Tag: Tax Preparation

Looking At The TurboTax Redesign

If you’ve used TurboTax before, then you should expect some changes this time around. Recently, Intuit’s tax software has become a little confusing. The user interface didn’t exactly welcome simplicity and efficiency. Sometimes, users would get frustrated by looping links and other problems. Such issues could easily hurt a person while preparing their taxes using the software. Intuit finally listened to customers’ concerns and made changes to the popular tax preparation software in a TurboTax Redesign.

TurboTax Redesign
Screenshot: Intuit’s Customer Community (Photo credit: miss_rogue)

For TurboTax 2014, filing taxes now looks a lot smoother and easier to navigate. A TurboTax Redesign of the user interface has been undertaken and completed. Intuit stated a desire to lessen the time required to complete a return. With that in mind, the software now takes better advantage of prior year returns. TurboTax now analyzes that information and focuses upon each person’s typical tax situation. Returns are partially filled out before a person even starts their return.

While using the software, your tax liability indicator changes with each tax question. In the past, there were no real explanations for the changes. TurboTax 2014 now explains why these calculations affect your tax liability. New guides help explain various tax law changes, including Obamacare. Of course, each modification is designed to make things more simple and efficient for filing taxes and filing back taxes. Intuit has returned power to taxpayers by allowing them to complete their taxes with ease.

In the end, the company focused upon the right things for TurboTax 2014. Filing taxes is now much easier because prior returns are utilized to create a custom experience for each taxpayer. Plus, the competition hasn’t made similar bounds forward. Therefore, Intuit still offers the best tax preparation software around. Nobody needs to spend a fortune on tax preparation because Turbo Tax offers every tool a person needs to succeed each year.

Tax Changes For The Wealthy

2013 and 2014 taxes may be different for the wealthy due to several new tax implementations. The top tax rate may be steeper, and the actual percentage may depend upon what is included. People may be surprised by the changes, and this may be the ideal time to let TurboTax 2013 guide you through efficient tax preparation.

Income inequality continues to be a major political issue, and things like extending jobless benefits, raising the minimum wage, and imposing changes that affect the top tax rate are central to addressing this issue. Some of the newer 2014 taxes include changes to capital gains taxes, and 2013 is the first year that taxpayers will feel the impact. New payroll and Medicare taxes may effect wealthy taxpayers starting in 2013, and the increases may net $87 billion over the next decade.

The 2013 tax filing season will begin on January 31st, but wealthier individuals may already see differences in their withholding going forward. The law is applied unevenly, and this may result in withholding for some people, exemptions in some cases, and larger tax refunds for others.

Changes involving capital gains, interest, dividends, and other types of investments may increase tax bills, but income after taxes may decrease by a small percentage. The percentage may not seem like much, but losing this share of income may seem substantial. You may not know where your income will place you in terms of the current tax rate changes, but TurboTax 2013 may give you the important answers you need.

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IRS Forms To File Back Taxes

IRS Forms To File Back Taxes

Even if one is certain there are no mistakes in the forms when following federal tax procedures, a little shiver goes down a taxpayers spine at the very thought of a letter arriving from the IRS. The Internal Revenue Service blundered recently when the office sent penalty notices to business owners who had requested an extension in filing tax return Form 5500 to file back taxes. An error in programming caused the mistake regarding the required Form 5558, the Application for an Extension of Time to File Certain Employee Plan Returns, before filing Form 5500. Normally, taxpayers are penalized if the Form 5500 is late or unfinished. However, the notice to those taxpayers who filed the proper forms in the right order received the penalty notice, CP 283, Penalty Charged on Your 5500 Return.

Legal research
Legal research (Photo credit: gwilmore (I HATE THE NEW LAYOUT!))

A letter of explanation concerning the inaccuracy was instituted November 8th to IRS employees. Citizens received a penalty notice before the Form 5558 had an opportunity to post to the accounts. Therefore, letters of explanation were prepared while telephone assistors and tax examiners were instructed to apologize to callers. Penalties were removed in all cases, up to five if the caller was a person with multiple plans or clients. If the person was responsible for more than 5 accounts, they were requested to solicit their abatement in writing. The Internal Revenue Service accepted responsibility for the penalty notice to the taxpayers and the charges were removed. It seems filing back taxes can be simple most of the time, but one small computer error can create a fiasco of work.

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Intuit TurboTax Class Action Lawsuit

Intuit TurboTax Class Action Lawsuit

Intuit TurboTax began drawing a lot of customers to their site when they began marketing, ‘file 2008 taxes free‘. However, a class action lawsuit was filed against Intuit TurboTax stating that the company was not revealing fees being charged. The lawsuit stems from TurboTax allowing filers to have their preparation fees deducted from their tax return. TurboTax charged an additional $29.95 if online customers opted to have fees deducted.

Class Action (film)
Class Action (film) (Photo credit: Wikipedia)

The lawsuit alleges Intuit’s processing fee was not disclosed as a finance charge so an APR or annual percentage rate was never provided. Since TurboTax essentially lent money to filers who chose this option, an APR should have been present. There was another class action lawsuit, Smith v. Intuit, Inc in February, 2013, which was resolved with the new lawsuit pending.

Intuit has denied that it was involved in any deception or wrongdoing and agreed to give customers full refunds through the class action settlement fund.

Currently there is a $6.55 million Settlement Fund. How much each person will receive depends on the number of people who actually file a valid claim form. The deadline to submit a claim form is October 28, 2013.

Anyone who used TurboTax online and opted to have their TurboTax fees deducted from their refund between January 12, 2008 and May 28, 2012 can take part in the settlement. Claims can be filed online at the official website, TurboTax Class Account, which makes the process easier for anyone wishing to file.

Intuit TurboTax is a very popular online software tax preparation that walks people through the process of filing their federal and state income taxes. They check the return for errors and you have the choice to e-file, which makes getting refunds faster.

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Tax Carnival Ecstasy – April 15, 2013

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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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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