Charitable Summer Giving Equals Tax Deductions

H&R Block At Home Free Edition

During the leisure-driven summer season, people should still want to increase their charitable giving. Not only is this a noble enterprise, but it also benefits the taxpayer during tax season. There are many avenues of giving that can earn a tax deduction for the average person.

For instance, children’s summer camps provide fun and safe day care to many needy kids. They rely on donations to help parents with summer time care while parents are working and the kids are not in school. Another good avenue is finding a community fan and air conditioning drive which helps families and the elderly avoid heat-related illnesses during the sweltering summer months.

The national debt clock outside the IRS office in NYC. (Photo credit: Wikipedia)

Or, finish your spring cleaning in the summer. Donate the clothing, household goods and other items no longer needed to not for profits who refurbish and resell them in their thrift stores.

Here is a caution, however. While charitable giving is important and worthwhile, be sure to check that the organization is legitimately not for profit. Check its references online. Ask friends and relatives what they know about it. Call the organization to inquire about its tax exempt status. Don’t donate unless you know all the proper paperwork is in the hands of the Internal Revenue Service.

To further credential your charitable giving this summer, be sure to save the receipts the not for profit provides with a donation. Use online tax software such as Turbo Tax to keep your donation records in good order. Turbo Tax Its Deductible records everything necessary to give correct documentation to the IRS come tax season.

Remember, no matter how you spend your leisurely summer days, plan to send some money, time and belongings to the charitable organization of your choice. Correctly recorded and documented, those donations will add up to nice tax deductions in April.

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Consider Investing In H&R Block – Soon!

H&R Block At Home Free Edition

In the past, many people have filed their taxes for free with H&R Block. January through April is H&R Block’s make-or-break season due to tax filings. The company brings in enough revenue in the early spring to cover any losses over the rest of the year. 2014 stands out as a year of smart, positive changes at H&R Block.

This year, the company has decided to downsize its unprofitable retail operations and cut down on free tax form preparation. As a result of these changes, there was a slight drop in tax returns prepared in H&R Block offices this tax season. Industry analysts polled by FactSet predict earnings per share of $3.26, quite an increase from $2.42 a year ago. This increase can be attributed to the aforementioned strategic changes at the company.

There are other changes happening within H&R Block in 2014. In April, the company signed a deal to sell its bank. This deal has been in the works for quite some time, and the stock market rejoiced upon the news. This is not to say that the bank is a drag on earnings. Selling the bank frees management from the burden of regulatory oversight on banks, and it gives people the option to buy back even more shares.

Another recent development at H&R Block is their plan to increase revenue as a result of the Affordable Care Act. As the law is implemented, health insurance and taxes are becoming more and more intertwined. Difficulties with connecting consumers to insurers presents an opening for H&R Block to expand its business model beyond tax preparation and financial services.

Despite the good news on the bank sale and health insurance opportunity, the company’s stock is still priced to sell. Get it below cost, before the stock price catches up to these recent improvements.

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Turbo Tax 2014 And Mortgage Tax Deductions

H&R Block At Home Free Edition

Turbo Tax 2014 and Mortgage Tax Deductions

Many homeowners feel that it is more beneficial to claim a mortgage tax deduction than to pay off their mortgage. However, they really need to consider whether it is more beneficial to build up their savings or to pay off the mortgage debt completely.

Mortgage green bay

English: mortgages Green Bay, WI (Photo credit: Wikipedia)

First, a homeowner needs to look carefully at all the items on the return. You need to know that a tax credit is not the same as a deduction. Deductions decrease the taxes you are obligated to pay; while tax credits reduce your taxable income. If you do not have a mortgage, you may pay more taxes; however, the taxes you pay may be lower than the annual interest you pay on your mortgage. It is not good long term planning to keep a mortgage on your home for a tax break.

What you need to be careful with is using your savings to pay off your mortgage in this uncertain economy. Look carefully at your job security, health and what would happen if you lost your job. You never know when you will need to utilize your emergency funds. If you pay off your mortgage, you might have to sell the house or borrow against it if your emergency funds are depleted. Ensure that you are saving for retirement and maintaining an emergency fund before considering paying off your mortgage.

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Choose TurboTax 2013 For The Best Tax Refund Ever!

H&R Block At Home Free Edition

When is TurboTax 2013 Being Released?

The popular and very useful TurboTax program is back! It is nearly ready for 2013.

The TurboTax software that was designed in 2013 will be released on the 12th of December. This will be for desktop, laptop, and downloadable versions. This will be available at some point in the middle of January for those using the online version of TurboTax.

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TurboTax SIGG (Photo credit: Frank Gruber)

Please be assured that this will be around far before you need it for preparing your 2012 tax return. You will be able to safely and easily navigate the important and at times confusing IRS documents. TurboTax 2013 makes it easy for you to skip on having to hire a professional, and saves you a good bit of money in the process.

Everybody Has Options

No matter if you are a consultant, contractor, single-owner LLC, or a sole proprietor, TurboTax is going to have what you need. You can track the taxes as they are sent to you, and have a handy walk-through to let you know exactly what you need to focus on.

You have 3 options that you can choose from. These are Premier, basic, and deluxe. There are also different helper programs within the software, such as Business and Home, that help you benefit from saving more money than you ever would, and answering your questions.

No matter what you are inputting, be the bits of information the simple things about yourself, or the more complex things from a business, you are going to be able to do deductions in a straightforward and simple manner. Even if you do not know a thing about taxes, unless you are a tax consultant, you are going to be able to get everything done easily.

A Larger Refund

One of the best benefits of using TurboTax 2013 is that you will receive great advice as you finish. You will be able to have the calculations done, which enable you to get a bigger refund. In addition, the next time you use this software you will have all of the information from previous years! This helps you learn more about taxes, and help you to save more money.

TurboTax 2013 is popular and very useful. It is a great hit already and is sure to be one in its 2013 edition. Countless people are already satisfied with it, and you can be too. If you are ready and willing to save money, as well as learn about taxes, this is the right program for you.

Be ready come December 12th! You will be able to purchase this on your computer, or you can just wait until it is closer to tax time. The best choice you can make is to invest your money in this instead of in something that will cost you hundreds of dollars. With this program, you know exactly what you are getting back without help, and are certain to find any mistakes or extra areas to make money as well. It is wonderful.

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eCommerce For Every Business

350px Automated online assistant

(Photo credit: Wikipedia)

When companies want to expand their business, it can be difficult to do so in the limited environment that is around the store. Therefore, the business must go out and seek other avenues to make money and brand their business. Using the internet to make sales is the best way for companies to reach new customers without spending a great deal of money on new facilities and new staff. Without building new buildings, a company can focus on their business while also reaching out to the rest of the world.

eCommerce pages are made to ensure that every business can sell their wares online. However, the construction of a website that allows for online sales can be done by professionals in the industry who understand how web stores are to be built and managed.

When a company goes to a place like 1ShoppingCart.com to have a web store built, they will have the facade of the store constructed, the inner workings of the site will feature their full catalog and customers will be able to view products and make purchases from their computer. The ease of this kind of setup makes it much easier for customers to shop with a business simply because they never have to leave the house.

Accordingly, the customer can get an in-store experience with a web store that is designed to look just like the flagship. Rather than forcing people to drive down or only purchase when they are in town, customers are given the choice to make purchases online whenever they like. This gives the business a larger customer base that is more likely shop with the company more frequently. While customers may have enjoyed shopping at a store once a year on vacation, it is much more enjoyable to get those coveted items online at any time of the year.

With a new web store, the expansion of a growing business can take shape in many different ways. Distant customers can come to the store whenever they please. Customers can make purchases more easily, and the company can expand while only putting their money into a web store. This satisfies all parties involved in the shopping experience.

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Organized Finances Ensure Business Success

350px FEMA 33005 SBA representative on the phone making calls in Ohio

English: Findlay, Ohio, September 20, 2007 — Gilbert Yingling, a representative with Small Business Administration (SBA) makes calls to local business owners from a local chamber of commerce business directory as part of an SBA outreach program. He then follows up with person to person meetings with the business owners. John Ficara/FEMA (Photo credit: Wikipedia)

It is important for any business to keep its finances in order. Numerous websites stress this, such as the Scott Reiman crunchbase profile. Having organized finances ensures that business owners will always be able to know where their businesses stand and whether or not they are incurring profits or losses. If they are incurring losses, then they might need to reevaluate their business structure and marketing tactics and change them to find a more effective solution that works. It is also important for businesses to have their finances in order for tax purposes as well. There are a few tips that business owners can keep in mind to help keep their business’s finances organized.

Retain a CPA

Retain the services of a certified public accountant. Accountants are one of the most important resources that a business can have. Accountants are skilled in ensuring that finances are in proper order. They are also invaluable to helping business owners make informed decisions concerning their businesses. Accountants can generate virtually any type of business report that owners need to determine where their business stands in the way of successfulness.

Re-evaluate Business Entity

Many business owners begin their businesses as sole proprietorships or partnerships. However, over time and with expansion, it might be ideal for them to incorporate their businesses or form an LLC that can help shelter them from financial risks. Incorporating a business entity or forming an LLC can also help business owners save money on their taxes. Additionally, failing to adjust a business’s entity to accommodate a different income level could end up being a costly mistake. Business owners might want to discuss their different entity options with a CPA so that they can determine the right entities for their businesses and the appropriate times to make any changes, if necessary.

Review Estimated Tax Payments

Business owners have to pay estimated tax payments, which are quarterly payments. Underestimating estimated tax payments can result in penalties for businesses, so when estimating estimated tax payments, round up rather than down. It is better to overpay than to underpay because anything that is overpaid will be returned back the business in the long run when tax refund time rolls around. By properly estimating taxes, business owners can prevent underpaying and overpaying, though. Reviewing what the business has earned year to date and then projecting what it is expected to earn throughout the rest of the year is how estimated taxes are discerned.

Keep Business and Personal Finances Separate

One of the most important rules to managing business finances is to keep them separate from any personal finances. Although this is not mandatory for sole proprietorships, it is mandatory for corporations or LLCs. It is still a good practice for all business owners to employ, though. Open up separate accounts strictly for the business that are separate from any personal accounts. Likewise, have debit cards that are solely for the business as well. It is also a good idea to open up a dedicated savings account or money market account where approximately 25 percent of each check can be transferred to save for estimated tax payments.

No matter whether a business is large or small, keeping its finances properly maintained is essential to appropriate business operation.

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