Complete Your Taxes With Turbo Tax

When you are ready to start working on your 2011 taxes, you will find that there are many different software programs available to help.  Choosing the right one can be difficult, but picking the best software for your needs will help make this dreaded chore just a little bit easier.

One of the largest and most popular products is TurboTax, which gives users the ability to import data from different financial institutions to speed tax preparation.  The program works with data provided electronically by many employers, banks, and software programs like Quicken and QuickBooks to limit the amount of … Read the rest

How Does The IRS Choose Who To Audit?

Quick Facts About the IRS Audit

Getting a letter from the Internal Revenue Service stating you’ve been selected for audit is a taxpayer’s worst nightmare and can create a lot of anxiety.

Sometimes these notices are simple, such as you forgot to sign a document or you made a math error. The more ominous possibilities, however, will question your income, deduction claims, and more.

The IRS definition of an audit states that is simple a review of a taxpayer’s return used to verify the tax amount paid and reported is correct. If you happen to be selected for an audit, … Read the rest

Tax Carnival Ecstasy – January 24, 2012

Welcome to the January 24, 2012 edition of Tax Carnival Ecstasy. In this edition we have DeWitt Dudley explaining how to Report Your Japanese/Foreign Inheritance. The Effective Tax Rate is Not As Simple As It Seems accoring to Patrick LaRue at 2010 Tax. Eva reports that there are Three Days Extra To File Taxes in 2012. And finally we have Robert Moore reporting that the IRS plans to Audit more taxpayers in 2011 than in previous years. Hope you enjoy the material, bookmark, share, tweet, like on Facebook and come back soon.

DeWitt Dudley presents Protecting The Owners and Stock

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Santorum Taxes And Tax Plan, A New Road Or Another Detour

Rich Santorum won the Iowa caucuses and has positioned himself as a front-runner. One candidate surges ahead and then dramatically drops down in the polls. The American voter appears uncertain when it comes to choosing a candidate for the GOP nomination. The Santorum 2012 taxes and overall tax plan require closer attention. The United States deficit and rising unemployment continue to be the hot topics in this race.

The Santorum tax plan it is estimated would cut taxes by one-trillion by 2015. A higher the deficit the will lower the value of the American dollar. He promises to cut taxes … Read the rest

The Relationship Between Capital Gains And Economic Growth

Find Out whether or not lower taxes on capital gains promote economic growth.

Mitt Romney admitted on Tuesday that he pays less tax because most of his income is derived from his investments rather than from his wages. Investment incomes are only subjected to 15 percent withholding tax as opposed to the 35 percent tax rate that top employees pay. Romney’s concession reignited the debate as to whether the tax rate on capital gains should be that low.

Jared Bernstein is of the opinion that there is no clear way of showing that low taxes on capital gains promote investments. … Read the rest

Simple Tips To Help You When Determining Your Filing Status

Eight Tips to Help You Determine Your Filing Status

Before you file your federal income tax returns, you must first determine you filing status. There are 5 filing statuses: Married Filing Jointly, Single, Married Filing Separately, Qualifying Widow or Widower with Dependent Child and Head of Household. Your filing status is normally used to determine your standard deductions, filing requirements, eligibility for certain deductions and credits. It also helps in computing correct taxes.

It is important to note that some people may have more than one status. The following are 8 tips to help you when filing your returns. … Read the rest