Free Federal Tax Filing from the Biggest Name in Online Preparation

June 25, 2009 – 4:30 pm

Free Federal Tax Filing from the Biggest Name in Online Preparation

Intuit’s TurboTax is now offering free online tax filing for your simple federal tax return. Get free preparation, free printing, and free eFiling if you are filing a 1040 EZ form this tax season. You are guaranteed to get the biggest tax refund available based on your personal information. Answer simple questions about your tax situation, get the best refund available by a complete review of every credit offered and file your return online for free so you get your money back in as few as 8 days.

Help and Tax Savings Tips

With your Intuit TurboTax return you’ll also get the best in help and tax savings tips. Intuit provides a Live Community where you can ask other users for real time answers you need and when you need them. While completing your tax return, TurboTax also provides you with tips and help specific to the area you are working on. And if you’ve had an event that will make a difference with your return like purchasing a new home, becoming a parent, or changing jobs, TurboTax Federal Free Edition will explain how the change has altered your return and your refund.

So if you are looking for the best tax preparation software available on the market today and are filing a 1040 EZ tax return, TurboTax Federal Free Edition is the best option for you to prepare, print, and file your free federal tax return.

START YOUR RETURN TODAY!

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By Steve | Posted in Tax Preparation, Uncategorized, tax credit, turbotax | Tagged 1040 ez, 1040 ez tax return, federal tax return, free efiling, free federal tax filing, free preparation, free printing, help and tax savings tips, intuit turbotax, online tax filing, start your return today, turbo tax 2009, turbotax, turbotax 2008, turbotax 2009 | Comments (18)

Don’t File Your Taxes Yet If You Gave to Chile

March 10, 2010 – 3:01 pm

Don’t File Your Taxes Yet If You Gave to Chile

With the recent Chile Earthquake on the minds of millions of Americans, the US House of Representatives is looking to add a Chile donation special tax deduction similar to the one in place for Haiti relief efforts. If the measure is approved, charitable donations sent to help Chile victims of the earthquake will be deductable on taxpayer’s 2009 tax returns although the donations are actually being made in 2010. Donations would need to be made before April 15th, the tax filing deadline.

The US House of Representative bill was passed without any opposition with the bill now on its way to the Senate for approval. An additional measure in the bill allows for Haitian donations to be made up until April 15th, an extension of over a month. So holding off until the bill passes will be helpful for those looking to make such donations.

If you have already filed your 2009 taxes but do not want to wait until next year to claim your charitable donations, amending your return by filing a 1040X will provide you the deduction this calendar year.

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By Steve | Posted in Tax Preparation, charitable giving, tax credit, tax return | Tagged 2009 tax return, april 15th, chile, donations, haiti, tax deadline, tax deductions | Comments (0)

QuickTax For Canadian Tax Returns

April 23, 2009 – 3:03 am

QuickTax For Canadian Tax Returns

With QuickTax from Intuit Canada, the #1 best selling tax software in Canada, you can get the biggest refund possible and that is guaranteed. Their software is government certified tax software (CRA) and with their free online tax filing you can get your return in as little as 8 days. There is free technical support for your return 7 days a week and their online security is equal to the same security as major banks use for online transactions.

Online or On Your Computer

With QuickTax you have two options QuickTax Online and QuickTax CDs and Downloads. With their online version you can prepare and file your return online with your web browser, keep your information private, and pay one fee only for each return you prepare. With their downloaded software and mail order CDs you can prepare your return on your personal computer, file your return online, and file up to 8 returns with one order. Perfect for individuals or families.

START YOUR CANADIAN RETURN TODAY!

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The Advantages and Disadvantages of Tax Preparation Software

By Steve | Posted in QuickTax, Tax Preparation | Tagged Canada Tax Return, Canadian Taxes, cra, government certified tax software, intuit canada, QuickTax, quicktax cds, quicktax online, tax software | Comments (6)

Claiming the Child Tax Credit for 2009

March 9, 2010 – 2:30 pm

Claiming the Child Tax Credit for 2009

The Child Tax Credit is an important and beneficial tax credit that you should file for whenever you are eligible. You can receive a tax credit for up to $1,000 for every child that qualifies. Children must be under the age of 17 in addition to other stipulations.

The qualifications for a child include age, relationship, support, dependent, citizen, and residence. The first test we have already mentioned, the child has to be younger than 17 when the tax season ends. To pass the relationship test, the child has to be your child, your step-child, your sibling, your step-sibling, adopted, a foster child or a child of one of these.

You have to claim the individual as your dependent when you file and they must be financially dependent upon you. US citizens, nationals, and resident aliens are the only groups to pass the citizenship test to claim the Child Tax Credit. And they must live with for the majority of the year.

Like many tax credits, this one phases out for income earners. The phase-out begins at $110,000 adjusted gross income when filing jointly with your spouse and $55,000 when filing separately. Other filing statuses phase out beginning at $75,000. Finally, if you are eligible for more tax credit than you have paid in, file for the Additional Child Tax Credit.

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By Steve | Posted in Tax Preparation, tax credit | Tagged additional child tax credit, age of 17, beneficial tax credit, child tax credit, citizen, dependent, phase out, qualifies, relationship, support | Comments (0)

Debt Forgiveness and Mortgages

March 8, 2010 – 1:44 pm

Debt Forgiveness and Mortgages

If you had all or part of a mortgage forgiven during the last three tax years, you may be able to avoid paying taxes on the forgiven mortgage debt. A law passed in 2007 called the Mortgage Forgiveness Debt Relief Act allows otherwise taxable mortgage forgiveness to be tax free up to $2 million dollars.

Now if you file separately from your spouse, you can only claim half of the limit yourself. But joint filers can take the full $2 million. Restructure of mortgage debt is one case where you might need this tax benefit in addition to debt that was eliminated through a foreclosure. One exception is debt consolidated from other sources that was originally used for other purposes unrelated to your home.

File IRS Form 982 with your tax return to claim the debt forgiveness. The debt forgiveness is for primary residences only as the Form 982 describes. To find the amounts of debt that was forgiven for the tax year, look for a 1099-C from the mortgage holder. This tax form will provide the total amount information that you need.

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By Steve | Posted in Debt Relief, Tax Preparation, irs, tax credit | Tagged 1099-C, 2007, debt forgiveness, foreclosure, form 982, mortgage, restructed mortgage | Comments (0)

Five Tax Credits You Should Claim

March 6, 2010 – 2:58 pm

Five Tax Credits You Should Claim

If you are eligible for these five tax credits, you should claim them this year on your tax return. These credits will reduce the tax your owe directly and some can be refunded to you if you owe no taxes at all.

The Earned Income Tax Credit (EITC) is for lower income earners and considers the number of children that you have when calculating the tax credit. The tax credit is refundable and can give some low income workers up to $6,000 in refundable taxes well beyond what they have paid into the tax system for the year.

The Child and Dependent Care Tax Credit provides up to $3,000 in credit for expenses you paid for a dependent child’s care during the tax year or for a dependent disable spouses care. The credit is designed to allow the taxpayer to work while their loved one is being cared for.

The Child Tax Credit is available for each dependent child a tax payer has and reduces their taxes owed by $1,000.

The Retirement Savings Contributions Credit or the Saver’s Credit helps lower income employees save for retirement. If your income level qualifies you can receive this additional tax credit for contributions you have made to IRAs and 401Ks at work.

The Health Coverage Tax Credit helps to pay for health insurance premiums. The tax credit can pay up to 80% of your premiums. Complete IRS Form 8885 to claim this great credit.

Also take a look at the First Time Homebuyers Credit.

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By Steve | Posted in Tax Preparation, irs, tax credit, tax return | Tagged child and dependent tax credit, child tax credit, earned income tax credit, health coverage tax credit, retirement savings, savers credit, tax credits, turbo tax, your tax return | Comments (0)

Places to Find Free Tax Help

March 5, 2010 – 1:41 pm

Places to Find Free Tax Help

In addition to coming to 2008Taxes.org everyday, there are a number of government sponsored ways to get free tax help while preparing your tax return for 2009. The first place to look is IRS.gov. Not only is this the number one resource for tax information online but they also offer free tax preparation and free e-filing for tax payers in certain categories. And anyone that has filed a tax return can check the status of their return on the site.

If you prefer the telephone over visiting a website, call the IRS at 1-800-829-1040. You can ask questions, order forms, order past return information, and get instructional material. There are other numbers associated with the IRS also, for instance 1-800-829-3676 has pre-recorded instructions on many tax preparation steps. TTY/TDD access is available at 1-800-829-4059.

Finally, the IRS has established Tax Assistance Offices. Find a location near you and what their office hours are at IRS.gov.

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By Steve | Posted in Tax Preparation, irs | Tagged free tax help, irs.gov, order forms, order past returns, tax assistance offices, Tax Preparation, telephone help | Comments (0)

Check the Status of your Tax Return

March 4, 2010 – 7:59 pm

Check the Status of your Tax Return

Once you have filed your tax return you are sure to want to know its status and when your tax refund will be arriving. The IRS provides a couple of different options for you to determine when your return has been received and when your refund will be arriving. Start today at IRS.gov.

The IRS website has a ‘Where’s my Refund?’ option which provides the information you are seeking. You need to provide three pieces of information to obtain the status of your return. Provide your Social Security Number, your Filing Status, and the dollar amount of your refund. The service is in Spanish in addition to English and is completely secure.

If you e-filed your return, the IRS will have your refund status within 3 days of you filing your return. If you mailed in a copy of your return, you will need to wait 3 or 4 weeks to begin checking the status of your return.

The online service will provide for you acknowledgement of receipt of your return, the mail date or direct deposit date, and information related to your refund being returned if the mailing address you provided was incorrect. There are also some specialized notifications based upon your individual status.

Visually impaired taxpayers will have no problem using the online service as there are a number of accessibility features. There is also a toll free number if you would rather use your phone to track your return. Call the IRS at 1-800-829-1954 or 1-800-829-447 for the TeleTax System. Refunds are often sent on Fridays which might cause variations in the amount of time needed for you to receive your return.

Start your Free Tax Return today with Turbo Tax Online.

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By Steve | Posted in Tax Preparation, tax return, turbotax | Tagged check the status, federal tax return, free tax return, status, tax return, teletax, toll free number, where's my refund | Comments (0)

You Bought a House, Claim the First-Time Homebuyers Credit

March 3, 2010 – 10:27 pm

You Bought a House, Claim the First-Time Homebuyers Credit

There are a number of documentation requirements when you go to file your return for 2009 and you want to claim the First-Time Homebuyers Credit. This great credit of $8,000 helps with fixing up the new house or paying off some moving expenses. But claiming the credit requires a number of documents and filing a paper return with the IRS.

The first statement you will need to attach to your 1040 paper tax return is a HUD-1 Settlement Statement. You will get a copy of this form when you close on your new house. Make a copy of the legal sized page for your credit. Make sure that signatures are included on the Settlement Statement. If your settlement statement does not have your signature, sign the bottom of the form before you mail it in.

If you purchased a mobile home instead of a traditional home, you did not receive a Settlement Statement. Attach a Retail Sales Contract with your tax return to get the credit. And some new homes also do not close with a Settlement Statement. In this instance a Certificate of Occupancy is needed.

The other group able to claim a home buying credit are long-term purchasers. When you have lived in a house for over 5 years and purchase a new home prior to April 30th, you can claim a $6,500 credit. To claim this credit, the IRS wants you to attach five years of 1098 Mortgage Interest Statements to prove your long-term ownership.

Start your Free Tax Return today with Turbo Tax Online.

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By Steve | Posted in Tax Preparation, property taxes, tax credit, turbotax | Tagged 1098, 2009, certificate of occupancy, documents, first-time home buyers, Hud-1, irs, long-term buyer, mortgage interest statements, paper return, retail sales contract, settlement statement, tax credit, tax return | Comments (0)

Capital Gains and What to Report to the IRS

March 2, 2010 – 5:47 pm

Capital Gains and What to Report to the IRS

Capital Gains and Losses are the result of holding capital assets for investment or for personal use. Capital Assets held for investment result in a capital gain or loss when sold compared to their basis, or what you purchase the asset for. Capital Assets held for personal use can only create a capital gain. All capital gains must be reported to the IRS.

Long term capital gains are better as their tax rate is generally lower than short term capital gains. The classification of a capital gain or loss is determined by a period of one year. Long term capital gains can be offset by long term capital losses, resulting in no taxes being owed or up to a $3,000 reduction in other outstanding tax. The tax rate for most long term capital gains is 15% with some exceptions resulting in 25% or 28%. See IRS Publication 17 for additional information.

Capital losses can be carried forward to future years to offset new capital gains when they exceed the $3,000 limit for the current year. The limit is only $1,500 if you file separately from your spouse. Finally, report capital gains and losses on Schedule D and then transfer the bottom line to your 1040 long form on line 13.

File Your Tax Return For Free!

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