Tag Archives: Tax refund

Start Filing Your Returns With TurboTax

Start Filing Your Returns With TurboTax 2014

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Get Your Refund Early by Filing Your Returns Early: E-filing with TurboTax 2014 to Start on Jan. 2

Now that the IRS has set January 31, 2014 as the commencement date for processing tax returns, taxpayers are urged to start filing early. You can now get free TurboTax 2014 version from www.turbotax.com and start filing your returns from the 2nd day of January, 2014. The sooner you file your taxes, the sooner you will get your tax refund.

TurboTax 2014

Tax Refund Ballerz (Photo credit: bornazombie)

The average American taxpayer claims around 3,000 dollars in tax refunds. Furthermore, 8 in every 10 taxpayers in the country claim a refund every tax season. Intuit is encouraging taxpayers to start filing their returns at the soonest possible time to avoid delays in processing their tax refund.

Since TurboTax will start accepting e-files earlier than the IRS, the company will hold the information safely and forward them to the revenue service in a first-in, first out basis. This will go a long way in ensuring that taxpayer’s refunds are processed and sent back without delays, and it is important to note that the IRS does not anticipate any delays in doing this. The agency expects to perform as it did in the 2013 tax season; where 90 percent of all refunds were made in less than 21 days.

Turbo Tax launching an Online ACA Calculator

Turbo Tax launching an Online ACA Calculator

Turbo Tax 2014 is set to launch new online calculators. These calculators are meant for the calculation of subsidies that you are entitled to when you get insurance cover as well as how much premium you are supposed to pay. The new insurance plans have been made possible by the Affordable Care Act that allows low income earners to get health care by paying low premiums.

Turbo Tax launching an Online ACA Calculator

A CNN poll conducted in March of 2010Citation needed, days after the Patient Protection and Affordable Care Act was signed into law found nearly 3 in 5 Americans were opposed to the legislationClarify. (Photo credit: Wikipedia)

There are four categories that are offered by the insurance exchanges. You will get various types of benefits depending on the coverage that you choose and your income level. They include; gold plans, silver plans and catastrophic plans that are offered to the low income earner below the age of 30.

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How the Turbo Tax 2014 Calculator Works

The Turbo Tax 2014 calculator is user friendly in its design. There are various settings and inputs on the left and to the right there are running totals. The particulars input on the left side determine two things; how much you will have to pay or the tax refund you will get.

There are various details required to be entered in the Turbo Tax 2014 calculators in order to determine the eligibility for subsidy. The personal information includes:

  • Annual income;
  • State of residence;
    -ZIP code
  • Whether your employer pays insurance

By entering your information on the left side, you are able to find out what is the best plan for your tax situation. Should you choose to do this manually, it would take a longer time. Therefore, the Turbo Tax 2014 assists in speeding up the process of selecting a decent plan that will not cost you too much in the first couple of years or participating.

The government study that preceded the launch of the Affordable Care Act determined that 90% of those who are above the federal level of poverty are able to pay higher premiums. However, the subsidies only apply to those who do not have health insurance through their employer. Therefore, when filling in your particulars, if you fill in that you receive health insurance on the left side of the 2014 calculator; it means it will not display any subsidy on the right side of the results. It will only display the amount of premiums you are meant to pay.

In case your income is between 133%-399% of the poverty level, then the calculator will show you that your premiums may be at 3%-9.5% of gross income. Anything less than 133% would mean that you get medicaid coverage and therefore do not need to purchase a plan.

You need to note that there is a chance that you may need to include some of your income in the health care calculation. This is because a normal low income house hold spends at least 75% of their income on home expenses. This is why there needs to be some changes in the act in order to accommodate those who are in the low income level of society and give them more in terms of subsidy and less in terms of payment of premiums. Exempting unions and those in congress just isn’t enough of a government benefit for certain parties in the government. This is still under discussion as the rates are not satisfactory to the low income earners who use most of their income for expenses at home.

How Your Kids Can Boost Your IRS Refund

Law School

Law School (Photo credit: Tulane Public Relations)

IRS Refund

A considerable amount of tax can greatly help with your tax return upon declaring your legal dependent. Not only will it boost your own exemption but it can also make you eligible for other tax benefits. You can certainly avail of the child tax credit once you have claimed a legal dependent. Keep in mind that the IRS has restrictions or standard qualifications as to whom you can claim as a legal dependent. Never presume that any person or anybody living in your house directly qualifies as a legal dependent.

What is a Legal Dependent?

In general, a dependent is a person who relies on you for more than 50% of his or her finances. He may have an income from a source or totally depending from the help you are giving. But for the IRS, a legal dependent can be your child or anybody that you are providing aid financially.

A child or your spouse living in your home is the most common type of dependents that mostly everyone claims. Your elderly parents and if you have a child in college, they can still be considered as dependent. To claim a brother, sister, stepsister or any of your family relative as a dependent, he or she should only produce an income less than the standard personal exemption rate for that particular year. The IRS has provided 5 attributes to identify legal exemption of a claimed dependent. These are the following: support, citizenship, relationship, gross income and joint return. With regards to citizenship criteria, it requires that a dependent is a U.S. citizen, a legally adopted foreign child currently residing in the U.S., a local of the U.S. or resident of Mexico or Canada within the year.

Are YOU a Dependent?

Before you can claim a dependent, be sure that you are not claimed as a dependent by another person. Each qualified dependent can only be claimed by one taxpayer in that same year. To ensure that only one person has filed the person a dependent, no other relative should claim the child as a dependent. To fully qualify the kid, he should also be residing with the claimant for more than 6 months of the same year. Make sure that you support your claim with documents and keep those important files for future use.

After you have identified that the person is your qualified dependent, you should, at this time, be keeping significant receipts. It would be in your best interest to take note of any medical, daycare or even itemized expenses that was used or occurred for your dependent. It may seem complicated but the rules determined by the IRS are just very easy to follow.

Sean Harris is a tax blogger from Miami Florida. You can check out his blog irs-easy.com for more extensive information on doing your taxs yourself .

Filing Taxes with TurboTax Canada

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Filing Taxes In Canada with TurboTax

TurboTax Canada is designed to make filling less of a challenge no matter who you may be. Taxes are typically something that people put off for as long as possible because they do not have the right tools available when it comes to getting the job done quickly. However, this software allows you to complete your taxes in a matter of just a few minutes.

English: Postcard (postmarked 1907) depicting ...

English: Postcard (postmarked 1907) depicting John Bull and Uncle Sam under sign “To Canada” bringing in sacks of money “for investment in Canada” (Photo credit: Wikipedia)

Any person that has ever wished for guidance when it comes to their income taxes in Canada should see what this software has to offer. Since it is built around the understanding that you are entering the filing process without any prior knowledge, it is very easy to get adjusted to without having a professional walk you through. Not everyone has the money needed to go pay someone to put their taxes together, this should not make your life more difficult.

When you file with TurboTax Canada, you do not have to spend your money in order to pay someone for a service you can complete on your own. Having peace of mind when it comes to the fact that your taxes are done correctly is also not something you would be able to rely on when taking them to someone else. Completing your income tax  return in Canada online is a simple way to make your life a lot easier.

Since this software is designed in steps that are easy to understand, you do not have to worry about getting lost. If saving money on your taxes is something you are thinking about, you need the best software on the market today. TurboTax can help you to find more deductions, this means more of your hard earned money stays where it belongs. Make your life a lot easier through turning to this software to complete your taxes quickly and without headaches.

Taxbrain- Estimate Tax Refund Easily

Taxbrain- Estimate Tax Refund Easily

The Taxbrain is one of the online preparation software programs that help you prepare your income tax return for a very modest fee. It usually starts at a cost of $14.95 and reach maximum of $69.95. If you want to file a state income tax return, usually the fee is around $29.95, regardless of the state.

Brains Not Taxes

Brains Not Taxes (Photo credit: charlesfettinger)

The Taxbrain is different than many other popular software programs in a way that they collect the data. There are data screens to be filled out. Due to this, it is taken as one of the fastest and easiest tax filing which does not involve many deductions. The only complaint from previous users about this style is that every page that opens up in this form should be completed before any corrections are made on any earlier filled out page.

The programmer’s approach was to make filling up the forms easier. This was achieved, but then checks are not as systematic as various other tax software programs, and also there isn’t any kind tax assistance provided with this package. For computer users who do not wish to download the software to their system, this one is for you. This one is completely a web based process. You are simply required to register to set up your account.

For an additional fee of $19.95, Taxbrain sends you a hard copy of the tax return. The company also keeps the return on file electronically for about 5 years, for additional fee of $9.95. You can have audit assistance as well for $34.95. The Taxbrain software service can help you finish your return and send it across in minimum of 15 minutes, while the average time is of 40 minutes.

Before finalizing or making any legal or tax related decisions, it is important that you consult tax accountant or a professional lawyer.

TaxAct : Pros and Cons

TaxAct

TaxAct : Pros and Cons

TaxACT is now hitting the big time with the promise to file tax free for everyone. This online tax preparation service helps you prepare, print and eFile your federal return for free. You can file prior-year federal and state returns back to 2000 with the help of this service.

TaxACT Logo

TaxACT Logo (Photo credit: Wikipedia)

State returns are not expensive. For additional assistance including prior-year import ability or free phone support, you need to pay for your federal return. This tax preparation service has kept on its edge on the competition by making tax time less troublesome for all taxpayers.

TaxAct provides 3 editions-

  • A free federal edition
  • An Ultimate Bundle for $17.95
  • A Deluxe edition for $9.95

For the free and Deluxe versions, you have to pay an additional fee for state filing, whereas the Ultimate version includes one federal and one state filing. Further, you can avail CD and downloadable software editions that range from $12.95 – $21.95. With this option, you can prepare and print numerous federal returns. TaxACT also helps create an accurate return to the exact dollar amount without any difficulty.

TaxACT can help you through 35 life changes. You can avail TaxTutor Guidance that provides more than 2,500 tax tips. This definitely helps you find out all the deductions and credits that you can claim. The Ultimate and Deluxe versions come with a tool, which tracks charitable donations. Further, it features a tax glossary, which contains definitions for more than 300 tax terms. This helps ensure that you know line items properly.

TaxACT is easy to use even for a first-time filer. Various helpful hints are available. This tax preparation service offers a wide array of audit support, low priced state filing and free federal eFiling options.

However, telephone support is not free. You have to pay minor charges. Further, as compared to other top competitors, their online tax information is brief.

All in all, if you do not need extra assistance, you can go for TaxACT. With the help of their service, you can create accurate returns effortlessly.