Why Does Intuit Want To Strike Down Return-Free Tax Filing?

Why Does Intuit Want To Strike Down Return-Free Tax Filing?

Most Americans don’t know much about return-free filing, but it’s popular in certain countries. In applicable countries, the government prepares a taxpayer’s return each year. This government-prepared return is created using employer and banking records. A taxpayer can submit this return to the government free of charge without making any changes. By using this concept, taxpayers can save time and money each year.

YOU ARE ONE OF 50,000,000 AMERICANS WHO MUST F...
YOU ARE ONE OF 50,000,000 AMERICANS WHO MUST FILL OUT AN INCOME TAX RETURN BY MARCH 15. FILE YOURS EARLY. – NARA – 516201 (Photo credit: Wikipedia)

Unfortunately, the parent company of TurboTax, Intuit, has been fighting this idea for years. Intuit has lobbied congress against return-free filing on multiple occasions. TurboTax, of course, offers free tax filing for millions of taxpayers. In each instance, Intuit defended its actions by saying that it’s attempting to protect taxpayers from government intrusion. Higher costs are cited as a consequence of return-free filing, too.

However, the largest opponents against this concept are the tax filing companies. TurboTax stands to lose a lot of money due to 100% free tax filing offered by the government. In other countries, such a system saves billions of dollars every decade without any consequences. Tax return services comprise a large chunk of a filing service’s revenue annually. Therefore, these same companies are spending millions fighting return-free filing.

Completely free tax filing from the federal government comes with plenty of benefits. Currently, many Americans waste countless hours and dollars on their annual tax returns. This concept, if handled properly, could eliminate all of that waste. Intuit and TurboTax offer great services, but they’re fighting a completely justifiable program. Free tax filing is still available to most Americans already, though.

A Basic Overview Of The Turbo Tax Advertisement Controversy

The Turbo Tax 2013 Advertisement Controversy

The Turbo Tax 2013 advertisements were undoubtedly memorable and those who have seen them will not soon forget them. It is also impossible to deny that these advertisements were more aggressive in than previous advertisements aired by the company. Despite the fact that TurboTax is one of the most popular tax programs on the market, the company is definitely trying as hard as it can to put down the competition.

Why Were the Ads Controversial in the First Place?

The Turbo Tax 2013 ads emphasized the fact that many tax preparation companies hire trained professionals who do not work as accountants year round. The ads clearly displayed various people who prepared taxes during the tax season later going back to their regular jobs. More specifically, one individual in question worked as a sales clerk while another worked as a plumber.

The ads did not mention H&R Block by name, except to note at the very end that TurboTax handles more tax clients than H&R Block and all other similar companies combined. However, the fact that Turbo Tax was trying to undercut H&R Block and other, similar companies was unmistakable.

The Case

H&R Block retaliated with a swift, harshly worded statement against Turbo Tax before taking the tax software giant to court. In court, H&R Block made a few valid arguments against Intuit, the company that owns and runs Turbo Tax. H&R Block noted that the company puts down those individuals who do not work as accountants on a year round basis, without noting the fact that these individuals do have the training required to properly prepare tax forms. The ads also did not note the fact that many of H&R Block’s employees have extensive experience. Furthermore, the lawyers also note that the ad portrays an unflattering picture of those who work in sales or plumbing.

While the court noted that these arguments were valid, in the end TurboTax won the case and is able to play the ads when and where desired. The courts found that the ads did not breach any laws and, more specifically, did not cause illegal harm to H&R Block. Given this ruling, it is not unrealistic to expect more, similar Turbo Tax ads next tax year.

While Turbo Tax has won the first round of this battle, this is u

Boxing Generic copy
Boxing Generic copy (Photo credit: Wikipedia)

nlikely to be the last battle between these two giants. H&R Block does tax preparation in person while TurboTax is a software program that a person can use on his or her own. However, both these companies are vying for the same clients and so are likely to continue attacking each other and other, similar businesses in an effort to reduce the competition and get a larger share of customers.

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
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.

Tax Carnival Ecstasy – February 19, 2013

Welcome to the February 19, 2013 edition of Tax Carnival Ecstasy. In this edition we start with a post from David de Souza who looks at 3 Ways To Pay Less Tax On Your Savings. Kurt at Mymoneycounselor.com has tips on the best way to Choose a Tax Preparer. Have you ever wondered if You need to Pay Taxes on credit card rewards from reward points? William has the details. And finally, John Schmoll examines 5 Easy Ways to Save the Money you Lost Due to the Payroll Tax Increase. Hope you like the material, share on Facebook, tweet, bookmark, and come back soon.

deductions

David de Souza presents 3 Ways To Pay Less Tax On Your Savings posted at TaxFix Feed Update, saying, “This blog post will provide 3 tips on how you can maximise your tax efficiency on your savings.”

filing

Bill Smith presents Canadian Income Tax Filing Made Easy posted at 2014 Taxes, saying, “In recent years, the Canada Revenue Agency (CRA) has been expanding the methods available for you to file your income taxes.”

Bill Smith presents Filing Taxes with TurboTax Canada posted at 2014 Taxes, saying, “TurboTax Canada is designed to make filling less of a challenge no matter who you may be.”

Day 56 - Tax Time
Day 56 – Tax Time (Photo credit: absoblogginlutely)

[email protected] presents How to Choose a Tax Preparer posted at Money Counselor, saying, “The IRS’s “10 Tips to Help You Choose a Tax Preparer” overlooks a huge tip that could save you a bundle.”

Bill Smith presents District Court Rules That The TurboTax 2013 Ads Can Continue To Run posted at 2013 Taxes, saying, “The recent TurboTax 2013 television commercials focused on the accounting experience of the TurboTax 2013 staff while also pointing out the lack of experience of tax preparers from other major tax preparation companies.”

Bill Smith presents How You’re Wrong About Debt Consolidation posted at Debt Consolidation, saying, “With so many mixed messages presented by so many different sources, it can be difficult to know which to believe when it comes to finances.”

tax law

William presents Tax Time: Do You Have to Pay Taxes on Credit Card Rewards? posted at Card Guys Blog, saying, “So, the question becomes this: Are your credit card rewards actually considered income? As always, with our somewhat ambiguous tax code, the answer is: It depends.”

taxes

Bill Smith presents Getting Your Taxes Done with TurboTax Canada posted at 2014 Taxes, saying, “TurboTax Canada is the software that every person should take advantage of when it comes time to sit down and do your taxes.”

Bill Smith presents E-Filing Your Taxes With TurboTax 2013 posted at 2012 Taxes – Free Tax Filing Options, saying, “We are in the midst of the 2013 tax filing season. Every year since 1993; Americans have increasingly used e-filing software to file their tax returns. TurboTax 2013follow has perfected the process of contemporary electronic tax filing.”

John Schmoll presents 5 Easy Ways to Save Money Lost Due to the Payroll Tax Increase posted at Frugal Rules, saying, “The Payroll Tax Holiday went away at the beginning of 2013. Some families were prepared, some were not. This is a list of ways to help make up for that, or if you’re looking to live more frugal and save money in general.”

David de Souza presents Which countries pay the most tax? posted at Tax Credits, saying, “If you think that you pay too much tax in the US you should compare what you pay to other countries in the world. This blog post looks at which countries pay the highest tax.”

tips

Bryan presents Best Short Term Investments posted at Gajizmo, saying, “Even multi-billion dollar corporations are always trying to maximize the returns of their cash and short term investments, so why shouldn’t you? Here is a comprehensive list of all the best short term investment options, from online checking accounts, money markets and Treasuries to “I-Bonds”, corporate bonds, and property tax certificates. Find out the pros and cons of each and where you feel comfortable parking your cash for the short-term before you invest it at higher yields.”

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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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.

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.