Tag Archives: TurboTax

Experts Say Charitable Tax Deduction is Safe from Congress

According to experts from the nonprofit sector, charitable tax deduction laws will likely remain unscathed from Congress in the near future. However lawmakers are still dealing with several charitable tax break issues that expired in 2013 and there is uncertainty on whether such tax breaks for charities will continue to exist.

President Barack Obama has consistently tried to limit the amount of tax savings the rich get for itemized deductions and will likely mention this issue is his upcoming proposed budget. However individual adjustments in tax policy typically don’t stand a chance in getting passed unless they’re grouped together

Charitable Tax Deduction

Ron Wyden and Nancy Bass Wyden by David Shankbone (Photo credit: Wikipedia)

with other tax items. Experts say creating such a large tax bill likely won’t happen before midterm election in November.

Adding to the difficulty of altering charitable tax deduction policy is the probable change in Congress. Democrat of Montana and chairman of the Senate Finance Committee, Sen. Max Baucus, is soon leaving Washington to become the ambassador to China and his likely replacement, Sen. Ron Wyden, is a strong supporter of charitable deduction. Baucus was expected to pass a broad tax overhaul before his retirement at the end of the year, but now people think it’s unlikely to happen because Wyden is expected to work at a slower pace.

According to Andrew Schulz, executive vice president of Foundation Source (a group that advises private foundations), “There’s zero percent chance any significant tax reform will happen this year.” Others who work with charities and nonprofits feel the same way.

Steve Tyler, senior vice president for public policy at United Way Worldwide, says 1,000 United Way leaders will be “vigilant” when talking with lawmakers if charitable tax deductions are discussed when they’re in Washington in May.

Documenting Donations for 2014

As long as proper documentation is provided, both individuals and businesses can deduct donations from taxable income. It is always best to check with the Internal Revenue Service (IRS) if you’re wondering what documentation is required. The IRS has strict guidelines for submitting charitable contributions as a write-off, which is an expense that gets deducted from your taxable income. You can learn more about tax smart contributions here.

If you want a donation to be seen by the IRS as a write-off, you’ll need proper documentation. This can be a cancelled check, credit card statement, bank records, or a receipt. The receipt must have the charity’s name on it as well as the amount you donated.

If you plan on donating to a charity and wish to submit it to the IRS as a tax write-off, you need to make sure the charity you’re supporting is approved by the IRS. Charities approved by the IRS are usually those that offer some kind of relief or are associated with religious and educational organizations. In a lot of cases local volunteer organizations such as animal rescue groups are approved by the IRS.

However don’t assume you’ll receive a tax break from the IRS without checking to see if the charity is approved. Just because the IRS’ list of approved charities is long doesn’t mean the organization you’re donating to will be on it.

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IRS Tax Adjustments In 2014

IRS Tax Adjustments and the Pickle Salesman Photo by Michael Vadon

Taxes in 2014 are set to undergo various adjustments, affecting more than 40 tax provisions. The Revenue Procedure 2013-35, published on 18 November 2013, provides detailed information of each adjustment.

A tax rate of 39.6% will affect singles whose annual income exceeds $406,750 and married couples with joint returns exceeding $457,600. This is up from the current amounts of $400,000 and $450,000 respectively. The Revenue Procedure describes the rates that apply to other thresholds.

In terms of standard deductions for singles or married couples filing separate returns, the amount rises from $6,100 to $6,200. For married couples filing joint returns, it rises from $12,200 to $12,400. On the other hand, the standard deduction that applied for heads-of-households has risen from $8,950 to $9,100.

Both the personal exemption and the alternative minimum tax exemption will also rise. Couples who file jointly and have three or more qualifying children will qualify for a maximum earned credit of $6,143, which is up by $99 from the 2013 amount.
Among the amounts that remain unchanged, include the annual exclusion for gifts, which stands at $14,000, and the annual dollar limit for contribution to an employer–sponsored healthcare FSA, standing at $2,500.

The Revenue Procedure contains other adjustments on the 2014 taxes.

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Filing Taxes In 2013 After October 15

Filing Taxes In 2013 After October 15

If you were unable to pay your taxes earlier in the year, you might have been dreading the October 15th deadline for your deadline extension. Now that the 15th has come and gone, you might realize that you still have not filed – and that major problems may soon occur. Your first impulse should be to file as quickly as possible.

English: Wooden File Cabinet with drawer open....

English: Wooden File Cabinet with drawer open. Taken by me. (Photo credit: Wikipedia)

Luckily, even those who forget to file can still go through the process of filing taxes in 2013. Unfortunately, though, you will be without quite a few of the tools that you would normally use. Most of the web-based providers like TurboTax or TaxAct have shut down for the year as they prepare to transition from taxes 2013 to taxes 2014. E-filing has also been suspended in preparation for the 2014 tax season, meaning that you will not only have to prepare your taxes by hand (or with a desktop-based application), but you will actually have to send in the physical forms yourself.

Once you send in the forms, you will find yourself dealing with penalties. You will owe an additional five percent on top of any money you owe once the deadline passes, along with an additional five percent for each additional month that passes. If you fail to pay on time, you will owe .5% interest on your balance for each month that the balance goes unpaid, further increasing your debt. Added to all of this is a general 3% interest rate on the balance, which might leave you owing far more than you originally thought if you cannot file soon.

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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.

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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.

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Innovations For Turbo Tax 2013

Innovations For Turbo Tax 2013

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. Small businesses and tax filers needing a modest amount of assistance may benefit from this innovative online service, and the potential financial savings may be apparent quickly. Connecting with certified public accountants, tax attorneys, and federally authorized tax practitioners may be easier than ever with this Turbo Tax 2013 edition, and the CPA Select 2013 program may eliminate the logistics and stress that may be associated with proper tax filing.

Tax Preparation

Tax Preparation (Photo credit: agrilifetoday)

Many consumers are familiar with the helpful QuickBooks software offered by Intuit, and their latest tax service offering is in keeping with the ease of use that is characteristic of many Intuit consumer products and services. CPA Select 2013 is designed to be a straightforward approach to finding useful online tax filing assistance, and the Turbo Tax website provides easy steps for connecting with local CPAs and other tax experts. You can register your exact geographic location once you log on, and you can browse and update your location as needed or select a CPA from the list that is provided.

Working online with your chosen CPA eliminates the need to make a trip to an accounting office to get your tax preparation started, and uploading your document file may be completed in numerous ways. You can upload directly onto the secure server, by smartphone, or by using a fax machine. You may keep in contact with your CPA by telephone or email, and downloading your completed tax return can be done and paid for online as well. Your tax representative will notify you when your tax return has been accepted by the Internal Revenue Service, and you will receive timely notification regarding your refund status as well.

Navigating tax codes may be challenging for new business tax filers and individuals with unique tax filing needs, and experienced business owners may not know all of the deductions that they may be entitled to as tax laws change each year. The Turbo Tax CPA Select edition for 2013 may be appropriate for anyone who does freelance work or independent contracting, and self-employed individuals may discover previously unknown tax deductions from working with online tax professionals. Knowing whether you need to file a 1099 or Schedule C may be difficult to determine on your own, but your CPA will help you file correctly and on time. Saving as much money as possible may be crucial for small businesses, and this tax filing solution may save money and time. Free and affordable options from Turbo Tax 2013 can eliminate your worries about missing out on deductions and successfully filing your taxes.

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