TurboTax Reaches Goal To Help US Troops

TurboTax Reaches Goal To Help US Troops

Intuit TurboTax recently announced that they have exceeded their $2 million goal to support US troops.  This campaign was launched in part with Mission2Match and Operation Homefront and raised over $1 million from direct donations alone.  The money will be used to support U.S. troops and their families.

Baltimore City Veterans Day Celebration
Baltimore City Veterans Day Celebration (Photo credit: MDGovpics)

Operation Homefront is a countrywide non-profit association.  Since its humble beginnings in 2002, this organization has helped more than 590,000 military families.  With 94 percent of donated revenue going directly to help service members and their families, this charity has a four-star rating with Charity Navigator, a charity watchdog.

Monies were raised each time a donation was made to Mission2Match through online TurboTax.  However, donations went even further with the help of social media.  Each time donors tweeted #mission2match, their donation was matched.

TurboTax has a long been a financial supporter of military members and their families.  They are proud of their partnership with their customers as well as Operation Homefront.  Money raised goes to help families of troops who have been wounded or otherwise unable to work after returning home, such as Air Force Sgt. Angelo Rodriguez who lost his memory after his time serving and could no longer walk or talk.  Thanks to generous donations, Rodriguez and his family now have a place to live and a fresh beginning.   Many other military members and families will directly benefit from the generous donations of Turbo Tax users.  These donations are a very tangible way to express thanks and support to U.S. troops.

The Benefits Of Using TurboTax To File Your Taxes

Using TurboTax 2013 To File Your Taxes

If you have never used Turbo Tax before, you need to consider filing your taxes with this computer program this year. The old methods of tax preparation are quickly becoming archaic. Computers have revolutionized the process, and TurboTax 2013 is leading the way with a number of different advantages.

turbotax
turbotax (Photo credit: davidking)

You Can E-File
One of the main benefits of Turbo Tax is that you can e-file your paperwork when you get done. Say goodbye to stamps, envelopes, and getting your documents back because you didn’t use enough postage. With TurboTax 2013, you could do your taxes on the last possible day and still submit them on time with fast, electronic delivery.

Saving Money
On top of that, Turbo Tax will save you a fair bit of money if you have been going to a CPA. Maybe you have been willing to part with your money because you did not study tax law and you don’t want to make a mistake. TurboTax 2013 makes it easy for anyone to do their taxes, regardless of their background, so you can eliminate those annoying CPA fees.

An Easy, Question-Based System
Turbo Tax uses a system of questions to get the right information from you. These questions are much easier to understand than the legal jargon that is found on standard tax papers. TurboTax 2013 was made for the general public, so you do not have to do any research to use it. Just answer the questions and your paperwork will be filled out for you.

Saving Your Work
You can also save your work with Turbo Tax. Maybe you only have an hour to spare, but you want to get started. You don’t have to do it all in one sitting. With TurboTax 2013, you could work on it for a half an hour each day if that is what you wanted to do. This allows you to spread the work out so that your taxes do not seem quite so daunting. You can fit the work into your busy schedule.

Importing Old Data
If you have used a different version of Turbo Tax before, and you kept your return, you may be able to import the data from that return. This can save you quite a bit of time. If your personal information is the same, just import it into TurboTax 2013 in seconds to get started.

The Industry Leader
As you can see, Turbo Tax gives you a new way to do your taxes that you will love. If you have struggled with other software programs or if you have been afraid to try them, give TurboTax 2013 a shot this year, and you will see why it is the industry leader.

Intuit Unveils TurboTax CPA Select

TurboTax CPA Select

TurboTax CPA Select is designed to connect small and medium business owners who require someone to file their taxes with a CPA.  In fact, the unveiling was done just in time for the new tax season. With this system, SMBs will know the amount of tax beforehand.

Brian Crofts, Group Product Manager, insists that With CPA Select, the company is focused on fulfilling their customers’ needs.

The new services will be introduced to its clients in two phases. First at the Small Business VCon on January 23. Second at the Intuit Innovation Gallery Walk on January 29. Intuit’s Mountain View headquarters will host the Gallery Walk from 4 – 8 p.m. PT. Most importantly, the company will also take this opportunity to showcase the company’s newest products and services and allow CEO and leaders to air their technology expectations.

Available CPAs have profiles; complete with pictures, star ratings, and client reviews. Notably, it also comes with educational and professional background information. When a CPA is selected, the user uploads and submits tax return from the previous year. Within 24 hours, the selected CPA responds to the request. Users accept or reject the estimate. If accepted, the tax return is prepared and filed.

To join the online service, complete the registration form or login using Facebook. Users are required to give consent for any documents they upload.

Crofts stated that “it’s an online service, but most importantly convenient, because it helps both individual and businesses find someone to file their taxes.” Customers can view a picture, read testimonials from previous customers and review the professionals’ history in one location.

More so, CPAs who are a part of the TurboTax service, connect their profile to their social media sites. The cost of the service starts at $89.95.

Wealthy California Residents Upset About Higher Tax Rates

Residents Upset About Higher Tax Rates

Many business owners are seriously considering leaving “The Golden State” for good due to excessively high taxes.

From small business owners in the bustling town of San Diego to the top vintners in the beautiful Napa Valley, many high-income Californians are preparing to pack their bags for good.

PGA Tour commissioner Tim Finchem and Phil Mic...
PGA Tour commissioner Tim Finchem and Phil Mickelson at the awards ceremony for The Players Championship in 2007, which Mickelson had just won. (Photo credit: Wikipedia)

High-ranking golfer Phil Mickelson is speaking out about his feelings on this issue. He feels that he is being forced to make some tough decisions and has admitted that he has considered relocating to a state that doesn’t make top-earning residents pay such high taxes. Although Mickelson was vocal about his stance on high state taxes, he later regretted speaking so openly.

Peter Farrell, a medical-device manufacturer in San Diego, has approximately 600 workers and has considered moving his offices to a different state in order to save on income tax. Texas has become an attractive option for many business owners, primarily because it is a no-income-tax state. Income tax in California is currently 13.3%, which is too high, according to many residents.

Many believe that Proposition 30 is the cause of these tax laws that are seemingly unfair to those with higher incomes. This tax-increase proposal was voted into law by California’s residents, resulting in a huge net spend for the state. Households earning $250,000 or more each year already pay up to 62% in state taxes, and a further increase in taxes is causing residents to bail. In fact, many residents have already left the state, according to Fox News. These residents chose to remain anonymous due to their fear of being audited by the IRS, but all of them expressed their frustrations with California’s tax laws.

Residents are also trying to figure out how to legally relocate without completely cutting ties with California State, according to tax analysts. These experts believe that many residents will figure out how to do this and act on it by the year 2014.

Eliminating State Income Taxes Could Spur Economic Growth

Eliminating State Income Taxes

While Washington continues to struggle with attempts at major changes to the federal tax system, individual states have no such problem.  Many states in the South and Midwest that have single-party legislatures and are Republican-controlled are seeking to do away with the tax filing of state income taxes in favor of higher and more diverse sales taxes.

With 37 of the 50 states having single-party control of the legislature and governorship, seemingly radical projects such as tax reform can be handled much easier than in states that struggle with the need for a middle ground between parties.  Of those 37 states, 25 are Republican-controlled, and it is primarily these states that are considering doing away with the tax filing of income taxes  and replacing the lost  revenue with higher sales tax and sales tax on previously untaxed items such as food and luxury services.

This image depicts the total tax revenue (not ...
This image depicts the total tax revenue (not adjusted for inflation) for the U.S. federal government from 1980 to 2009 compared to the amount of revenue coming from individual income taxes. The data comes from the Office of Management and Budget’s record of the ‘Budget of the US Government FY 2011’, specifically the ‘Historical Tables, Table 2.1.’ The information is also here. (Photo credit: Wikipedia)

Much of this shift being considered is not grounded in new ideas, but rather comes partly from the idea of trickle down or supply chain economics, popular during Reagan’s presidency and still somewhat popular with Republicans today.  Critics of the move from income taxes to higher sales taxes are concerned that the shift will place too much of a burden on the poor and middle-class.  However, proponents point out that placing sales tax on services would also tax higher income groups as well.

Proponents of this idea also state that eliminating income taxes at the state level would spur economic growth for everyone.  In addition, it has been proposed that states with lower income tax burdens continually outperform higher tax states.  However, other studies have claimed to show that the opposite is true, using the relative economic strength of higher tax states like New York as an example.

Tax Returns: Processing Begins On January 30th

Tax Return Processing

The Internal Revenue Service of the United States(IRS) made the announcement this past week that the season for filing taxes will not begin until January 30th. They are not going to start any processing of individual tax returns until that date.

The IRS had originally announced January 22nd as the date they would be opening tax filing. The reason for the bump back in the date is the changes in the tax law that congress passed on New Year’s Day. This all had to do with the “fiscal cliff” negotiations between house Republicans and the president.

Tax
Tax (Photo credit: 401(K) 2013)

At the current time, the IRS is finishing their testing and programming of their processing systems while also updating their forms. These updates according to the IRS are going to allow the majority of the tax filers to be able to file their returns beginning January 30. Those who require any more obscure types of forms for issues such as general business credits, depreciation of property or energy credit claims to name a few will find that the updating of the processing systems and forms will probably allow them to file toward the end of February or the beginning of March.

Steven Miller who is currently serving as the acting commissioner of the Internal Revenue Service has gone out of his way to reassure the public that all efforts are being made to get the process up to  full speed.

The IRS has also stated that before January 30th even paper returns will not be processed and advises the public that electronic returns do in fact speed the process and make for faster refunds to the public. They also point out that last year the percentage filing electronically surpassed 80%.

The bottom line as Mr. Miller reminds the public is that electronic filing is truly the best choice for the taxpayer to make in terms of getting things done efficiently and quickly.