure that you prepare the tax returns based off of 2010 forms.  Since the tax law changes from one year to the next, 2012 tax forms will not be usable to complete the 2010 tax return.  These forms are available through either the IRS directly, your accountant, or any tax preparation software.

After you have completed the return, be sure to mail it in as soon as possible.  It would be a good idea to also include a check for any owed taxes, but you should be prepared to have to pay interest or fees on any past due amount.

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Checking Your Tax Refund Status After Using TurboTax


Checking Your Tax Refund Status

After filing your taxes with TurboTax 2013, you’ll immediately begin wondering about the status of your refund. Nobody likes filing their tax returns, but nobody complains about receiving money back each year. The Internal Revenue Service and TurboTax.com make finding this information a relatively simple affair. However, there are certain things that taxpayers need to keep in mind before looking up their status. Such information isn’t available right away after all.

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A status checker is available right on the IRS website. Fortunately, the same checker is available on TurboTax.com, too. An individual will need to enter some personal information about themselves in order to find their status. This process takes seconds and grants a status immediately. By using this tool, taxpayers will know when to expect their refund or whether an issue is blocking the refund. It’s important to keep up to date with this information as often as possible.

Taxpayers who use TurboTax 2013 and want to know their status should keep the following things in mind. For starters, a status won’t show up for the first 24 to 48 hours after filing a return. The government needs time to process and accept all of the tax forms that constitute an income return. Plus, return statuses don’t always update immediately, so nothing is guaranteed to change over the course of a single day or two.

TurboTax 2013 from TurboTax.com offers some great features for taxpayers. Individuals can file their returns for free or use a paid version of the software. Luckily, options are available for self-employed individuals and stock investors alike. The software guides people through their returns step by step without a hassle. In the end, the site even offers a refund status checking tool for users.

Everyone should consider using TurboTax 2013 from TurboTax.com for their return. The benefits speak for themselves, and the inclusion of a refund status checker is a great bonus. Not all sites offer this simple but necessary feature. Without a doubt, this is the best option for most individuals that need to file their annual return. Taxpayers should always check the status of their return a day or two after filing.

Think Of Tax Filling? Think Turbo Tax.


Think Of Tax Filling? Think Turbo Tax.

March is coming and many businesses out there know what this means. This period officially marks the time to file in business taxes back to the government. Due to this hectic activity, pressures go high thanks to the labor intensive, time consuming nature of this act. Fortunately, there is Turbo Tax to aid you in your task.

TaxACT Logo (Photo credit: Wikipedia)

Unfortunately, there are numerous software programs out there which claim are capable of easing your way around tax filing, but the thing is, most are mere half baked truths offering dead ends. According to the tax act, there are severe punishments for those found tax evading; hence it is always a good idea to give Caesar what belongs to Caesar.

During this tax season, instead of rushing to that guy you know why you don’t try out the turbo tax as seeing this software is quick, reliable, and cheap and is compliant with the law.  In this short article, you will have a quick glimpse into the reasons why TurboTax 2013 is by far better compared to other software programs such as H&R Block or Taxact.

Cost effective
In business, the key point is to always maximize on profits while minimizing the overall cost of doing business. With that in mind, turbo tax will help you save money on taxes thanks to up to five e-filings per purchase capability. 1040EZ fillings are absolutely free.

Ease Of Use
The program is designed to easily integrate itself with each and every specific states tax filing system, thus offering you great ease while filing for your taxes. Moreover, there is a professional customer care support staff always on stand-by ready to help you in any way possible.

Ease Of Access
With turbotax, you have the ability to access your tax files from any computer. So, whether you are at a friend’s house, at home or just outside the office and you need a copy of your tax file, you can easily print it out.

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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 (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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