United States

Business Owners Leaving California Due To High State Taxes

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Bailing On California Due To High State Taxes

Many top-earning residents in California are ready to leave for good due to the excessive taxes they are required to pay. From winery owners in Napa Valley to popular sports figures, high-income residents who have been loyal to “The Golden State” are simply fed up.

Golfer Phil Mickelson has openly voiced his feelings about the issue and did not hesitate to disclose that he has considered leaving California, although he later regretted being so vocal. Other top earners are also speaking out about their plans to leave the state, and these residents have plenty of options that will be much easier on their pockets.

The southern state of Texas is a very attractive option for many high-income residents of California. The income-tax rate in this state is zero, which is a huge difference from the excessively high … Read the rest

Free TurboTax For All Of Your Tax Needs

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Free TurboTax 2013/2014/2015 For All Of Your Tax Needs

Tax season is never a fun time of year, but it comes once a year and it can’t be ignored. Sometimes taxes can seem like they are very difficult, and they can be, but with free Turbo Tax 2013/2014/2015 taxes can be simple. Federal Free Turbo tax is a program that you can find online. You do not have to even download, a program, just navigate to free Turbo tax and get going.

free turbotax photo

This program is a unique program in that while free, there are some options you can pay for if you need more advanced options such as when you own your own business or you have investments. However, these programs are much less than what you would pay for an accountant and this program acts pretty much like a free accountant.

With this program you will be guided through … Read the rest

State Income Tax Worries On The Rise

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State Income Tax

State Income Taxes Could Possibly be Eliminated by Selective States:

Many States are hoping to experiment with their plan to eliminated State tax returns. The States which consist of mainly Republicans are clinging tightly to this idea praying that it is a success.

Across the U.S. as well as the South and Midwest, numerous Republicans have gained a majority of control when it comes down to state legislatures and governorships, thus gaining the power to test highly debated tax ideas.

Republican Governor Bobby Jindal of Louisiana, for example, has called on ending Louisiana residents income tax as well as corporate taxes, leaving sales taxes to make up for lost profits.

One thing is certain and that is that Tax Filing is becoming a hot topic for many individuals of the United states. Some say cutting Tax Refunds will eventually help all of America, while others see … Read the rest

Tax Return Processing Begins Late

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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

TurboTax System Requirements

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TurboTax 2012 System Requirements

Filing Tax is one of the tedious tasks to accomplish. However, since a last few years, there has been a change in the process. Nowadays, millions of users are filing their taxes online. It is cheap, fast and simple. Various online tax software options are out there in the market. However, TurboTax 2012/2013/2014/2015 exemplifies the benefits, as compared to other options.

Turbotax 2012 is specifically designed to meet up the requirements of your tax situation. The 2012 versions are –

  • Basic
  • Deluxe
  • Premier
  • Home & Business
  • Business

Normal Filers can use the Deluxe Edition. A person who owns a home, have a family, life change or medical expenses come under normal filer category. People having some properties or investments can consider the Premier edition; whereas Business edition is suitable for business owners. A free edition of the program is also available. You can use it for … Read the rest

How to Settle Tax Debt for Less

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How to Settle Tax Debt for Less

If you wish to settle down tax debt for less than there is only one common way to do so: simply with an offer in compromise; which means the IRS will agree to let you reimburse less than the actual amount to you want to pay. Though you can settle your tax debt for less, it is essential to bear in mind that you might not meet the criteria for an offer in compromise. The IRS accepts just about 15% of those that they receive

There are various situations when you are able to settle for less. They are:

  • Doubt as to liability- This is actually when you are not found at fault for the debt that has been considered.
  • Doubt as to collectability- Here you just cannot pay the tax debt now, and there is absolutely no reason to think that this
… Read the rest