Accounting

Unusual Tax Deductions You Should Not Claim

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More and more people are filing their tax returns with turbo tax and other software so they can try tricking the system. I have never been a person to take a chance as far as tax deductions are concerned. However, some people will gladly take the risk boldly going where most of us would only dare.

The Minnesota Society of Certified Accountants has compiled a list of odd tax deductions according to a survey given to its members. Of course, these were thwarted by their accountants.

Chairwoman Sara Portner says there is a high profitability they would get sent an … Read the rest

Best iPhone Apps to Help You with Your Taxes

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Once again it’s the most boring and stressful season of all: tax season. When you’re preparing your own taxes, it can be quite tedious, but it must be done. Kudos to those of you who don’t rely on a tax professional and attempt to DIY. But everyone might benefit from a little help, and you don’t have to go it alone. If you have an iPhone, there are lots of great apps that will help you through the process so you can get your taxes done quickly and correctly (the first time). Here are the best iPhone apps to help … Read the rest

Complete Your Taxes With Turbo Tax

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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 manual … Read the rest

Simple Tips To Help You When Determining Your Filing Status

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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 … Read the rest

The Effects Of Budget Cuts In The IRS

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Budget Cuts Have Affected The Performance Of The I.R.S., Report Claims

Due to budget cuts and an ever increasing workload, the IRS is unable to carry out its primary duty of tax collection effectively. This is according to a report in Wednesday’s issue of the Internal Monitor, a publication of the IRS.

Budget cuts have led to staff reductions causing a huge backlog of work. Hundreds of billions of dollars in taxes are not being collected every year because of these changes. This is what the taxpayer advocate, Nina Olson claims in her report to Congress.

In order to discharge … Read the rest