Five Simple Ways To Earn And Save Money

Save Money In 2015 photo
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The year 2015 is finally here and my family has created some big savings goals. We plan to increase our income while cutting back on frivolous expenses. If you would like to save money this year than you may be interested in our money saving tips.

TurboTax

1) Carefully review your health insurance, tax information and retirement benefits. This year make sure that you have the best health plan possible and are taking advantage of any tax breaks available. You can use TurboTax 2013 to help you with your taxes. Using Turbo Tax 2013 is a better option than paying a hefty fee for professional services. By increasing your retirement contributions now, you can enjoy a worry free retirement down the road.

2) You can earn extra money doing the thing you love the most by starting up a small part-time business. If you enjoy woodworking, making crafts or organizing cluttered rooms you can sell your goods or services. This is a terrific way to earn a few extra dollars in your spare time.

3) Sell the things you no longer use. You can clean out your basement or garage and make some money in the process. You can sell gently used items online at Craigslist or through a local buy and sell group.

4) Weatherproof your home. Weather you are a homeowner or a renter who pays for utilities you can save a bundle this year by weatherproofing your house. You can save on both heating and air conditioning costs by sealing up any drafty windows in the home.

5) Get a cheaper cell phone and monthly plan. Far too many people pay too much for their cell phone. Rather than buying an expensive cell phone that comes with a pricey payment plan and long contract you can purchase an older model and sign up for low monthly services that can be cancelled at any time. You can even purchase a gently used cell phone for a bargain price.

TurboTax Survey Reveals That Most Americans Are Unaware Of The Tax Implications Of Obamacare

TurboTax: US Residents Aware Of The Tax Impact Of Obamacare

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According to a recent survey, 48% of Americans are oblivious of the requirements for reporting their health insurance condition on tax returns they file for 2014.

Given that the 2014 tax-filing season is just weeks off, An Intuit Turbo-tax Health Survey that has been performed via the web on 2,000 adults by Harris Poll suggests that Americans remain incognizant of the relation between taxes and health care.

Under Obamacare or the Affordable Care Act, Americans must show that they are in possession of good insurance,according to the law, when filing their 2014 taxes or they will be penalized.

Although the majority of Americans without health insurance, 62 percent, understand that people without health coverage will have to pay a punishment, many are not aware of the reality that the deadline for avoiding this penalty has already passed. Any health coverage secured during the current enrollment period which runs through Feb. 15, will only be applicable for returns that are completed in 2016.

According to the TurboTax Affordable Care Act product leader, Sacha Adam, these numbers show that most US residents do not recognize the connection between taxes and health care even with open enrollment.

Other information that the survey has revealed:

9 in 10 Americans currently have insurance, but people who reside in Southern US states are far less likely to have this coverage than people in any other region.

Almost half of all US residents do not know that there are deductions known as premium taxation credits that are in place to make health ins coverage less costly for families with low to medium income.

Almost 3-quarters of all US residents who bought health coverage from the ‘Health Insurance Marketplace’ intend to renew this same coverage in the year to come.

With extensive dealings in the San Diego area, TurboTax by Intuit Inc, has provided a free, web-based asset at TurboTaxHealth.com.

Dealing with Tax Debt

Handling tax debt is different from how you handle other debts, but you need not worry because for sure you will be able to work a good plan that will reduce your balances. Here are several ways that you can start drafting out a plan:

Check your tax return documents for any corrections

The first thing that you have to do is to collect all your documents of tax return and check if all the entries are correct and that you were not overcharged for something. Nevertheless, if you do not have any idea about this type of things you may opt to get debt help from a certified public accountant of financial counsellor to help you check if there is a discrepancy between the figures.

Your financial assistant will also help you in determining which plan of action you intend to do against your debts. After doing that, he or she may suggest the following tax debt reduction strategies.

Negotiate your tax debts with the Internal Revenue Service

Once you have the total amount that you need to pay, one option that you can do is to go directly to the office of the Internal Revenue Service. Personnel from them can assist you and suggest options and plans that you can do for you to be able to pay your balances. Some of the programs they have include the following:

  1. Monthly tax debt program. This is one of the most known strategies that you can do, the internal revenue service will allow you to pay for your debts on an instalment basis payable. However, the catch about this strategy is that your current tax debt amount will accumulate interest charges over the months of paying period. Apart from the penalty and interest, you will also need to shell out a user fee amounting to $105.
  2. The internal revenue service can also offer you what they call as “hardship consideration.” This is the approach wherein they will give you a few months to save up for your debts and for your financial status to work out. However, you still need to pay interest fees, penalty charges, and application fee.
  3. Another tax debt solution is filing for bankruptcy. But, if you think that you can still do something about your balances then do so. Applying for account foreclosure can directly affect your credit score and can make future transactions with the bank difficult.

Wise Ideas about Taxes

Wise Ideas about Taxes

Many people normally like to skip filing tax returns and they ignore paying taxes. No wonder that it is quite a tedious process and might take people from days to weeks to complete the process. Some of the people even need to pay interest to the IRS. But this mistake is intentional on the part of anybody. It’s only a lack of proper tax preparation. In majority of the cases, these people rush at the final moment to file their returns. The most common reasons of why people get noticed by the IRS are lack of … Read more at 2009 Tax.

Wise Ideas about Taxes

Many people normally like to skip filing tax returns and they ignore paying taxes. No wonder that it is quite a tedious process and might take people from days to weeks to complete the process. Some of the people even need to pay interest to the IRS. But this mistake is intentional on the part of anybody. It’s only a lack of proper tax preparation. In majority of the cases, these people rush at the final moment to file their returns. The most common reasons of why people get noticed by the IRS are lack of preparedness and proper attention to detail. We have to face it. Audits are no criminal activities, but they are definitely embarrassing and distressing at times.

With a good head start and right preparation, one can easily file tax returns correctly and pay taxes accurately. A good head start helps the taxpayers getting more lead time for preparing and organizing the requisite documents. It’s not a good idea to blindly follow tax software; it is important to give some time for reviewing and analyzing your past returns, present tax laws, and current applications. The tax laws keep changing from time to time; so it’s important to keep yourself updated. You should look for certain things in the revised laws which might affect your deductions and returns. It is useless to plead ignorance of the tax laws in front of the IRS or the government; this is simply unacceptable as everyone is supposed to know the tax laws. In the particular case of getting audited earlier, each taxpayer is recommended to examine their present applications. IRS has the opinion that taxpayers keep on repeating the audited mistakes. One very common mistake that many people make is to forget additional source of income. The IRS looks for any forms of disparity by comparing the issued forms with the reported income on the tax returns. On similar issues, the tax returns are normally checked with the social security records for matching the names and the social security numbers. The forms which are issued wrongly need to be returned back for corrections to the issuer.

Due to rushed work, another common mistake is wrong calculations. Although the tax software proves to be a boon for late filers, it is quite handy for early filers as well for checking their computations. You can normally avoid paying tax charges by making the right calculations on your returns. Even if you can’t pay your taxes because of your present financial condition, you’re always encouraged to do your return filing. The IRS also offers installment facility for paying taxes. These things are sensitive and may be subject to auditing randomly. In case the taxpayers are asked for auditing, they are advised to file returns of at least 6 years. IRS is always ready to provide help and support to the taxpayers as finally the agency is going to bear the burden of all tax issues. If there is good preparation, tax returns may be filed quite easily without any headache.

Try TurboTax 2009 or Tax Act 2009 Free Today!

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.