Charitable Summer Giving Equals Tax Deductions

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...
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.

Turbo Tax And Mortgage Tax Deductions

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.

English: mortgages Green Bay, WI
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.

Choose TurboTax For The Best Tax Refund Ever!

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.

TurboTax SIGG
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.

Tax Season Dates And Tips

The new tax season is approaching quickly, and now is the time to get helpful information about state and federal tax filing.

The recent government shutdown prompted the Internal Revenue Service to delay federal income tax processing until the end of January 2013. Income tax agents may complete your return prior to January 31st, but they will have to hold onto it until the 31st.

Federal refunds should still be received within three weeks if filed electronically and within eight weeks for paper returns. TurboTax 2014 may be a great resource to help you get ready no matter how you end up filing your 2013 or 2014 taxes.

State tax processing is scheduled to begin on January 22nd and 23rd, with a processing window of four to twelve days. Electronic processing may occur within four days, and paper returns may be processed within eight to twelve days. You still have the option of receiving a physical check or a direct deposit, but the electronic filing and direct deposit options may speed up the entire process for you. You may be anxious to file your taxes, but a good review with TurboTax 2014 may result in more savings than you ever imagined.

IRS Fresh Start Program

IRS Fresh Start Program

There is a new system called the IRS Fresh Start Program which aims to make it easier for people to pay back taxes and avoid a lien coming against them. There are three major parts to the IRS program. Tax liens, installment agreements and offers of compromise are the three features of the program.

The program increases the amount a person can owe before the IRS will file a notice of federal tax lien. Even though the IRS can file before the 10,000 limit this does increase it for the average person.

The IRS has also agreed to more installment options. One can file for an installment plan right over the internet. This could increase monthly payments for up to six years. If the agreement needs to be extended for longer than six years, financial hardship would have to be shown to the IRS.

Offers in Compromise are another agreement for taxpayers to be able to pay off debt but at a lesser amount. The IRS is now more flexible in its way to look at the taxpayers ability to pay. Generally the IRS will accept an offer if they feel it is a fair amount for a reasonable amount of time offered.

This new program will hopefully help taxpayers starting with the 2012 taxes. With compromise from both the IRS and the taxpayer all parties can be satisfied. The taxpayers will also feel less likely that they are being targeted and forced to pay amounts that they can never reach.

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.