Jackson Hewitt’s Tax Advice For Recent College Graduates

TurboTax 
Federal Free Edition

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.

5454462564 3b3df1baa8 m

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.

VN:F [1.9.22_1171]
Rating: 9.7/10 (3 votes cast)
VN:F [1.9.22_1171]
Rating: +3 (from 3 votes)

»crosslinked«

Related Posts:

Most Taxpayers Don’t Cheat

TurboTax 
Federal Free Edition

Most Taxpayers Don’t Cheat

300px Form 1040%2C 2005

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

 

VN:F [1.9.22_1171]
Rating: 10.0/10 (2 votes cast)
VN:F [1.9.22_1171]
Rating: +2 (from 2 votes)

Related Posts:

Higher Mortgage Rates In 2013?

TurboTax 
Federal Free Edition

Higher Mortgage Rates In 2013?

The news that renters and home buyers do not want to hear is that 2013 will almost certainly see higher housing costs, higher rents and various mortgage fees.

This year also sees the introduction of several new mortgage regulations, and anyone applying for a mortgage will potentially be affected by these.

300px Sign of the Times Foreclosure

English: Sign of the times – Foreclosure (Photo credit: Wikipedia)

If you apply for a FHA mortgage and have a lower down payment, you will have higher rates for your mortgage insurance.

In an ongoing effort to add to its reserves, the FHA (Federal Housing Administration) has implemented various raises to insurance premium costs since 2008, and analysts seem to think that trend will continue. One such increase will be a 0.1 percent increase in the yearly insurance premium that is added to the monthly mortgage payment of borrowers. Currently, the charge for FHA borrowers is about 1.25 percent.

Janneke Ratcliffe of UNC Chapel Hill in North Carolina points out that once rates rise, this seemingly small increase will be noticeable.

Rental prices are rising due to a poor job market, a high number of foreclosures and tight mortgage lending, and in addition, the supply of rentals is low in many areas. Real estate firm Reis pointed out that in the 4th quarter of 2012, apartment vacancies stood at 4.5 percent, an 11 year low.

Whereas earlier refinancing options have not worked effectively, President Obama is likely to push for more effective legislation to help owners with an ‘underwater’ property, predict some analysts, including Julia Gordon of the Center for American Progress.

Consumers could be affected for better or worse when a series of new mortgage regulations are introduced early this year. One of the most important is a rule stipulating that a borrower must prove to a lender that they are financially able to pay back the loan.

Mortgage rates usually go up when investors move from Treasury bonds and mortgages to stocks, and this week was no exception. A 30 year fixed mortgage increased to 3.77 percent, while a 15 year fixed increased to 3.03 percent and a 5/1 adjustable rate mortgage increased to 2.78 percent.

VN:F [1.9.22_1171]
Rating: 9.5/10 (2 votes cast)
VN:F [1.9.22_1171]
Rating: +2 (from 2 votes)

Related Posts:

IRS Tax Lawyer Due Diligence

IRS comic vol1

IR$ (Photo credit: Wikipedia)

IRS Tax Lawyer Due Diligence

Tax attorneys can help people with IRS problems. The IRS is always willing to work with the tax payer to get issues resolved. But most people need professional representation because of the complex rules and regulations involved in most tax matters. An experienced irs tax lawyer will have a complete understanding of the applicable rules and regulations as well as the internal workings of the IRS. The typical tax payer that tries to go it alone will spend a lot of time talking to people at the IRS and get nothing accomplished. This is because they do not have access to the right people inside the IRS, the decision makers. An experienced irs tax lawyer will have access to the right people and be able to get issues resolved in a much more timely manner than the typical tax payer. This alone will save money on interest and penalties.

Many tax resolution companies that advertise on TV and over the internet do not actually have tax attorneys on staff. They sell the person on a tax resolution service and then outsource the business to an actual tax attorney. The taxpayer ends up with a tax attorney that they know nothing about and had no say in selecting and the price for the services are higher because there is another party involved in the process that must get paid. The most important thing when selecting a tax resolution firm is the due diligence or research by the tax payer to find a reputable firm that actually has tax attorneys on staff to handle their tax problems. Elias V. Lorenzana Jr is an experienced tax attorney, find out more by visiting  http://www.taxattorney-irs.com/Tax-Attorneys/Elias-V-Lorenzana.aspx. Also see Mouris Behboud at http://www.mytaxattorney.com/MourisBehboud.htm, he offers services nationwide.

VN:F [1.9.22_1171]
Rating: 9.5/10 (2 votes cast)
VN:F [1.9.22_1171]
Rating: +1 (from 1 vote)

Related Posts:

Tax Carnival Ecstasy – December 18, 2012

Willie Nelson IRS Tapes

The IRS Tapes: Who’ll Buy My Memories? (Photo credit: Wikipedia)

Welcome to the December 18, 2012 edition of Tax Carnival Ecstasy. In this edition we start with a Mortgage Interest Deduction 101 class from HouseMouse. Bill Smith takes a look at some Money Saving Tax Filing Tips for this upcoming tax season. And finally John Schmoll looks at Rebalancing Your Portfolio the careful way. Hope you enjoy the carnival, bookmark, share, like on Facebook, tweet on Twitter and follow the carnival next time.

Gregory Arnold presents Help With Rent Money – Online Cash Loans Can Help Cover Rent posted at Online Fast Cash Loans, saying, “Perhaps you have had some unexpected expenses this month. You may not have enough money to pay the rent. Thanks to online cash loans you can have the money that you need, and it may not be as difficult as you think.”

James Dean presents Do Payday Loan Consolidation Programs Work And If So How? posted at Unsecured Bad Credit Debt Consolidation & Personal Loans Online, saying, “In this day and age, it’s incredibly important for people to be in complete control of their finances. When you get older, you are responsible for several expenses such as rent payments, car insurance, medical insurance, as well as gas money. If you’re looking for information on payday debt consolidation loans, there is a lot of information on the web that can help you.”

deductions

HouseMouse presents Mortgage Interest Deduction 101 posted at The House Mouse.

filing

Bill Smith presents Money Saving Tax Filing Tips posted at 2010 Tax, saying, “The IRS indicates that the average tax refund was around $3,000 last year, meaning that many of us are actually looking forward to filing our taxes.”

retirement

John Schmoll presents Why Rebalancing Your Portfolio is Like Buying a Carton of Eggs posted at Frugal Rules, saying, “Portfolios, much like eggs can be damaged for numerous reasons. You also want to make sure you have a well balanced portfolio, just like you want a well-balanced diet. Part of a balanced portfolio is rebalancing it annually to make sure you have the best allocation possible.”

taxes

Bill Smith presents Tax Amnesty Gives Kettering Ohio Six Figures posted at 2009 Tax, saying, “Thanks to a new tax amnesty program, Kettering Ohio has brought in more than $163,000 in the first five weeks since the program was kicked off.”

Bill Smith presents IRS Tax Relief Programs posted at 2012 Taxes – Free Tax Filing Options, saying, “If you are looking for IRS tax relief information, maybe this will help you. The IRS has several tax relief programs for people who owe back taxes.”

Bill Smith presents IRS Tax Fraud Increasing posted at 2011 Tax, saying, “Identity theft linked to IRS tax fraud has been increasing. However, according to a recent government report, the IRS is actually unaware of the number of persons who are running scams on the system.”

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.

Technorati tags: tax carnival ecstasy, blog carnival.

VN:F [1.9.22_1171]
Rating: 10.0/10 (2 votes cast)
VN:F [1.9.22_1171]
Rating: +2 (from 2 votes)

Related Posts:

Making Filing Much Easier

TurboTax 
Federal Free Edition

Filing Back Taxes

The approach that you take when filing back taxes will make a very big difference in your life. It is important for you to avoid putting off dealing with your taxes, this is a mistake that many people make. If you allow time to pass, you run the risk of forgetting and having to deal with panic that results from an approaching deadline. As such, you want to take advantage of software that would help you to streamline the process of dealing with your 2008 taxes. All you will need to do is enter your financial information and answer a few questions. These questions are designed to help determine how much you are responsible for while limiting your financial burden. The process is very quick, it will allow you to get rid of the stress that comes along with having to file back taxes.

5229193100 7d93903ccb m

Tax Preparation (Photo credit: agrilifetoday)

Additionally, you may want to speak with a professional that would be able to look at your financial situation in order to determine your liability. People tend to think that they do not need help when it comes to dealing with taxes. However, this is simply not the case. Following the guidelines set forward is the only way that you will be able to avoid making a mistake. Software can help to safeguard you while reducing the amount of time that it would otherwise take to get this portion of your life in order going forward.

VN:F [1.9.22_1171]
Rating: 9.5/10 (2 votes cast)
VN:F [1.9.22_1171]
Rating: +1 (from 1 vote)

Related Posts:

u comment, i follow
Approved TurboTax Affiliate site. TurboTax and TurboTax Online, among others are registered trademarks and/or service marks of Intuit, Inc. in the United States and other countries. Other parties’ trademarks or service marks are the property of the respective owners.
TurboTax
%d bloggers like this: