Check Tax Return Online

TaxAct

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.

Taxes, Santorum, Part Of The Solution Or Part Of The Problem

TaxAct

The Republican candidate Rick Santorum has a tax plan that would cut taxes, for Americans, but increase the budget deficit by nine-hundred billion in a year. This was reflected in a recent study. The more the deficit increases, the less the American dollars is worth. His plan is a short term fix, with no long term benefits.

The taxes 2012 Santorum plan would create a substantial tax cut of approximately seven-thousand and eight-hundred dollars for about sixty-nine percent of Americans. The problem with his proposal is that the households, which would benefit the most, are the richest ones in the … Read the rest

TaxAct

The Republican candidate Rick Santorum has a tax plan that would cut taxes, for Americans, but increase the budget deficit by nine-hundred billion in a year. This was reflected in a recent study. The more the deficit increases, the less the American dollars is worth. His plan is a short term fix, with no long term benefits.

The taxes 2012 Santorum plan would create a substantial tax cut of approximately seven-thousand and eight-hundred dollars for about sixty-nine percent of Americans. The problem with his proposal is that the households, which would benefit the most, are the richest ones in the country. Individuals, who make more than one-million a year, might receive a tax cut package of approximately four-hundred and forty-two, thousand dollars. Most households with an income of fifty-thousand to seventy-five thousand would receive about two-thousand and sixty-two dollars.

Santorum’s tax cuts are extremely beneficial to corporations, by cutting their taxes in half. Corporation that now pay thirty-five percent in taxes, would only pay around seventeen percent. The wealthy would get a lower tax rate on their investment income from fifteen percent to twelve percent. He would get rid of the marriage tax penalties and increase aid for dependent children. Single parent families would conversely receive tax increases. However, none of these tax changes would be fully established until 1215.

Rick Santorum’s budget will increase the deficit, benefit corporations, and the wealthy. It is time to stop writing checks on an empty account. The last thing this country needs is another short-sighted economic agenda.

How long should you keep your tax documents?

TaxAct

Your tax documents are very important documents that you may need to refer to way after the time you actually file your return. More importantly, the IRS may need to refer to these documents at some point in the future and you therefore need to make sure that you do not dispose of your tax documentation once you have filed your returns thinking that you will never need the documents again.

Whilst most people are aware that they need to keep their tax documents for a certain amount of time many are not sure how long they should keep them for. Of course, it is impractical to hoard your tax documents forever, as otherwise you may find that you can no longer move in your office of home due to the amount of folders, paperwork and documentation that you have!

However, it is important to keep your documents for at least a set minimum number of years and if at all possible for as long as you can – something you could do if you have some sort of storage facility available to you such as an unused garage where you could store old tax folders (although you must ensure that the facility you use is secure due to the personal information that your tax documentation can contain).

One thing to bear in mind when deciding how long to hang on to tax documents is that tax offices in different states will hang on to your documents for varying amounts of time. For example, in some states the IRS is able to carry out an audit within three years of your tax returns being filed, which means that after that period they will most likely get rid of the documents. In other states they may have four years from the date of the return to carry out an audit should they decide to do so. You should make sure that you find out what the timescales are in your state and hang on to your records for at least the same amount of time as the IRS so that you have something to refer to in the event of an audit.

However, another thing to consider is that if you get rid of your tax documentation once the IRS also gets rid of it there will be nothing to refer to in the event that you need the information for other purposes in the future, which is why some people like to hang on to their tax documents for as long as they are able to.

Andrew writes frequently about personal finance as well as issues effecting both consumers and small businesses, covering everything from credit cards to mortgages to how to setup an umbrella company .

Should they Abandon the Alternative Minimum Tax?

TaxAct

The AMT or Alternative Minimum Tax is that rare thing – a part of the tax code that most people agree on irrespective of their ideological or political leanings. It was originally established in order to make certain that the richest citizens in the US were going to be made to pay their own fair share of the national tax revenues, but most people now think that it is unfair it has not been adjusted along with inflation which in effect means that an ever growing percentage of not quite as wealthy Americans are falling within its remit and finding themselves the recipients of bigger tax bills.

In recent negotiations on the debt ceiling, one of the considerations under discussion was that Congress remove the Alternative Minimum Tax. Whether this was a bargaining chip or a genuine suggestion is uncertain but it does rile many people that a tax that was put in place to place extra tax on the rich has now ended up including 65% of all US taxpayers. How is it fair that 65% of all taxpayers are required to pay an extra tax over and above what the rate charts require? On the other hand, some people might suggest that 65% of all taxpayers are now wealthy and that the gap between rich and poor is growing.

Certainly most people agree that something needs to be done. Whilst the gang of six in Washington managed to avoid handling the thorny issue of the AMT there are calls for action to be taken almost every year and the continuing back and forth debate as well as those regular year on year fixes have gotten to be too much.

Alex is a freelance journalist and financial blogger. He loves to write about baseball and jazz but spends most of his days writing about mortgages, credit cards and umbrella companies .

The IRS Provides Offshore Account Disclosure

TaxAct

As we complete the strenuous task of paying our incomes taxes for 2010, we have to deal with the unleashed financial monster i.e. IRS tax audits.

Many taxpayers do everything possible to try the nearly impossible feat of evading the burden of taxes by using the measures as per the Internal Revenue Code to dodge their tax burden. Thus, they cause financial problems and auditing issues for the government, which in turn has doubled the auditing of tax returns for the richest USA citizens this tax season.

IRS professionals have definitely pulled up their socks with audits being increased 8% for the richest USA citizens in 2010 over the past tax season. Also the data released by the Internal Revenue Service shows that IRS audits have increased from 10.6% to 18.4% for the taxpayers with gross incomes above $10 million. Even audits for taxed adults within the income range of $5 million and $10 million have seen audit increases from 7.5% to 11.6%, which is a 55% increase.

Offshore accounts and tax evasions are the new catch with Global High Wealth groups being established in 2010 for improved strategies for high magnitude capital individuals.
As per Doug Shulman, IRS commissioner, the federal agency is looking for leverage points through which many tax evaders can be caught. Two of them are financial institutions and evasion scheme promoters.

The initiative of an Offshore Voluntary Disclosure process for the native and non-native English speaking taxpayers, provides information in 8 different languages. For tax evader’s benefit, they can now disclose their offshore accounts and come clean with the taxing authority, since evading taxes is a criminal offense and largely against the US’ interest.

 

Using Taxbrain’s New Tax Preparation Video Service For Tax Assistance

TaxAct

Taxbrain Begins An Amazing New Tax Service: Instant communication with certified tax professionals without having to leave your home.

Taxbrain.com, a leader in the industry of online help with taxes, has just decided to provide another great service. That is YOU&US, a video service that lets your taxes be done by professionals, all online. You can ask them questions or for suggestions or guidance, or just sit back and watch as your taxes are prepared correctly and efficiently. It is like having a professional right in the room with you. this program is a browser based that allows video communication two ways, audio, shared desktop information, and more.

Craig Petz, the VP at Taxbrain, is quite excited about Taxbrain. He thinks it is what their customers are looking for. It lets them solve tax problems in a convenient way, and it uses the latest technology to do that, all while involving the customer. It is a service that many people will find quite handy, and others may find almost indispensable.
They are also having a Ask a Pro service, which features 30 minutes of conversation with either a professional from Taxbrain, or someone working for the IRS. The 30 minutes covers a range of commonly asked questions and concerns people have about doing their taxes. These programs can be used separately or together.

Taxbrain started in 2002 and has since then emerged as a reliable and trusted source for tax information and help. Thousands of people used them for taxes 2010 last year. This year, try them out, and make your taxes less of a hassle.