Internal Revenue Service Archives - Page 2 of 5

Good News From TaxAct On Deduction Tracking

March 12, 2020March 17, 2014 by Steve Patterson

A new Way for Taxpayers to Track Charitable Donations with TaxAct

Organize, Value, and Track Your Donations with TaxACT

TaxACT is a proven leader regarding affordable tax solutions, and their donation tracking gives consumers another way to maximize their savings at tax time. This free app is available for IOS and Android, and taxpayers can track their cash and non-cash donations throughout the year.

Current Internal Revenue Service data shows that at least one in four income tax filers deduct non-cash and cash charitable donations on their federal tax returns.

The Donation Assistant tracks and organizes donation information automatically, and this is why it is so helpful. Consumers can view detailed summaries from their mobile devices whenever they prefer.

The TaxACT app reduces audit risk as it reports accurate amounts for activities such as thrift store donations. The app gives a fair market value for over one thousand routinely … Read the rest

Tax Tips: I Do Declare

November 6, 2020March 13, 2014 by Steve Patterson

Did you know that there are hundreds of little things that you should be declaring on your tax returns? Here are some of the most important items that must be declared on your federal and state tax return.

All Sources of Income
The tax code of the Internal Revenue Service (IRS) requires that all income earned or received must be reported on your income tax returns. The categories of income recognized by the IRS include the following:

•    Wages, salaries and tips
•    Interest on bank accounts, certificates of deposit, bonds and other investments
•    Capital gains
•    Business income
•    Alimony
•    Income from bartering
•    Dividends
•    Annuities, pensions and lump-sum distributions
•    Rental revenues
•    Gambling income
•    Earnings from agriculture and fishing
•    401(k)
•    Unemployment benefits

Each of these types of income must be declared on your income tax return. In some cases, losses in … Read the rest

Comparison between the Cost of TurboTax and other Online Tax Services

November 6, 2020March 8, 2014 by Steve Patterson

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 … Read the rest

A Free Edition Of TurboTax

November 6, 2020February 20, 2014 by Steve Patterson

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. Read more about getting your free edition of TurboTax.

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, … Read the rest

Form 990 Redesign for Tax Year 2008 (Filed in 2009)

November 6, 2020February 19, 2014 by Steve Patterson

On December 20, 2007, the IRS released a redesigned Form 990, Return of Organization Exempt from Income Tax, for tax year 2008 (to be filed in 2009 and later years). The new form incorporates comments and suggestions from the over 650 e-mails and letters received during the comment period, which closed on September 14, 2007. Here’s more about the Form 990 Redesign:

The redesign of Form 990 is based on three guiding principles: enhancing transparency, promoting tax compliance, and minimizing the burden on the filing organization.

Additional information:

Press release (IR-2007-204)
Overview of 990 redesign
Background paper on Form 990 redesign
Form Redesign Forms and Highlights
Frequently Asked Questions
Discussion Draft (June 14, 2007)

… Read the rest

Tax Accountant Vs Tax Software

May 11, 2021February 17, 2014 by Steve Patterson

Why choose a tax accountant over tax software?

Preparing and filing taxes are rarely activities most people look forward to. Whether you need to prepare an individual or business tax return, you may be looking for an easier way to simplify this process. While one option available is for you to prepare your tax return on your own, the fact is that many people will find the process easier to complete when they use either tax software or the services of an accountant. While both options are preferred by many over completing a tax return on your own, there are clear benefits associated with using the services of a tax accountant.

Finding All Deductions
For most individuals and businesses, it is not enough to simply … Read the rest

TurboTax And The Earned Income Tax Credit

May 11, 2021February 13, 2014 by Steve Patterson

Individuals who wish to use a tax service may wish to try TurboTax 2013. This is the option that they may need to easily pay their taxes, and be able to get the tax help they can use. One of the items that the individuals can take advantage of is that they can use an earned income credit when they are filing their taxes. An earned income credit allows individual to get money back from child care expenses they may have paid over time. The Earned Income Tax Credit was designed to help low to moderate income people get a refund of some of the expenses they may have paid over the course of the year.

You can use TurboTax 2013 to try to get an EITC that will help to get the refund that may be needed. Make sure to get this program as part of a plan … Read the rest

Experts Say Charitable Tax Deduction is Safe from Congress

May 11, 2021January 22, 2014 by Steve Patterson

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

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 … Read the rest