Tag Archives: tax return

Filing Confusion Faced By U.S. Citizens Living Abroad, June Deadline

Expats wondering about filing and health care requirements, have the opportunity of taking advantage of the expert advice and assistance offered to them by H&R Block, who estimate 1 in 3 expats haven’t filed a 2013 return. They are facing a filing deadline of June 16th this year.

To be of the greatest help to these taxpayers, H&R Block last season launched a remote filing service, and for this tax season, expanding it even more.

Roland Sabates, who is the director of the expat filing services offered by H&R Block has said “U.S. expats may miss many things, but the tax deadline should not be one of them”.

To understand their U.S. tax obligations, there are three questions that expats should be answering:

Are they required to file?
Which foreign assets must they report and how does money in foreign accounts get reported?
What is their responsibility to maintain health insurance, which is new this year?
Know the filing requirements

Regardless of wherever they may be living, for 2013, the minimum income requirements for filing are $10,000 for single filers, and $20,000 for married filers. Some taxpayers possibly can exclude all or some of the income earned abroad, which might offset taxes owed the United States.

Those working abroad unable to file by June 16th can file an extension moving their deadline to October 15th. They should know that on any balance from the filing deadline April 15th, interest will accrue.

Know the rules and regulations regarding the reporting of money in foreign accounts and assets

If at any time during the year an account owned or controlled by a U.S. citizen has a combined value exceeding $10,000, they must file an FBAR which is a foreign bank account reporting form. They must by June 30th submit this form to the Department of Treasury, and also include this info with the next tax return which will be due on June 16th, filing on Form 8938.

Also, by June 16th, taxpayers have to report data regarding ownership interests in foreign businesses and any securities not in any account.

Sabates has said that “it is important all the tax deductions and credits qualified for are claimed by these taxpayers”.

Understand health insurance obligations

For the most part, in 2014, the majority of U.S. citizens will be required to have health insurance. All should carefully check whether or not this applies to them.

Unless an exemption applies, the taxpayer will have to get themselves health insurance.

H&R Block stands ready with offices in over 14 US countries and territories to offer their experienced and excellent services.

Comparison between the Cost of TurboTax 2014 and other Online Tax Services

It is finally the right period of the year for tax filing, and therefore time for individuals to decide how they want their taxes filed. A person who prefers to prepare their tax return rather than use an accountant or a tax preparation chain like H&R have most likely come across TurboTax 2014. This is among the most desirable online tax services so definitely many users will be using TurboTax2014 software. But how does its prices compare to those of other online tax services?

TurboTax 2014
Whether a customer wants to file a 1040EZ or is interested in something more complex or to file for their little businesses, TurboTax 2014 has a solution. It offers free federal tax preparation for simple returns and three other additional packages. Those other packages are the deluxe, premier and home and business at $29.99, $49.99 and $74.99 respectively. In addition to this, their customers also get free online and phone chat.

As much as TurboTax 2014 and 2013 Taxes deluxe version costs slightly more than twice compared to similar services by their competitors, they offer a refund bonus for customers to make up for the extra cost. They offer the customers an option to get all or part of their refund back on an amazon gift card.

TaxACT
TaxACT undercuts TurboTax by at least half in terms of the software prices. A person using TaxACT will not pay nearly as much as one using TurboTax if they have to file an additional state. TurboTax costs $36.99 per state while for TaxACT only $5 is paid for an extra state is added. Although TurboTax is better if an individual is expecting the amazon gift card bonus and also if they want a large return, if the deductions are calculated in the beginning of the year so that they have to pay a little then TaxACT will certainly save them a significant amount of money. It also has applications on Google play store and apple app store that help check the status of the returns.

TaxSlayer
TaxSlayer is much cheaper than TurboTax and offers two paid services namely the classic edition and the premium edition at $12.95 and $32.95 respectively. With the most expensive choice, a customer is able to receive live tax advice but all the other services inclusive of the free edition offer free phone support. As much as TaxSlayer is cheaper than the TurboTax service, it is slightly more expensive than TaxACT at $14.95. It does not have a policy that gives back additional money.

A Free Edition Of TurboTax

Over nine hundred million dollars in tax refund money went unclaimed in one year. The Internal Revenue Service reported this notable statistic, and you may wonder how this could happen. There are two main circumstances that lead to unclaimed tax refunds.

You may end up creating an unclaimed tax refund situation if you have taxes withheld from your pay but earn less than needed for filing a refund. You will end up adding to the unclaimed refund pool if you choose not to file a tax refund. You should verify whether you qualify for an Earned Income Tax Credit, and the www.turbotax.com free edition can help you determine your eligibility.

The second reason for most cases of unclaimed tax refunds involves mailing errors. You may not receive tax filing confirmation if you have moved, changed your name, gotten divorced, or been effected by errors that originated with your post office or postal carrier.

There is no monetary penalty to pay if you do decide to claim your tax refund, but there is a time limit on how long you can wait prior to filing your tax return. You have a time limit of three years from when your tax refund was originally due, so you would have to request your 2011 tax refund by April 15th, 2014.

You can avoid an unclaimed refund scenario by filing your return on time. Filing as early as possible may be helpful as well.

Direct deposit is an ideal way to avoid an unclaimed refund scenario. Electronic deposits eliminate the potential for postal delivery errors, and you may get your refund if you choose direct deposit.

Filing your income tax return is an important financial activity. TurboTax has helped millions of people file their taxes, and you can learn about tax refunds by visiting www.turbotax.com.

Avoid IRS Scam Pitch When Filing Tax Returns

Brett Doubikin, a 43 year-old Morrow County contractor, received a phone message informing him that the IRS was investigating him. Fear made him return the call while he tried to remember if he missed something when he filed his taxes.

Internal Revenue Service

Internal Revenue Service (Photo credit: LendingMemo)

What Doubikin later realized is that the call was part of a sophisticated phone scam involving fake IRS employees who present fraudulent claims in order to get money from people with little or no tax knowledge. The charlatans posing as IRS employees are known to threaten people with either jail or deportation if these victims fail to deliver the declared debt amount. Part of these scammers’ scheme was to inform victims that their taxes were not paid, which must hence be settled through wire transfer or by using a pre-paid debit card. To make things appear legitimate, the callers use false IRS badge numbers, acquire the last four digits in the Social Security numbers of target victims, utilize technology that labels caller IDs as the IRS, and make follow-up calls as well as bogus emails.

The IRS has officially stated that this intricately structured phone scam was often directed at immigrants. A nationwide alert about the scam was already issued last fall by the IRS.

To help avoid this kind of scam when filing your 2014 taxes, there are free software downloads that will assist you in calculating your tax returns, recording your financial data, and checking it with updated tax laws and regulations. Turbo Tax 2013 does all these and more to help cover whatever unique situation you’re in. At $23.95, you get a basic fed and Efile download, a step-by-step guidance and a Deduction Maximizer to aid you in filing a 1040EZ or other simple tax return.

Tax Return Extensions Made Easy

Tax Return Extensions Made Easy

Most people these days have such busy schedules and isn’t it a hassle to personally file our tax returns? We agree that there are better things to fill your day than filing taxes, but yet it is necessary that we do so.

Turbotax 2013 can help you dedicate your time to more important things. If you are not able to file your tax return before a certain time, then software dedicated to filingtax return extension could be just what you need.

Day 093/365 - Tax Time Phat Cash!

Day 093/365 – Tax Time Phat Cash! (Photo credit: Great Beyond)

With a few easy steps you could be on your way doing things aside from filling in complicated and time-consumingtax extensions forms. Out of sight and out of mind.

By using Turbotax2013 and its easy extension service you will be able to file you federal extension right from the comfort of your home. No need to personally go to the tax office.

If you have overdue payments, the quickest way to take care of that is by paying right from your savings or checking account. This user-friendly piece of software allows you to do just that.

Through the easy extensions service you can also print out a PDF copy of the extension you filed, for ease of mind and also the comfort of having a printed out copy.

At any time you can also log into your easy extension account and see the status of your filed extension and whether or not the IRS has accepted it.

You can also gain access to the forms required to file a state extension right from the easy extension online service.

If you have not filed your taxes yet or have not filed an extension, using this software would definitely make it all easier. The ease of use is what sets this software apart from the competition.

Just imagine if you still had to file an extension the old fashioned way using paper. The tedious amount of all the different forms you had to fill out could make any person confused, not to mention the amount of time it would consume.

Making mistakes is human and when filing for an extension, committing errors could prove costly. You can avoid wasting time and unnecessary mistakes by using this software. Do not complicate things for yourself and use this software so you can be sure that everything is filled up correctly.

You must be thinking that all these services and perks must come at a cost, but that’s where you are wrong. This is the best and most user friendly way to get free online tax filing for your tax return extensions.

It is not a surprise why this software stands out from the competition, having the largest user base year after year should say something about how easy to use our solution is.

If accuracy and ease of use is what you seek in software, then I invite you to try Turbotax 2013. This software can provide you an easier experience in filing for a tax return extension. This software has a reputation to uphold and all the positive reviews make it the most popular solution.

Estimate Your Tax Refund With The Free TurboTax Taxcaster

Estimate Your Tax Refund With The Free TurboTax Taxcaster

Tax time is drawing near and like most other Americans, you need to file and prepare your taxes to avoid penalties and late fees from the Internal Revenue Service. Fortunately, there are free tax preparation tools and software programs that can help you get the job done easily, correctly and quickly. Free TurboTax 2013 is a terrific tool you can use to prepare and file your taxes, but since there are several versions available you might be confused about which one is best for your tax situation. The tax professionals at TurboTax have designed a new product that can help you determine which software program is right for you and as an added bonus, it is completely free and very simple to use.

TurboTax Social Tax Filing

TurboTax Social Tax Filing (Photo credit: John Swords)

To determine which tax preparation software from TurboTax is right for you, all you have to do is download the free TurboTax Taxcaster app onto your iphone, ipad or android smart phone or tablet. This easy to use, free app will ask you a few questions about your income and deductions then it will instantly calculate your refund while you watch it add up. Finding out how much you are getting back is easy with the Taxcaster app. In just a few minutes, you can get an estimate on your taxes before you file your tax return. This is extremely helpful because you can adjust your withholdings so you have higher take home income, or you can plan so you have to pay less in taxes. Taxcaster is also helpful because it can help you determine if you want to file your taxes right away so you get your refund money quickly or whether you want to hold off on filing your return until the end of tax season if you owe money and need to save up to pay Uncle Sam. While Taxcaster does not prepare and file your return, it does give you an accurate idea of what your tax situation is so you can make an informed decision on filing and preparation, it will even suggest the right TurboTax software to use to maximize your return or minimize your tax payment.

Taxes can often cause stress and anxiety for people because they do not know what to expect. Take the stress and anxiety of the unknown out of the equation by using Taxcaster to see what is in store for you and your taxes. Download the free Taxcaster app and get a clear idea of where you stand. Taxes are never fun, but with free TurboTax 2013 and Taxcaster app at least they are easy, straightforward and clear. Download the Taxcaster app today and see how easy it can be to understand your tax situation and make your filing decisions accordingly.