Tag: IRS tax forms

Most Taxpayers Don’t Cheat

Most Taxpayers Don’t Cheat

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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Seven Great Ways to Get an IRS Audit.

If you really, really want an audit, the following list will show you exactly how to get one:

(1) Get Paid in Cash – If you’re a waiter or waitress, market trader or professional gambler, then you get paid in cash a lot. To the IRS this means you have an opportunity to hide some of that cash. This makes you a more likely target for an audit.

(2) Get Yourself a Bank Account in Another Country – Nothing makes them more keen on going through your finances than you stashing some of that lovely money in a foreign country. People with overseas accounts tend to be quite well off and they will want to know why those riches are going somewhere else. New rules make foreign accounts easier to access for the IRS so don’t think you can hide it!

(3) Become Successful – Earn over $200,000 and you are more than 50% more likely to be the recipient of an audit.

(4) Become Unsuccessful – If you file a loss on Schedule C as a self-employed worker for your first year they’ll understand. Do it year on year and they’ll get suspicious. Either you are really bad at business, or you are deducting a little too much for their liking.

(5) Be Like Robin Hood – If you are too charitable, to the point where your donations are matching your income levels, they may want to take a look at why you’re so darn good and wholesome. 80% donations will be a huge red flag.

(6) Round ‘em Up – If all the numbers in your deductions and income columns are rounded and neat numbers like $1000 or $15,000 then they might start to wonder if you are rounding up or down. Even if you are rounding in their favour, they’ll still want to check those books.

(7) Moving that Money – If you move large sums from your business accounts to your personal accounts then they will come knocking at your door. Banks are under obligation to tell the IRS if you receive deposits in excess of $10000.

Alex is a freelance journalist and financial blogger. He loves to write about baseball and jazz but spends most of his days writing about mortgages, credit cards and umbrella companies .

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TaxACT Can Make Filing Your Taxes Easy

TaxACT Can Make Filing Your Taxes Easy

If you have ever dreaded the coming tax season due to the complicated and often confusing paper work that comes along with it, you need to try TaxACT. TaxACT can handle all of your tax forms for you while you simply answer some simplistic questionnaire style questions. Even complex tax returns such as 1040 with Schedules such as C, D, E, and F are handled the same simple way, and it does not cost a thing!

TaxACT also has video tutorials and unlimited support from trained professionals to help you with any tax questions you may have. There is a College Financial Aid Worksheet for FAFSA, a Stock Assistant for a quick summary of your investment income, and an Examiner series covering credits, deductions, and income to ensure the maximum refund possible. If you enjoy the ease of use of TaxACT but are proficient with tax forms, you have the option to fill out the forms directly.

With TaxACT you do not have to download or store any programs. You simply log in to the site and start answering the simple questions. Any time you feel like you want a break, log out. Your information will be right where you left it when you return. Your information will also carry over from year to year so if your personal information does not change, you do not have to worry about re-entering it. Not only that, but TaxACT can even import your tax information if you have filed with another company in the previous year.

TaxACT is entirely free of cost while simultaneously simplifying and maximizing your tax return. Why go through the hassle of doing your own taxes or even paying someone else to do them when you can have them done for free? Tax season can now just be a breeze, a free breeze, with TaxACT.

TaxAct Online Standard

TaxAct Online 2013 Standard

If you are looking to prepare, print, and file your tax return electronically this tax season all for free, TaxAct Online 2013 is the software you will want to use for both a complex and a simple return. And TaxAct will guarantee that your refund is the maximum refund allowed.

Supports All 1040 Tax Forms

Weather you are looking to file the 1040EZ, the 1040A, or the full length 1040 tax return, TaxAct Online supports all three forms and allows you to electronically file (eFile) each form for maximum speed and efficiency. With TaxAct Online you can get your return in as few as 8 days.

Least Expensive State Returns

TaxAct Online provides one of the least expensive state return options you will find. For $13.95, TaxAct Online will prepare, print, and eFile your state return directly with your state. Your federal tax information will be imported for you making the state return simple and accurate. And when you eFile your state return, you will receive confirmation from the state as proof that you have filed your taxes.

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