Why TurboTax Is So Simple

When you enter you username and password for the TurboTax login, you are going to have the chance to get your taxes done in a record amount time. Studies have shown that the time to prepare your taxes is greatly reduced when using online tax software like TurboTax. You want to have a tax assistant that is going to allow you to finish your taxes without feeling as though you are going to run out of time even if April 15th is approaching. The tax programs of today make your life much easier. And remember that you can use Intuit’s TurboTax program to do any kind of tax return that is needed, from the simple return to the most complicated.

The Simple Return

When you are doing a simple return (like a 1040EZ) on the program, you are going to be able to get it done quickly because you … Read the rest

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

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)

Top Five Reasons To Adjust Your Withholding

Your withholding is the amount of money you have taken out of each paycheck to apply toward income taxes.  When your taxes are filed at the end of the year, any amount that the Internal Revenue Service withheld is credited toward your tax bill.  I, like many others, am unable to afford my own certified public accountant, and just hope that  the amount withdrawn from my income will match up to the total taxes I owe.  Usually that isn’t the case, but luckily, up until this point, I’ve only overpaid and earned a refund back from the IRS.  Those who underpay end up getting a stiff bill, and may end up having to pay penalties as well.

According to the IRS, the average individual tax refund in 2012 was $2700.  That calculates out to an average individual overpayment to the IRS of $225 per month.  I have learned through a … Read the rest

TurboTax Military Edition – The right support for junior military personnel

TurboTax Military Edition

If you’re working in the military, then it’s quite obvious that you’d expect some breaks given how hard you work. You know best of all how difficult life can get when choosing military service. The kind of sacrifices you make for the country and that too after leaving your families behind is anything but easy. It’s indeed a tough life and as a token gesture for this immense duty you’re doing to the nation and its citizens TurboTax has announced a very special TurboTax Military Edition.

This particular Turbo Tax Military Edition has been specifically designed for junior military personnel. It’s special because now all servicemen and women who rank between E-1 to E-5 shall now be able to file their taxes for free including through the extensions. This well extends to the middle of October, 2013. Moreover, those officers … Read the rest

Tax Return Processing Begins Late

2013 Tax Return Processing

IRS, formally known as the Internal Revenue Service, announced the 2013 filing season will open on January 30.  Individual income tax returns will not be reviewed until this date.

The IRS previously planned on allowing individuals to take part in electronic filing eight days earlier, on January 22.  The US congress approved new tax laws which in turn has delayed the start date for filing.  The new tax laws are due to the fact the US has been faced with great financial difficulties.  ATRA, an abbreviation for the American Taxpayer Relief Act, is the bill that was formed and agreed upon between the president and House of Representatives republicans.

The IRS is busy updating tax forms and “completing programming and testing of its processing systems.”  The update and intended improvements should allow the majority of US tax payers to file their tax returns starting January 30.  … Read the rest