Tax Preparation Software Improves

Tax Preparation Software photo
Photo by citizens4taxjustice

By now, most people have received their tax forms and financial documents. This means that taxpayers are ready to get their tax returns completed and filed. The final step for most people involves choosing a tax preparation software, like Turbo Tax or H&R Block. For this year, that decision is a little bit more difficult. Companies have added new features this time around.

For instance, Turbo Tax now offers a mobile experience that’s identical to its desktop version. Users on iOS and Android devices will use exactly what desktop users do. Taxpayers can seamlessly switch from one version to another. Plus, all tax documents can be uploaded from a smartphone’s camera with ease.

H&R Block, TaxAct, and Turbo Tax are offering their software for free once again. Unlike previous years, users can access more features through free versions. Most companies are going to charge extra for state returns, but Turbo Tax is offering the service free of charge to simple return users.

Also, it’s important to note that CD versions of tax prep software are mostly gone. Users will have to access the software over the Internet. This won’t affect too many users, although some taxpayers prefer the disk versions of their favorite software. For most companies, the install CD is still available, but that won’t be true in a couple of years.

More and more features have been added to Turbo Tax and other tax preparation software. As soon as users pass the Turbo Tax login, they will notice some of these changes!

An Important Guide On Filing Taxes Online

An agreement between a group of private companies that produce tax filing software,the Free File Alliance, and the IRS has made it very easy to file your taxes. Even filing taxes online. The companies have availed their software to be used at absolutely no charge. This has resulted in over 40 million people turning to filing taxes electronically because of the ease and safety associated with this method. When you file your returns electronically, you also benefit from being able to receive your refund faster than those who have to go through a lot of paperwork.

Filing Taxes Online
FILE Rubber Stamp (Photo credit: Enokson)

In order to use the Free File software, you need to visit the IRS website (www.IRS.gov). Here, you will have to choose the preferred program for preparation, printing and filing of your taxes returns.

The free File software employ numerous techniques to help you accomplish the task. The use of questions and answers is a very common technique used in order for the software to determine the tax forms to be use before it goes ahead and computes the required calculations. This way, you can also identify tax breaks and tax credits that can be claimed.

In case your revenue for the previous year was less than $58,000, you can use TurboTax 2014 or Free File forms for anything above that.

When you use Free File, you can easily and freely request for an extension of up to six months in case you are unable to file your taxes by April 15th deadline. Check IRS Publication 17 for details. However, it is advisable to file your taxes by April 15 to avoid penalties and accumulation of interest. You can eliminate the headache and stress associated with filing taxes by choosing to use Free File. It is not only easy but quick. To find out which brand you are eligible for and any other pertinent information, visit IRS.gov/freefile.

Intuit Comes out With TurboTax for Health Care

Select the right Health Insurance Products: TurboTax Health Software by Intuit makes it easy for consumers to understand different health care options offered by Affordable Care Act (ACA).

Through their tax preparation software, TurboTax, Intuit has played an important role in simplifying the tax preparation process for the American tax payers. The same group is now coming out with software, TurboTax Health that lets American consumers understand the different health insurance coverage options available under the recently funded Affordable Care Act (ACA).

Icon from Nuvola icon theme for KDE 3.x.
Icon from Nuvola icon theme for KDE 3.x. (Photo credit: Wikipedia)

U.S Consumers can get in to the online portal of TurboTax health by following the link www.TurboTaxHealth.com . This tool is free to use and provides an interactive experience for the users by providing all the required information through an interview like conversation tone. Users would be able to appreciate the various features of ACA and what it has in store for the uninsured Americans.

Turbo Tax Health helps the American consumers in choosing the right medical insurance package that fits a particular individual in all aspects. Turbo tax Health comes with a detailed guide that contains explicit details regarding the various insurance options available to choose from. This product from intuit poses relevant questions to the consumer and gets their responses. Based on the user responses, the TurboTax health lists all the recommended health insurance options to the user. Turbo Tax primarily helps consumers to get answers to the following three important questions related to Affordable Health care.

1.Ascertain whether the American consumer would be applicable for 2013 Tax rebate and buy Health insurance option at discounted rates

2.Get the required clarification on how much it would cost an average American Consumer to buy an affordable Health care plan

3.Understand the possible consequences of not taking a health insurance policy

Once the individual has decided to purchase a specific health insurance plan, TurboTax Health would automatically connect the user with the state and Federal Level Health Exchanges. Users would also be provided access to the online portal of eHealth, America’s leading private health insurance market place.TurboTax health provides detailed answers to the individual questions raised by the individual on various aspects related to health insurance buying through its social community platform, called the AnswerXchnage Community.

About Intuit Software

Intuit Software has been in the business of creating financial management solutions for small business owners, individuals and accountants. TurboTax main product range includes QuickBooks, Quicken and TurboTax. These products makes it easier for small business owners and accountants to carry out payroll processing, personal finance planning and Tax Preparation and Filing. Intuit has around 8000 employees and has its presence in United States, Canada, United Kingdom and India among other countries.

The IRS Publication 17 And You

IRS Publication 17

IRS publication 17 deals with general instructions and guidance for people using form 1040. Paying income tax can be daunting but reading this publication will aid you in this process. The materials contained in this publication are the interpretation of the Internal Revenue Service of court decisions, treasury regulations, tax laws, and additions to the tax code. It also deals with general rules and reminders to help you file your return.

Paying taxes is required for both citizens and...
Paying taxes is required for both citizens and non-citizens. (Photo credit: Wikipedia)

IRS publication 17 can be extremely helpful for filing your tax returns.  If you are new to the workforce, it can tell you whether you have to file a return and if you do which form to use. It also gives you guidelines as to which records to keep, information on dependents, what is a filing status, and what exactly income is. E filing, how to check the status of a refund, and what to do if you make a mistake are also covered in this publication.

There are many flowcharts, everyday illustrations, and various scenarios of how the tax laws apply to real-life situations. For example IRS publication 17 illustrates tax questions; such as can you claim medical expenses you paid for a deceased spouse if you remarry and file jointly with your new spouse.  The answer is yes; you may claim these expenses. It also clarifies charitable donations with an example of a donated coat that originally cost $300 but the charity thrift store sold the coat for $50; the fair market value of the coat would be $50, which could be shown as a charitable contribution. However, if you are self-employed IRS publication 17 is useful but not all-inclusive; there are other publications that will give you further information on various tax laws and forms for business tax filing.

If you have questions about how to file, where to file, or how to determine income or expenses for IRS form 1040, IRS publication 17 should be the first place you look for information.

Surviving An IRS Audit

Surviving An IRS Audit

An IRS tax audit is requested when the tax filer submits tax information that doesn’t match with that submitted by employers, brokerage firms, banks and other institutions. This document-matching is only one means of identifying tax returns to be audited. The Discriminant Function System (DIF) is a point system the IRS gives each return rating it on its possibility of containing fraudulent information. Informants are still a popular means to detecting who has filed a fraudulent tax return and finally, self-employed persons and persons earning $200,000-1 million are often pursued when their returns appear suspicious.

Any of these circumstances could trigger an IRS audit. IRS Publication 17 is a guide for the individual tax payer that could help them stay off the IRS suspect list. The publication goes over the basics of filing a return. It covers every type of income, adjustments to income, profit gains and losses and deductions. It evaluates deductions and taxes and tax credits. Lastly, it provides a tax table and tax computation worksheet.

By following the IRS Publication 17 closely, the likelihood that you would encounter problems with your taxes dwindles significantly. An audit may still occur if mistakes are made or if you persist in being less than honest about your income. Keep in mind, that anything that can be verified will be verified.

If you are confronted with an IRS audit, the first step you should take is to contact your tax preparer, a good tax lawyer and review your returns before the actual audit. Avoid the IRS discovering improprieties in your returns. Point them out before they are brought to your attention and make compromises where ever possible to mitigate your cost.

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.