How Can You Prepare Your Taxes On The Internet?

How Can You Prepare Your Taxes On The Internet?

Most of us need some help when the time for tax preparation comes. Some of the web sites are mentioned below that will provide guidelines and other information to help you with filing taxes online.

Fairmark.com

The web site is www.fairmark.com.

Fairmark.com, a web site dealing with tax issues to help investors to e-file taxes, it is recommended by Forbes.com and offers a taxes help centre and provides guidance for dealing with capital gains, Roth IRAs, and college financing.

IRS.com

The web site is www.irs.com.

This site does not have … Read more at 2009 Tax.

How Can You Prepare Your Taxes On The Internet?

Most of us need some help when the time for tax preparation comes. Some of the web sites are mentioned below that will provide guidelines and other information to help you with filing taxes online.

Fairmark.com

The web site is www.fairmark.com.

Fairmark.com, a web site dealing with tax issues to help investors to e-file taxes, it is recommended by Forbes.com and offers a taxes help centre and provides guidance for dealing with capital gains, Roth IRAs, and college financing.

IRS.com

The web site is www.irs.com.

This site does not have any affiliation with IRS.gov, but it provides suggestions such as how to pay taxes online and about filing your tax returns; it also gives information regarding income taxes, deductions, tax refund, and extension along with other relevant topics like tax scams and frauds.

MSN Money

The web site is MoneyCentral.msn.com/tax/home.asp.

The Tax Estimator of MSN Money helps to prepare your taxes and also provides information regarding change of tax laws. The glossary of tax terms helps you to decide the forms you will need for filing, and you can use the site’s message board Tax Corner and get your tax-related queries answered by Jeff Schnepper, a tax attorney.

TaxSites.com

The web site is www.taxsites.com.

TaxSites.com is basically a directory of accounting and tax related web sites, and provides links to organizations, legal information, tax agencies of the states, and other relevant government web sites.

United States Tax Court

The web site is www.ustaxcourt.gov.

It helps to solve tax-related disputes and offences. The web site explains the court procedures, provides frequently asked questions about a case going to tax court, contact details for the judges, and court office addresses.

Yahoo! Taxes

The web site is taxes.yahoo.com.

The Taxes page of this site provides tax guidance for investors, tax education and tips, and other resources to help users know details about federal taxes, using the message board to discuss matters with others, and finding an accountant.

When Is The Best Time To Go For A Tax Return Filing?

When Is The Best Time To Go For A Tax Return Filing?

Millions of US citizens get ready either for paying taxes or for collecting tax refund from the government by 15th of April each year; when exactly did this day become a great day for the taxpayers and when are the people expected to file their income tax returns? Let us see the history of the date “15 April” as the date for income taxes and why it got chosen.

In the early 1860s, under the reign of President Abraham Lincoln, the Americans were known to pay the first … Read more at 2009 Tax.

When Is The Best Time To Go For A Tax Return Filing?

Millions of US citizens get ready either for paying taxes or for collecting tax refund from the government by 15th of April each year; when exactly did this day become a great day for the taxpayers and when are the people expected to file their income tax returns? Let us see the history of the date “15 April” as the date for income taxes and why it got chosen.

In the early 1860s, under the reign of President Abraham Lincoln, the Americans were known to pay the first income tax to the government. There was a huge loss to the country’s economy due to the Civil War, and the government decided to create an internal revenue-generating system and a law was enforced to make the citizens pay a federal income tax. The present-day income tax got started this way. On the basis of progressive or graduated taxation principles and of cutting a share of income at source, the income tax procedure was formulated. The commissioner had the highest authority of assessing, levying, and collecting federal income taxes. He also had the authority of enforcing tax laws through prosecution or by capturing income and property.

Initially, 15 April was not the deadline for filing the income tax. First March was the date initially set for this purpose. In 1918, the then Congress reset the date to 15th of March. Afterwards in the “1954 amendments”, the date was finally fixed at 15th of April, and is going on like that till today. The question is why this particular date? Many scholars argue that with this date, IRS gets more time for handling the workload and it can work conveniently for offering any tax refund. For over fifty years now, 15 April has been the official date for this purpose. Historically speaking, this is not a very long time period, and to a higher possibility could again be changed.

Being a taxpayer yourself, you are supposed to file a return or a time extension (Form 4868) on or before 15th of April. Legal or other corporate entities are supposed to file their tax returns or federal income tax return on or before 15 March, or they also can take a time extension. During this extended period of time, you will have to pay the government some extra taxes due. Therefore, if you are not ready with your business or personal financial information by the government-specified date, you are supposed to pay some extra tax in form of a penalty.

After World War II, the whole tax responsibility was equally shared by both the individual and corporate taxpayers. However nowadays, the responsibility has been shifted more toward individuals compared to business entities. In and around the year 1867, people started becoming more concerned about their special interests, they started raising their voice and getting heard, and finally in 1872, the government had to abolish the income tax law; and during the period from 1872 to 1913, almost all the government revenue was generated through the sale of tobacco, wine, liquor, and beer. In 1894, for a brief period of time, the income tax came back into force again, but soon afterwards in 1895, the US Supreme Court declared it unconstitutional with regard to it being not apportioned properly among all the states conforming to their Constitution.

Around 1918 in America, eventual taxation laws were defined. Until then, the government generated a major part of tax revenues from selling alcoholic beverages and through imports and exports. After the Constitutional amendment in 1919 when alcohol selling and manufacturing were made illegal, it became imperative to look for an alternative revenue-earner. Federal income tax was proposed as the solution, and since then it is operational till today. During the period from 1920 to 1933, when no alcoholic beverages were allowed to be sold in the country, the individual taxpayer had to take on a heavy burden to support the government revenue, and the burden naturally got heavier with time. Some people were in the business of illegal liquor making, and they had to pay tax too on the liquor so produced; these bootleggers were often imprisoned for tax evasion but and not for bootlegging. In case you wanted to prosecute somebody, taxes would invariably come into focus.

With the passing of the “Revenue Act of 1942”, a new era began in the American history known as the New Deal period. Since then there have been a continuous growth in the government power, control, and expenditures; and today, the US government has become a multi-billion dollar giant supported by the individual American taxpayers. Every year, it consumes 10 percent of the income that we earn, and it tends to eat up even more money once the Social Security Administration comes into play. There is nothing that we can anticipate as a sign of relief.

At present, IRS is taking all the responsibilities of tax regulations in the country, and this office has got 4 major segments, namely, the Small Business & Self-Employed, the Investment & Wage, the Large & Mid-size Business, and the Government Entities & Tax Exempt. Certain specific responsibilities are imposed upon each of these divisions.

The ways of collecting and calculating taxes are always in the focus and there is continuous effort of how to modify them for the better. National sales tax and the flat tax are the most common forms of taxes. It all depends upon the Congress to take the step up and make a change; otherwise taxes will continue to remain a cumbersome affair for everybody.

IRS Free File Is Available To Many

IRS Free File Is Available To Many

In 2003 the IRS began a program to provide free e-filing options to US citizens that need to file tax returns. The program has been widely successful with over 20 different tax filing programs taking part and over 27 million tax returns filed with the program. Individuals wishing to take advantage of the program can select a tax preparation software package and file their return with the application. Or tax filers can use electronic versions of IRS forms and file directly with the IRS.

Just access the IRS.gov website and select a … Read more at 2009 Tax.

IRS Free File Is Available To Many

In 2003 the IRS began a program to provide free e-filing options to US citizens that need to file tax returns. The program has been widely successful with over 20 different tax filing programs taking part and over 27 million tax returns filed with the program. Individuals wishing to take advantage of the program can select a tax preparation software package and file their return with the application. Or tax filers can use electronic versions of IRS forms and file directly with the IRS.

Just access the IRS.gov website and select a tax preparation software program that you want to use. As long as your income is below $57,000 you can use the 3rd part software tools. If your income is above this line established by the IRS, you will have to use the IRS forms online to file for free.

Make sure you start with the IRS.gov website to claim the free filing option. And sometimes filing with the IRS fill-in forms can be difficult if your return is complex. Paying for professional assistance or a complete software package can be beneficial in getting the most return available to you.