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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.

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 who happen to rank between E-6 to E-10 can also go ahead and file for a reduced fee.

  • The foundation of TurboTax and its coming into existence

It’s not just like that that the TurboTax Military Edition came into existence. This particular edition was created by active military personnel and their spouses. These are retired personnel who’re reserved in nature but haven’t failed to identify the tax debt related problems faced by junior military personnel. These problems aren’t always easy to tackle and definitely not welcome to people who’re doing all they can for the nation.

  • The tax debt related problems faced and its solutions

There can be a bizarre number of tax problems which can soon amount to debt. Now, with the national economic scenario as it is, it’d definitely not be an encouraging situation to see the military personnel of the country neck deep in tax debt. Moreover, piling up on tax debt can destabilize any one any day and as military personnel stability at the financial end is more than just required. There are quite a few probable solutions when you rack up tax debt, be it debt settlement or an Offer in Compromise or a payment extension plan. You could also opt for installments. However, all this hassle can be easily avoided now that the TurboTax Military Edition is here.

  • The TurboTax Military Edition helps you avoid tax problems

With the TurboTax Military Edition you actually get access to programs that can walk you through military-related tax issues and situations. These include uniform deductions and PCS, state of residence, and more. Most importantly, this particular program effectively distinguishes between combat pay and basic pay.

  • The manner in which TurboTax generally works

You might be a tad confused about how exactly the TurboTax program works. It’s really easy. In fact, it’s said to work like an interview wherein you begin by answering easy questions and then you go on to fill the right tax forms and that too behind the scene. It depends on what you answer for it’ll reveal which are the deductions and credits you actually need. Most importantly, you’ll get thorough guidance and step by step instructions that’ll help you through your taxes. You’ll also be readily informed about every deduction and credit that applies to you.

Bipartisan Changes Needed To Reduce Debt

Reduce Debt

Spending cuts and reforms to government entitlement programs are very necessary, according to an interview with House Minority Leader Nancy Pelosi on National Public Radio. The interview was broadcast nationally on Thursday morning. Pelosi said that she feels the government should be scrutinizing every dollar in the budget in order to reduce costs and prevent future generations of Americans from paying for financial mistakes made today. This applies as much to the defense budget as it does “on the domestic side,” she said.

Bipartisan Changes Needed To Reduce Debt

English: at a rally opposing reform (Photo credit: Wikipedia)

Other segments of the interview featured Pelosi praising the recent budget agreement, saying the rise in taxes on the most wealthy Americans brings “more fairness” to the policies. She also said she hopes that reforming programs such as Medicare and Social Security will extend them for future generations, and make them stronger today. While she supports reform of these entitlements, she does not support any cutbacks in their benefits.

If the current spending levels continue the U.S. will be $4 trillion in debt within a decade, according to the Congressional Budget Office. In order to prevent this, there it is necessary to seriously reform the nation’s largest entitlement program, Medicare.

One possible reformation of the program was proposed in the New York Times in May. Ezekiel J. Emanuel, a professor at the University of Pennsylvania, proposed what he calls “graduated eligibility.” This system would offer Medicare coverage earlier for older Americans who live in poverty, and would push the date for wealthy Americans past 70-years-old.

There have also been other proposals for reforming the entitlements, but none have been embraced by more than a handful of Democrats. The majority of liberals refuse to consider major reform to Medicare or to Social Security.

The Republicans aren’t in the free and clear here, either. Their refusal to accept the reform of corporate taxes that create more of a tax burden for the nation’s largest companies is as dangerous as the lack of comprehensive entitlement reform. While the recent deal ended a payroll tax holiday that means the middle class will once again pay more than 6 percent of their paychecks to the government, it also gave more than $46 billion in tax breaks to corporations.

Without Republicans asking more from corporations and Democrats agreeing to scale back entitlement programs like Medicare and Social Security, the current government debt will continue to grow. Taxpayers deserve a bipartisan effort to truly be accountable for budgets and government spending, but it seems to be little more than a fantasy right now.