Category: tax planning

Jackson Hewitt’s Tax Advice For Recent College Graduates

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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Making Filing Much Easier

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.

Tax Preparation
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.

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Gay Marriage Increases Federal Tax Headaches

Federal Tax Headaches

Federal Tax Headaches

The advent of a new era in our nation’s history brings with it more than gay marriage acceptance; we are witnessing the dawn of a new era of federal tax headaches.  Tax law for same-sex married couples is more complicated than that of their heterosexual counterparts, creating a need for consultation that was not needed before marriage.  Couples in this situation may find taking their taxes to an institution to be beneficial, especially considering many of them offer free federal tax filing.

Due to the 1996 Defense of Marriage ACT (DOMA), same sex marriages cannot be recognized at a federal level despite the fact that at a state level the tax rules differ quite a bit.  Gay marriage is not recognized federal tax forms so gay and lesbian spouses cannot file their taxes jointly.  Ken Weissenberg, a partner at EisnerAmper in New York says, “The nightmare of compliance is difficult and the cost of compliance will be at least double, and I think you face a greater risk of audit.”

Gay marriage tax-time difficulties affect more than 130,000 couples around the country.  The process changes depending on many factors, including wealth and whether or not there are children. Couples may want to consider taking advantage of the free federal tax filing offers from various companies.  They can then be sure of professional, accurate filing, with the greatest returns.

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Benefits Of Using Turbo Tax Advance

TurboTax advance

Getting your taxes done is never a fun time. However, you may not realize you can easily do your own taxes, if you have all the information readily available. This is when you should know more about the benefits of TurboTax advance. Once you know about the benefits of using turbotax advance, you will not want to send your taxes out to any other company, nor will you dread doing your taxes anymore.

The first benefit you can find is this program is easy to use. With the easy to use interface, you just have to put in the information in the proper spots. Then you can have the information calculated out for you automatically making it easy for you to take care of the taxes on a regular basis.

Another benefit you can find is the program is up to date on all the latest tax law changes. With it being so up to date, you do not have to be concerned about the program not providing you with the breaks you have earned or even the credits you should be getting. Without this, you can easily miss out on some of the credits or deductions and end up paying more in taxes.

Something else you will like is the program searches out any of the items you need to have to get a refund. When you have this type of program searching out for you, it is easy to know you are finding all you can qualify for. Then you can get your money back, rather then having to pay.

Using a program like turbo tax advance is a great thing to do. When you are able to use this program, you can easily get your taxes done without the headache or worry about them being done wrong.

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Free Federal Tax Filing

Free Federal Tax Filing

Most tax payers find it difficult to pay their taxes in the expected time, except those who are familiar with the free online tax filing website provided by the IRS. The website IRS.gov gives information on how to fill out the forms and the requirements one should have. It provides a step by step procedure making the task simple and overly convenient.

Free Federal Tax FilingThe program software that can be used to file free of charge can only be used by those who are qualified. Free tax filing involves doing one’s taxes on an online form and is easier and faster than the traditional method of paper filing. The IRS provides free federal tax filing services for anyone that earns an adjusted gross income of less than $57,000. Having e-filed the correct information, a notification from the IRS is electronically mailed to you. The services that are provided include filing a tax payment, filing tax returns and finally filing a tax refund.

In readiness for filling the online forms, one should have at hand, a copy of the previous year’s tax return, determine ones adjusted gross income (AGI) and go through the free file FAQs and free file fill-able forms FAQs. After filling in the free federal tax filing forms with the right information, one should transmit it using a secure IRS e-file.

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Lauryn Hill Fails To Fulfill Her Free Federal Tax Filing Obligations

Lauryn Hill is charged for not filing free federal tax returns

On Thursday the U.S. attorney’s office in New Jersey publicized that the Eight-time Grammy award winner, Lauryn Hill, was charged because of her inability to file income tax returns with the IRS for several years.

Free Federal Tax Filing

Lauryn hill’s main source of income is the royalties she gets from the recording and film industries. Between 2005 and 2007, she earned more that $1.6 million and these are the years she failed to oblige to her free federal tax filing obligations. According to the court documents, she is also the owner and operator of Creations Music Inc., Boogie Tours Inc., L.H. Productions 2001 Inc. and Studio 22 Inc.

After the announcement, her California based lawyer as well as her publicist got word of the charges. However, her publicist did not reply to the emails immediately.

Although Hill began her first solo career in 1998 with the highly acclaimed album “The Miseducation of Lauryn Hill,” the 37 year old celebrity got her start with The Fugees.

Time magazine called her the face of “The Hip-Hop Nation” because of her first album. Critics claimed that her synthesis of rap and soul lyrics helped her sell 8 million copies of the album.

Later after this success she disappeared from the public scene in order to raise her six children. Five of them she had with Rohan Marley.

She attended Columbia High School in Maplewood and her current residence is based in Orange County, a suburb just west of Newark.

Her hearing is scheduled before a federal Judge on the 29th of June. If she is convicted, she is likely going to face a year in prison and pay a penalty of $100,000 on each charge.

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