Tax Carnival Ecstasy – March 28, 2013

Tax Carnival Ecstasy – March 28, 2013

Welcome to the March 28, 2013 edition of Tax Carnival Ecstasy. In this edition we start out with an article from Bill  Smith on the recent fight between H&R Block and TurboTax over the advertisements that Intuit has been running about part-time tax preparers. We also have a great article John Schmoll from Frugal Rules on why financial adviser compensation is an issue when selecting a professional to invest your money. Hope that you like all the articles, share on Facebook, tweet, bookmark, and come back real quickly.

Tax time
Tax time (Photo credit: slworking2)

filing

Bill Smith presents Turbo Tax Television Ads Will Continue posted at 2011 Tax, saying, “H&R Block has failed its lawsuit and injunction attempts two times against Intuit’s TurboTax.”

Bill Smith presents An Overview Of The Turbo Tax Military Edition posted at 2011 Taxes, saying, “Preparing and filing your taxes on time and to your best advantage may be difficult at any point in your life, but being in the military may pose additional challenges.”

retirement

John Schmoll presents Financial Advisor Compensation – Why it Matters posted at Frugal Rules, saying, “A financial advisor can be a great way to help you grow your portfolio when you have long term goals in mind. Make sure you do your homework and hire one that you feel right about and best fits your needs and goals.”

taxes

Bill Smith presents Innovations For Turbo Tax 2013 posted at 2013 Taxes, saying, “Professional accounting can help business owners save time and resources, and the Turbo Tax 2013 CPA Select edition by Intuit may be the ideal solution for tax filing season.”

Bill Smith presents Tips For Maximizing Your Return posted at 2009 Tax, saying, “When you use free Turbo Tax 2013follow, it is important to make sure that you maximize your return.”

Bill Smith presents Easy Online Tax Filing With Free Turbo Tax 2013 Software posted at 2009 Taxes, saying, “Having expert tax assistance can be the best way to avoid financial penalties, complete your filing on time, and maximize your refund.”

Bill Smith presents TurboTax Helps Users Get More Accurate Tax Returns posted at 2010 Tax, saying, “Each year, Americans are forced to go through last year’s financial information and prepare a tax return.”

Bill Smith presents The Benefits Of Using TurboTax 2013 To File Your Taxes posted at 2012 Taxes – Free Tax Filing Options, saying, “If you have never used Turbo Tax before, you need to consider filing your taxes with this computer program this year.”

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.

More Sharing ServicesShare | Share on facebook Share on myspace Share on google Share on twitter

Technorati tags: tax carnival ecstasy, blog carnival.

Tax Carnival Ecstasy – November 29, 2012

We need to get this to the Fiscal Cliff! What ...

Welcome to the November 29, 2012 edition of Tax Carnival Ecstasy. In this edition we start with two articles from Bill Smith, a look at Eco Products That Are Tax Deductible and an article all about the Buffett Rule. Then there’s a post on the Fiscal Cliff and whether large corporations are immune by John Schmoll. Finally David de Souza examines Where Your Taxes Go. Hope you enjoy the material, bookmark, share, like on Facebook, tweet and follow the next edition of the carnival.

Shelby Martin presents 5 Reasons to Give Your Nanny a Year-End Review posted at GoNannies.com Blog, saying, “Annual nanny reviews do more than give nanny employers an opportunity to give their nanny a raise; they provide a much needed opportunity to evaluate the health of the working relationship.”

credits

Morris presents How It Is Possible To Obtain A Mortgage Loan With Bad Credit posted at Fast Bad Credit Loan Blog, saying, “A bad credit mortgage loan is acquirable for those people who may have less income and have adverse scores and allows them to get loans sooner and more quickly. It is however important for the applier to know that there is a price to pay in order to get a bad credit home loan.”

Morris presents Things You Need To Apply For A Bad Credit Business Loan posted at Fast Bad Credit Loan Blog, saying, “When masses begin to think about bad credit business loans, chances are that they have had a difficulty repaying their former loans or debts within the right time. This is a ordinary thing majorly with start ups. Having negative history for debts does not imply irresponsibility.”

deductions

Bill Smith presents Eco Products That Are Tax Deductible posted at 2010Taxes, saying, “There are plenty of things that can help you save money if you go green. In 2011 you could write off home energy efficiency improvements.”

tax law

Bill Smith presents Learn About The Buffett Rule posted at 2011 Taxes, saying, “Dr. Cornwall wants everyone to know that there will never be a tax increase on the extremely wealthy population (The Buffett Rule) that will put the tiniest dent in the tax shortfall of the United States.”

taxes

John Schmoll presents Are Large Companies Immune to the Fiscal Cliff? posted at Frugal Rules, saying, “Unless you’re living under a rock you’ve heard of the Fiscal Cliff. We all know how it could possibly affect individuals, but how would it affect companies? Many companies will have to make decisions about what they’re going to do with their cash after the Fiscal Cliff meets its outcome.”

David de Souza presents Where Does Your Tax Go? posted at TaxFix Feed Update, saying, “If you have ever wondered where you tax goes this post highlights how your taxable income is spent by the government.”

James Powell presents What The Child Benefit Changes Mean To You posted at Tax Credits, saying, “Child Benefit is changing. This blog posts highlights what the Child Benefit Changes Mean To You.”

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.

Share |

Technorati tags: tax carnival ecstasy, blog carnival.

 

Self Employed? – Here’s 5 Reasons Why You Need An Accountant

For the self-employed, tax time can be an entirely different experience than for those who are either employed by another company or own their own business. Being self-employed means that you are technically both an employer and an employee, and are at times responsible for paying taxes on issues that affect both.

Taxes are already complex enough for the average individual, but that situation is exacerbated by your current status. As a result, it may be wise to talk to an accountant, as they can not only find special deductions and benefits, but save you the time and anxiety of having to figure out your tax status.

1. Special Rules

In the United States, every working individual is responsible for paying tax for Social Security and Medicare. However, the amount of tax paid is typically split between the employer and employee, whereas with a self-employed person they are responsible for both. This is just one of a number of different rules and forms that change as a result being self-employed. Having a certified accountant will help you sort through the brambles and not have to worry about an audit.

2. Loopholes and Tricks

Regardless of what type of situation you are in, it’s never a bad idea to consult an accountant as they are far more educated on how to maximize your tax return. Every year the government passes legislation or makes changes to the tax code that affects businesses of all types. Special credits and other tax friendly programs may also be introduced but not publicized to the general public.

Accountants are paid to keep abreast of such situations and how they apply to their various clients. In fact, many of the special tax benefits and tricks apply specifically to those who own a business, and having an accountant experienced with the self-employed may end up saving you far more than the cost of the hiring one.

3. Time

Even if you are willing to sift through the morass of new forms, rules and special deductions and exemptions, the one thing you will inevitably lose is time. Paying an accountant to do your taxes will save you time to concentrate on running your business. Depending on how much income you can generate with that time, it may be that it’s more cost effective to earn money to pay for an accountant than do your taxes for free.

4. Advice and Audits

Accountants can also be relied upon for advice as to how to avoid certain tax penalties or qualify for specific deductions or exemptions. For example, as you can deduct equipment purchases over a single year or over a extended period of time, you can consult them on which deduction works best for your business. If you are by chance audited, a qualified professional can assist you with the process.

5. Online Alternatives

For some self-employed individuals, it can be very difficult to pay for an accountant given their limited financial resources. Relying on an accountant, however, doesn’t necessarily mean relying on a living person. Accounting software can be just as adept at finding the best deductions provided you give it the information they require.

As a result online software is best reserved for those that have relatively simple situations, especially self-employed individuals who will likely be using the standard deduction for much of their taxes.

John Hill writes on behalf of Public Liability Insurance dot org an online resource for business insurance including childrens liability insurance.

Will There Be Tax Cuts?

In the struggling economy more and more attention is being given to budget deficits. The amount of debt is staggering and according to recent reports it does not appear to be getting any better. Many states have suffered declines in revenue not seen since the last World War. A record number of states had to combat deficits by cutting costs wherever they could and raising taxes to boost their revenue. A frightening statistic reveals that between 2009 and 2011 a mere eight states implemented tax cuts. 24/7 Wall St. investigated six states that reported a significant increase in revenue. They found that cutting expenditures rather than bringing in higher revenues was more important to try to combat the deficit.

While the media focused on the increase in revenue from taxes, an expert, Tracy Gordon, revealed that the figures actually showed an increase less than those during recessions in previous decades. However, it is possible that the government may misinterpret those figures and decide to increase 2012 taxes yet again. Many government services had to be cut and this was true even in the states which reported high revenue. Unfortunately those cuts affect education, public health, the elderly and the disabled. It appears that simply cutting costs and raising taxes is not a solution to the economic crises, but with a lack of options it seems unlikely that we will see tax cuts in the coming year. Instead 2012 taxes will likely be raised and government services will suffer more cuts.

Should the Wealthy Pay More Taxes?

Our president, later last year, unveiled a new method that he believes will help to increase the revenue to the treasury. The tax plan, designed to tax the wealthy to a greater extent than anyone else  is vaunted by some as being the answer to the prayers of the Treasury Dept., while being denigrated by others as being little more than class warfare promoted by the government.

The core component of the plan and the hype that the government has created to promote it is the ideology that the revenues and the taxation should be given–(a quote from an old philosopher here) “from each according to his abilities to each according to his needs.”

The Obama administration denies most vigorously that they are engaged in the promotion of a class war by asking for a one and a half trillion dollar increase in taxation for the people who earn more than $200 K annually.

What our president and the administration do not state in their rhetoric, and what remains a sticking point for most economists and those with a modicum of common sense, is that while his conversations and Rose Garden speeches promote raising taxes for those who are “billionaires and millionaires” the actual tax plan raises taxes on any American who, by the sweat of their own brow, makes more than 200K per year. Further, it targets small business in a way that quite literally, discourages the average business person and prevents expansion, thereby actually cutting job growth.

This plan will effectively raise taxes on many physicians

Newly graduated students who are lucky may get into a great job, and about a quarter of the technology industry workers, many of whom are paying back outrageous college loans to begin with. Effectively, in order to make ends meet when a tax of this kind is proposed on their work, they will have no choice but to raise pricing in order to meet both the loans and the taxes.

Our administration also fails to note that the tax code of the United States is already nothing if not progressive when it comes to taxation of the people who make the most money. In fact, according to US News, the top one percent of US earners is paying almost forty percent of all of the income taxes and is also paying about 28 percent of all federal taxes combined. The top five percent of US wage earners according to government records and corporate payroll services are paying nearly 70 percent of all income taxes yet, the Obama administration believes that it is necessary to create a hike in taxes that would amount to three dollars in increased taxes for every one dollar in spending cuts made.

The Truth

The simple truth is that the vast majority of people do not make $200K per year. In an election year, it looks and sounds great for the average Joe to think that the government is thinking of him first. Those who are making under $200 K are the vast majority and getting the votes of that group is certainly more important than getting the votes of the basic few who make more than that amount.

It certainly goes without saying that the Obama administration, as most others throughout history, is certainly not going to take time looking at wasteful spending habits such as million dollar secret service bills for multiple vacations for the first family. Those, in combination with the wide array of unnecessary spending, outrageous purchases, and duplicated agencies, and scaling back on governmental spending, would save trillions, but certainly not be as wildly popular as taxing the rich to get the poor vote.

There are ways that we can cut our spending quite dramatically, simply by turning our microscope inward toward our own government. There are ways to improve upon our own taxation codes and create simpler and more effective methods of taxing. The plain truth is that they aren’t going to garner the votes that the administration needs to continue to wreak havoc on our economy.

This guest post was written by indie journalist Patrica H. Hugley who regularly blogs about accounting and corporate payroll services.