Monthly Archives: March 2015

2014 Tax Return

Optimize Savings On Your Tax Return

It’s always difficult to be caught up in a mad rush at the end of the tax season to get your federal taxes filed on-time. Filing at the last minute is bound to be particularly stressful this year due to the scaled back phone support from the IRS and the additional requirements set by the Affordable Care Act. Here are some tax changes to take note of now so you are not surprised down the stretch with your 2014 Tax Return.

Tax Breaks

Sales tax can be deducted once again thanks to the last minute efforts in Congress. The primary beneficiaries of this measure are resident of states that have no income tax, as well as those living in states will considerably low income taxes. There is an IRS Sales Tax Deduction Calculator online to help assess the amount covered.

2014 Tax Return

Mortgage insurance premiums may also be deducted in some cases. Only people with a 2014 gross income that is less than $109,000 and who took out the loan after 2006 are eligible for the tax break. Programs like TurboTax Online will make the calculation for you automatically when you enter your income and your mortgage insurance paid.

Seniors are also going to get a couple additional breaks this year thanks to Congress. Those who are 70 and a half years of age may transfer as much as $100,000 from their individual retirement account (IRA) to a qualified charity. This will not be included in the gross income but instead count as the required minimum distribution. This may reduce taxes on Social Security benefits and avoid the Medicare high income surcharge.

Note that these tax breaks are only for the 2014 tax return. Congress has not made them permanent and the changing political landscape is likely to affect their renewal for the following year. Make sure to check several online tax resources next tax season to make sure they were renewed again.

Investment Income Tax

Single taxpayers with adjusted gross incomes in excess of $200,000 and married taxpayers with $250,000 or more may have to pay 3.8% surtax on their investments. Tax-exempt interest is not covered by the surtax.

Fraud With Taxes

Criminals Benefit Via Fraud With Taxes

As with any online program, Turbo Tax 2013 has had its share of people trying to fraud the users by stealing sensitive login information. The reason that this happens is because people are not careful when they log into the system, or they do not ensure that their connection is safe. Here’s many ways to avoid Fraud With Taxes:

Get Your Maximum Tax Refund

Criminals have systematically started to target Turbo Tax simply because it is a site where many people are now going to do their taxes without the help of an expensive tax refund business.

The Internal Revenue Service has reported major losses in its income since this type of fraud has been going on, but they are not the only ones. The customer is the one who also suffers when they are not receiving their full tax income. Sophisticated programs being used by criminals on the Internet are to blame for this, but also the method of encryption used on the site.

Fraud With Taxes
Photo by HM Revenue & Customs Fraud With Taxes

Keeping your password safe can help you to be sure that you will not have to worry about hacking in that regard, as is any type of malware protection on your computer. Intuit does offer some state-of-the-art protection for this, but it is also your duty to ensure that fraudulence does not happen on your part. This is all about the safety of you and your tax refund, after all. Always keep your Turbotax login tax return 2014 information safe.