Tag Archives: IRS tax forms

TurboTax Deluxe Buyers To Get Free Premier Upgrades Starting 7 February, 2015

TurboTax, a popular tax filing software recently announced that it will offer users free upgrade to the premier version of the software on 7 February, 2015. The catch: only TurboTax Deluxe users will be able to avail it.

A spokeswoman for the company told the press that starting the coming Saturday, users will be able to click on a link in their TurboTax software to upgrade to the home or business version of the Premier version of TurboTax. The announcement has outraged devoted users of the desktop version of the TurboTax Deluxe because, for this season, the Premier version will effectively replace the older tax preparation software after the free upgrade.

Users who bought TurboTax Deluxe software this year were angered by the company’s decision to remove capital gain reporting capabilities from the new edition. Self-employed taxpayers, to whom this feature was indispensable, found themselves forced to spend 50% more than the TurboTax on buying the Premier version. TurboTax is an operation of Inuit, a company that specializes in making financial software solutions.

The Deluxe version’s hitherto loyal following protested on Amazon and tax software forums. Meanwhile, TurboTax’s H&R department tried to placate angered users with free updates for their copies of the software.

Inuit’s CEO, Brad Smith has apologized to buyers for not explicitly alerting them of the change beforehand.

The company began damage control by offering $25 refunds to all TurboTax Deluxe customers whose process of filing their 2014 Taxes was hampered by the changes in the Deluxe version of the software.
Next, the company offered free upgrades to the Premier version and has promised to restore the deducted capabilities to TurboTax Deluxe next year.

Buyers of TurboTax Deluxe receive their upgrades starting Saturday.

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3 Reasons Why Doing Your Taxes Early Is Beneficial

There is one thing in life that almost everyone hates equally. You probably already guessed it as well since the answer is taxation. No one likes filing taxes but it is something that you must do as an entrepreneur. There are some simple ways to make filing your self-assessment forms a little bit easier and it is a good idea to take taxes seriously. For instance, here are the three reasons why doing your taxes early is really beneficial for you.

Doing Your Taxes Early

Doing Your Taxes Early

1. You Can Get Your Money Back Earlier

If you end up paying too much tax or you are entitled to refunds and filing your taxes earlier and on time can really help you get your money back earlier as well.

You can avoid the thousands of other people who file their taxes on the last day, or even late, and get rewarded with a nice payment much quicker.

There is also an additional incentive to pay your corporate tax earlier. In the UK the Government might in some instances pay you interest if you pay your taxes before they are actually due. Therefore it is a good idea to keep this option in mind.

2. You Know Exactly What You Owe

It is very beneficial to start thinking about your taxes early because it allows you time to see how much you need to pay. When you are calculating your taxes early you can adjust to the payment a lot better, even if you do end up paying the amount only on the final due date.

Knowing what you need to pay in advance is really important for controlling your money. It might even allow you some time to adjust to the amount you need to pay by spending or investing more money and thus lowering the amount you have to pay.

3. Deal With Problems Earlier

Naturally, you will also have much more time to deal with the problems earlier. Filing your taxes and self-assessment forms isn’t always all that straightforward and it is much better to have as much time to prepare for it as possible.

As well as starting your filing process as early as possible it is a good idea to get a helping hand from an accounting company. There is plenty of affordable accounting online available for freelancers and small businesses alike. Going through your taxes early with an accounting company can really help you make the most out of your finances.

Conclusion

All in all, there are much more things to gain from filing your taxes early. There are also plenty of financial management tools you should start using. These don’t just make filing for taxes easier but can help you keep in touch with your finances at all times. For example, check out these apps listed by the Telegraph.

Since you have more to gain than to lose from filing your taxes early it is good idea to get into the habit of doing it. You can really enjoy a much more stress-free life and boost your finances as well.

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Tax Help 101: Casualty, Disaster, And Theft Losses

Tax Help 101: Casualty, Disaster, And Theft Losses

Internal Revenue Service (Photo credit: LendingMemo)

You never know when problems can occur, and this year people have experienced their fair share of unexpected problems.  This summer alone people across the country are dealing with blazing wildfires, destructive storms with dangerous winds, and other natural disasters.  Some people are lucky and come out of the damage relatively unscathed, but others aren’t as fortunate.  Some people have had significant damage done to their property, and they’re trying to find a way to rebuild.  There are also some people that aren’t dealing with disasters caused by nature, they’re dealing with problems caused by other people. Theft of expensive objects, damage done by vandals, blackmail, and other problems happen to people every day.

Many people don’t know what to do when disaster occurs. People with insurance may be able to get some help from their policy, but some policies don’t have enough coverage to completely compensate the policy holder for their loss.  Luckily for tax paying American citizens, Uncle Sam has measures in place to help people in their hour of need. Financial losses incurred because of casualty, disaster, and theft losses may be tax-deductible. Tax payers can report casualty and theft can be reported on Form 4684 and Form 1040 Schedule A.

Casualty Losses

A casualty is defined as the loss, significant damage, or destruction of property because of a sudden event.  In order to claim property as a casualty cost, the event that caused it must be easily identifiable and unexpected.  Natural disasters like floods, earthquakes, storms, and wildfires fit the criteria, but Mother Nature doesn’t have to be the only cause of your loss.  Losses due to car accidents, terrorist attacks, and vandalism can all be claimed as a casualty loss.

Theft Losses

The IRS’ definition of theft isn’t too different from what law enforcement officials view as theft of property.  The IRS defines theft as “the taking and removing of money or property with the intent to deprive the owner of it. The taking of property must be illegal under the law of the state where it occurred and it must have been done with criminal intent.”  According to the IRS embezzlement, robbery, blackmail, burglary, extortion, larceny, and even kidnapping for ransom all full under the umbrella of theft losses.

Losses You Can’t Claim

The government offers IRS tax help to taxpayers that have experienced hardship, but there are some situations where you won’t be able to claim the property and finances you lost over the year.  Property that was misplaced cannot be claimed as a loss, nor can property that was accidently broken.  Tax payers may also not claim any property that has gone through progressive deterioration.  In order to be tax-deductible the damage must be cause by a sudden and unexpected event.  As an example, if your home was significantly damaged in a storm you would be able to claim that.  If your home was damaged because of termite infestation or mold over a period of time, you would not be allowed to claim that.

*Not a solicitation for legal services*

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Important Tax Filing Tips For 2013

Legal research

Legal research (Photo credit: gwilmore (I HATE THE NEW LAYOUT!))

Between January 1 and the end of the first month of the year, most people will find themselves with a variety of tax forms showing up in the mail. From W-2s to financial aid documents for school, just keeping track of all of the information can be a difficult task in and of itself. It isn’t difficult to understand why people often put off filing their taxes until the very last minute, but the job does not have to be as frustrating as most of us let it become. In fact, a lot of people would probably be pleasantly surprised to find out just how easy and convenient filing taxes can be if they follow a few simple guidelines.

Tips For Filing Taxes

Filing taxes isn’t a fun time for many people. Accountants and people who love numbers might have fun with it at first, but even they get bored with it after awhile. It can be hard to stay focused and file your taxes correctly if you aren’t sure of what you are doing. No one wants to pay someone a fortune to help them with their tax paperwork, either, so it can be hard to figure out where to go. Here are some helpful tips that can get you through this tax season and help you into next season, as well.

-Make sure that you pay all of your back taxes or anything that you owe. It might seem like you can just wait until the money comes around again, but the more returns you file with an outstanding balance, the higher your penalties and interest will go.

-If you use online programs, check and double check them for yourself. If your taxes are too complicated to do manually, use two programs to ensure that they both arrive at the same refund or amount owed. It’s important to make sure that the forms are accurate.

-Don’t file online if you haven’t filed other years of taxes. Your return will get flagged in the system and the IRS actually won’t let you file it if you have outstanding returns. Just print it out, mail it in, and wait.

-Use free file programs when you can. Choose companies that are reputable and that actually have free e-filing. They shouldn’t come up with hidden charges or wait until the end to tell you that it’s only free if you do this or that. Just find what’s free. That’s it.

-If you need tax help, ask now instead of later. Getting ahead of the game can make it easier for you to get back on track. Ask for the help that you need with filing so that you can get your taxes in order and get more out of your returns. There’s no shame in asking for help.

Importance Of Taxes

Make sure that you put these tips to work for filing your taxes this year, no matter what you are dealing with. It’s important to stay on top of things and get the help that you need out of your tax services, no matter what you have in mind. Use the resources that are available because they make taxes much less intimidating and can be helpful in keeping you on track. That’s the least that you deserve when it comes to your taxes, no matter what your situation might be.

The Community Manager of www.MyReviewsNow.net website, Stephanie Frasco, wrote this post about filing taxes.

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