How To File A Tax Extension

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How To File A Tax Extension

Each year, millions of people find that they are unable to file their taxes in time for the April deadline.  While the IRS can be very unforgiving about some aspects of their collections, one thing that they do make available for all tax payers is a tax extension available for several months.  You can use TurboTax 2013 software in order to take advantage of this tax extension.

IRS Form 1040X, 2005 revision

IRS Form 1040X, 2005 revision (Photo credit: Wikipedia)

E-File First

Begin by using the TurboTax 2013 software to actually file you taxes, putting in as much information about income, securities, investments, and deductions that you are able to, even if it is only a smidgen.  You want to do this now so that there are no surprises you may have missed once you sit down to do the full job.  Once you have that done, find out when you are able to finish the extension to the closest date.  Log into TurboTax 2013 software and either e-file an extension or print out the paper copy.

Paper Or Digital

While most people might be more comfortable with filing their tax extension by mail, you can do so digitally with the TurboTax 2013 software.  In fact, since this process is instant, it is not recommended that you file an extension by mail since it will take a few days to reach the IRS offices and runs the risk of becoming overdue if it is not postmarked by April 15th.  Once you have sent it in, you have until October 15th of 2013 to fill out the full tax form.

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Handling IRS Notices For 2013

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Handling IRS Notices For 2013

Once you file your taxes, they are in the hands of professionals at the IRS. If you get IRS notices for 2013, you will need to take action immediately to avoid any penalties for ignoring the government’s request for further information or payment. Typically, IRS notices arrive after the tax year has passed and taxes have been filed. However, you may also hear from the IRS in advance of a tax year, especially if taxes you have recently filed will impact what you owe or receive as a refund in the 2013 tax year.

If you receive IRS notices for 2013, don’t panic. It’s quite possibly you are simply being asked for some additional information. Take your notice to your accountant or tax professional if you have one. If you prefer to do your own taxes and you use a system such as TurboTax, you may need to file your notice until it is time to do your 2013 taxes. Put it in a place that you keep all of your tax documents so you remember it at tax time.

The IRS will always offer to help you when you receive a notice from them. Look for a contact phone number on the notification and if you do not understand what you are being asked to do, call a representative and talk about your case. Sometimes, the IRS will notice a correction that needs to be made to your taxes, which will affect the refund or the amount owed. Whatever you do, don’t ignore notices from the IRS. They will not go away.

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Tax Carnival Ecstasy – April 15, 2013

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Welcome to the April 15, 2013 edition of Tax Carnival Ecstasy. In this final edition for the 2013 tax season we have a number of good articles beginning with one from John Schmoll on last minute tax deductions for those that still need to file. Bill Smith has a post on the popularity of Turbo Tax for online tax filing. And if you are wondering the status of your tax refund since you have already filed and not seen a check from the IRS in the mailbox, KC Beavers covers finding the status of your refund in a great piece. Hope all the articles are helpful, make sure to bookmark, like on Facebook, tweet, and come back for additional tax information throughout the year.

deductions

John Schmoll presents Looking For Last Minute Tax Deductions? Try Making a Ringtone About Yourself! posted at Frugal Rules, saying, “It’s the end of tax season and people that are waiting til the last minute are commonly looking for deductions to take. Here’s a look at some of the crazy ones celebrities have tried to get past the IRS.”

Tax Day, New York City

Tax Day, New York City (Photo credit: @superamit)

filing

Bill Smith presents Checking Your Tax Refund Status After Using TurboTax 2013 posted at 2010Taxes, saying, “After filing your taxes with TurboTax 2013, you’ll immediately begin wondering about the status of your refund.”

Bill Smith presents United Way Offers Free Tax Preparation To Qualified Earners posted at 2012 Tax – Free Tax Filing Options, saying, “It is that time of year again; time to get out your tax documents, records, and W2s and do your taxes.”

Bill Smith presents The Benefits Of Using TurboTax 2013 To File Your Taxes posted at 2012 Taxes – Free Tax Filing Options, saying, “If you have never used Turbo Tax before, you need to consider filing your taxes with this computer program this year.”

Bill Smith presents Top Tax Scams To Avoid With Turbo Tax 2013 posted at 2014 Taxes, saying, “Using Turbo Tax 2013 is a good way to avoid tax scams in the first place, seeing as how you can e-file your paperwork with confidence that it will go directly to the IRS.”

taxes

KC Beavers presents Where Is My Tax Refund? posted at Generation X Finance, saying, “So your taxes should be done and filed by now. Now one of the most common questions we ask is where is my refund?”

Bill Smith presents TurboTax Continues To Grow In Popularity posted at 2011 Taxes, saying, “Millions of people utilize TurboTax in order to file their income taxes annually. In fact, Intuit recently reported that sales for its products have increased since last year.”

That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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Tax Carnival Ecstasy – April 10, 2013

English: Rep. Greenwood receives the "Her...

English: Rep. Greenwood receives the “Hero of the Taxpayer” Award from Americans for Tax Reform. (Photo credit: Wikipedia)

Welcome to the April 10, 2013 edition of Tax Carnival Ecstasy. We start this edition with a post from Dominic Mondal on Securing your Pension Plan by Investing in Self Managed Super Funds. Bill Smith takes a look at the U.S. tax reform and the effect of a decrease in the tax code’s bias for debt. John Schmoll has 4 Ways to Make Filing Taxes Easier from the Frugal Rules blog. And finally Edward Webber presents The New Tax Code for 2013-2014. Hope you enjoy the articles, bookmark, share, tweet, like on Facebook and come back for our next edition.

dominic mondal presents Securing your Pension Plan by Investing in Self Managed Super Funds and Property posted at Recent Articles.

deductions

Bill Smith presents U.S. tax reform – Effect of decrease in the tax code’s bias for debt posted at 2012 Tax – Free Tax Filing Options, saying, “The much awaited tax reform has at last arrived to reduce the tax code’s bias for debt.”

filing

John Schmoll presents 4 Simple Ways to Make Filing Taxes Easier Every Year – Frugal Rules posted at Frugal Rules, saying, “Very few people enjoy doing and filing their taxes. However, with a few simple steps you can make the process easier every year.”

retirement

John Schmoll presents Financial Advisor Compensation – Why it Matters posted at Frugal Rules, saying, “A financial advisor can be a great way to help you grow your portfolio when you have long term goals in mind. Make sure you do your homework and hire one that you feel right about and best fits your needs and goals.”

tax law

Bill Smith presents The Discretion of the President to Plan Cuts Under Debate posted at 2012 Tax – Free Tax Filing Options, saying, “President Barack Obama has been pretty vocal about the effect that automatic budget cuts are going to have.”

taxes

Alan Webster presents A Day in the Life of a Trader posted at TradingAcademy.com, saying, “Have you ever wondered what the average day is like for a trader? In this blog post we interview Steve Moses, an options trader, to sneak a peek into his average day.”

Edward Webber presents The New Tax Code for 2013-2014 posted at TaxFix Feed Update, saying, “In the UK the tax allowance is about to increase. This means that anyone working in the country can earn 9,449 pounds before they need to pay any tax. This post explains all about it.”

Bill Smith presents Innovations For Turbo Tax 2013 posted at 2013 Taxes, saying, “Professional accounting can help business owners save time and resources, and the Turbo Tax 2013 CPA Select edition by Intuit may be the ideal solution for tax filing season.”

Bill Smith presents Easy Online Tax Filing With Free Turbo Tax 2013 Software posted at 2009 Taxes, saying, “Having expert tax assistance can be the best way to avoid financial penalties, complete your filing on time, and maximize your refund.”

Bill Smith presents The Benefits Of Using TurboTax 2013 To File Your Taxes posted at 2012 Taxes – Free Tax Filing Options, saying, “If you have never used Turbo Tax before, you need to consider filing your taxes with this computer program this year.”

Bill Smith presents Jackson Hewitts Tax Advice For Recent College Graduates posted at 2008 Taxes, saying, “Recently, Jackson Hewitt released its biggest tax tips for college graduates. Recent graduates often make some big mistakes on their returns that are more than avoidable.”

Bill Smith presents Last Minute Tax Tips When Using Turbo Tax 2013 posted at 2009 Tax, saying, “Before you head to TurboTax.com, take a moment to read through these tips. With the deadline approaching, you need to know what to do at the last minute to make the filing process successful.”

Bill Smith presents Finding The Right Online Tax Prep posted at 2009 Taxes, saying, “The nice thing about these different options is that they are all free and allow you to quickly get your information in so you can receive your refund.”

Bill Smith presents TurboTax Helps Users Get More Accurate Tax Returns posted at 2010 Tax, saying, “Each year, Americans are forced to go through last year’s financial information and prepare a tax return.”

tips

John Schmoll presents How Should You Spend Your Tax Return? posted at Frugal Rules, saying, “The average tax return is nearly $3,000. Receiving that sum of money all at once can lead to easy temptation. Make sure you make wise decisions with that money, whether it be paying off debt or investing for the future so you can make the money work for you.”

That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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Jackson Hewitt’s Tax Advice For Recent College Graduates

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Jackson Hewitt’s Tax Advice For Recent College Graduates

Jackson Hewitt operates around the country and offers various tax services for taxpayers. With that in mind, millions of people file their state and federal income returns annually. This company helps many of those very individuals on a regular basis while competing with TurboTax 2013. Recently, Jackson Hewitt released its biggest tax tips for college graduates. Recent graduates often make some big mistakes on their returns that are more than avoidable.

Jackson Hewitt Tax Service

Jackson Hewitt Tax Service (Photo credit: kenteegardin)

For instance, most students can deduct their student loan interest on their return. Only interest paid from a qualifying loan counts, though, and the maximum deduction is $2,500. Most college students are claimed as dependents as they attend school. However, a graduate should claim themselves independent afterwards to maximize their tax benefits. Someone that is considered independent for tax purposes can claim many more deductions than someone considered a dependent.

Jackson Hewitt reminds recent graduates of other tax issues, too. Thousands of students receive scholarships, which are sometimes taxable, depending upon the circumstances. Typically, funds paid directly to a student are completely taxable. On the other hand, graduates starting a new job should check out their withholding. Higher income means more taxes must be paid during the year. Nobody wants to find that they owe money to the government.

Filing taxes during college is often different than doing so after graduation. Of course, most graduates see some big changes in the coming years. There is no reason a person should fail to take advantage of the tax advice that’s available. The right information can save someone thousands of dollars in taxes per year. Plus, most people don’t understand the tax system very well, and this advice always helps.

Millions of people will use Jackson Hewitt or TurboTax 2013 to file their taxes this year. Unfortunately, the deadline is fast approaching, and late filing can cost a person greatly. It’s important to take a look at one’s tax situation and take available deductions or breaks. Too many people fail to do so and pay the costs, especially college graduates. In the end, taxes come every year, and there are plenty of ways to minimize the burden.

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Most Taxpayers Don’t Cheat

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Most Taxpayers Don’t Cheat

Paying taxes is required for both citizens and...

Paying taxes is required for both citizens and non-citizens. (Photo credit: Wikipedia)

If you are racing to get your taxes done by the April 15 deadline, you are not alone. Millions of Americans will file their taxes this year, and more than ever will file taxes online. One of the most common misconceptions about tax filing is that everyone cheats on their taxes. Studies have shown, however, that the majority of Americans are against cheating on taxes.

Who Cheats on Taxes?

Surprisingly few people cheat on their taxes. Aside from the big news stories about wealthy real estate magnates evading taxes, it is rare to hear about tax cheating. With a variety of deductions and credits that reduce the average tax bill, most people don’t see the advantage of cheating on their taxes.

According to a poll conducted by the IRS, the majority of Americans agree that cheating on your taxes is never okay. Only a small percentage of taxpayers surveyed said that they regularly cheat on their taxes. The IRS depends on the self-reporting of taxpayers to uphold the integrity of the tax system. They report that only 1% of taxpayers are ever subject to an IRS audit.

With safeguards in place to prevent dishonesty, it is difficult to cheat on your taxes. When you receive tax forms such as interest income forms from your bank, the IRS also receives a copy of that information. Banks, employers and other financial institutions are required to report this income to the IRS at the end of the tax year.

Software like Turbo Taxes has checks and balances in place to ensure that all of the information you input is factual and correct. The software will even allow you to go back and check past returns for errors.

Filing Your Taxes Online

Filing your taxes online with Turbo Taxes is easy. With a team of tax preparation experts at your disposal, you can be sure that your taxes will be filed correctly every time. When you file your tax return online, it is electronically submitted to the IRS for immediate processing. You will be notified of the status of your return within a few days.

Get the refund you deserve when you file your taxes online. Although most taxpayers will never face an audit, you can be assured that you have support should the IRS need more information from you. With audit protection, you never have to worry about facing an IRS audit alone.

Don’t let the April 15 tax filing deadline creep up on you. File your taxes today.

87% say it’s never okay to cheat on taxes

 

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