Tag: social security number

How To Choose Great Online Tax Preparer Software

When people look for Online Tax Preparer software, they need to consider various factors. Choosing the right tax software option is vital to maximizing a tax refund after all. Therefore, individuals must focus and search for their best tax preparation solution. Each person is going to require something slightly different from their online tax prep service.

Safety Concerns with Online Tax Preparer Software

TurboTax 2013 from last year provided ample safety measures. Unfortunately, not all preparation services take safety seriously enough. The last thing a person wants to do is lose their personal information. Others have become victims of identity theft and lost their returns. The best tax prep options implement strict safety protocols today.

Tax refund theft continues to grow at an alarming pace. More taxpayers find themselves victims each tax filing year. While tax prep companies try to combat this fraud, cases will slip through the cracks. By choosing the safest option, taxpayers can minimize their risk of becoming a victim.

How To Choose Great Online Tax Preparer Software
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Convenience

These days, people tend to prize convenience and efficiency over other factors. It’s important to check out a tax service’s extra features. Turbo Tax 2013 was prized for its variety of useful features. Typically, such features aren’t core to the tax filing experience. They do, however, provide certain taxpayers with extra tools that can be used for various purposes.

In the end, consumers must consider price and a handful of other factors, too. TurboTax is often considered the best Online Tax Preparer Software available today. Anecdotal and usage figures seem to support the validity of this idea. Still, each taxpayer needs to find the tax preparation service that’s right for themselves.

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Tax Advice for Newly Weds

The Internal Revenue Service (IRS) offers useful tips for newlyweds when it comes to filing tax returns.  In many cases, filing a joint return may allow for more savings but taking time to review whether or not you should file separately, will help both parties determine the best option.  There are several factors to keep in mind that will help minimize mistakes which could delay the processing of your return.

  • Determine which filing status to file and discuss whether or not to change your filing status.  Many are comfortable in continuing to file separately after marriage.
  • Make sure names are correctly used on the return.  If the wife had her name changed, it should correspond with her Social Security number.  If the name change has not been reported the IRS may not be able to process the return.  The Social Security Administration should be notified upon marriage of any name changes so that a new Social Security card can be issued.
  • Make sure you have all paperwork needed to file your return.  This includes W2 forms, business records, receipts and 1099 forms.  Discuss documentation and review information to understand what is being reported on your return.
  • Review personal finances for the tax year in question.  Discuss any tax debt, financial hardships or anything they may have an effect on the outcome of your return.
  • Decide you filing status. You can choose married filed jointly or married filed separately.  Keep in mind, in many states, a couple is jointly responsible for any taxes owed. In some cases, in order to benefit from certain deductions, you may have to file separately.
  • Review tax breaks available.  As a married couple there are deductions and credits available that you can take advantage of.  This may include mortgage interest, moving expenses and child tax credit.  You may also deduct student loan interest.
  • Don’t be afraid to ask for assistance from a qualified tax professional.  Discussing your taxes with a tax expert can help both parties understand deductions available, which filing status is best and give clarification on any concerns.
  • Your first filed return may give an idea of how future returns are filed.  Even after tax returns are filed, discuss finances throughout the year.  You may need to take note of a few changes now that you’re married and note certain deductions for next tax season.

Andrew writes frequently about personal finance as well as issues effecting both consumers and small businesses, covering everything from savings to mortgages to medical aid quotes.

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Four Errors Made Often on Tax Returns

Four Errors Made Often on Tax Returns

Make sure you avoid these errors on your return to have your return accepted quickly and your refund sent to you as soon as possible.

1. Recovery Rebate Credit: If you did not receive the Recovery Rebate Credit in 2008 or did not receive the maximum amount that you could claim, you can claim the the credit now. But make sure it is done correctly. If you exceed the total amount allowed for the credit, your return will be delayed.

2. Incorrect and Missing SSN: Entering all Social Security Numbers exactly as they appear on SSN cards is very important. Any difference in the numbers will delay the processing of your return.

3. Incorrect Dependent Names: If a dependent’s last name is not the same as shown on a SSN card this can delay a return while the name is corrected.

4. Filing Status: Based on your situation, select the correct filing status to avoid your return being reviewed.

Top Five IRS Tax Tips

Top Five IRS Tax Tips for January 2009

The IRS has released their top 10 tax tips for January 2009 and we are presenting the first 5 tips here for you. Make sure to check back with us for more tax tips and great tax services available online for your 2008 tax return.

English: United States Internal Revenue Servic...
English: United States Internal Revenue Service Criminal Investigation Division Badge (Photo credit: Wikipedia)

  1. Check you return one more time. When you are ready to file your return online, make sure all the social security numbers are correct and all calculations are accurate.

  2. Consider e-Filing. When you file your return online the time it takes to get your refund is twice as fast according to the IRS versus when you file a paper return.

  3. Direct Deposit is even faster. When the IRS is able to deposit your return directly into your account, you’ll receive it quicker than if you wait for a check in the mail from the federal government.

  4. Take a look at IRS.gov. The government site has all kinds of good stuff including tips, forms, frequently asked questions, and new tax laws that change during the tax filing season.

  5. The IRS also answers questions. If you have a pressing question that you cannot find the answer to online, the IRS has a customer service line that you can call with all your tax questions. It is 1-800-829-1040.

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