New Features For Tax Preparers

Most people have their tax forms or financial documents in hand at this moment in time and that means that they are ready to start preparing their taxes for 2014. This means that they might be looking at the latest online tax software from places like Turbo Tax and H&R Block for their online tax preparation needs. Unfortunately, the new features offered by the likes of these companies can be confusing and hard to understand.

One of the new features offered by Turbo Tax is it’s mobile experience. With the push of a few buttons and the click of a camera, users of iOS or Android mobile devices can do exactly what their tax preparing counterparts using a PC or Mac can do with the ability to switch to and from these mobile versions of tax preparation software.

Taxes this year, like previous years for the likes of H&R Block, Tax Act, and Turbo Tax, software is also being offered for free. Unlike past versions of these free software programs, there are a few more features provided to those not willing to dish out a little cash for the premium versions of products. Turbo Tax has even started waiving the extra charge on state tax returns while many other online software programs have yet to.

With the influx of online tax preparation software versions comes the deletion of the CD versions of these same programs. Why have an extra desk or two laying around when consumers can simply go to a website and download the software without the hassle of pushing a few extra buttons. Most companies have CD versions still available, but that may not be true in coming years.

With all the new features that Turbo Tax has to offer, once you pass the Turbo Tax login screen, you are definitely in for a treat.

The Tax Preparation Wars Have Begun

TurboTax Continues on With Its Own SuperBowl Ad

Intuit is the maker of Turbo Tax, a leading tax-preparation software. During the Superbowl, they aired their advertisement with no mention of the recent squabbles with furious customers over their software.

Rather than address the problem, Intuit chose to simply state the benefits of their program, which was being able to file both state and federal taxes for FREE. Their ad displayed a Boston Tea Party reenactment with a small twist to it. While angry American Patriots were swarming a British Ship, tossing large boxes of tea overboard, the British Redcoats were able to stop them by offering them FREE tax filing.

The patriots end up accepting their offer, and then the ad transitions to George Washington, who is reversing his famous Delaware crossing. The voice-over makes this statement – “Alright, maybe this is not the way it actually went down, however, you can still file your taxes on Turbo Tax for FREE !”

Turbo Tax lets it be known that 60 million Americans will be able to file their returns for Taxes 2014, both state and federal, for FREE. Their website states that this offer applies to those who use forms 1040A or 1040EZ. It says there is no charge for filing a state return or the forms used for filing the Earned Income Tax Credit (this benefits the working poor).

Their website also has a list of its competitors charges for the exact same services, like on TaxAct or H&R Block. Their entire campaign ignores the cries of the outraged customers over the Turbo Tax Deluxe package for personal computers. Lots of people were surprised to see that the Turbo Tax Deluxe software for 2014 taxes, did not allow the electronic filing of Schedule Cs for business, Schedule Ds fo both capital gains & losses, and Schedule Es and Fs for rental properties or farms.

What the customers had to do for these privileges was to ‘upgrade’ to a paid version of the software. The cost was $30 over and above what the Deluxe version costs. There were some disgruntled users who already bought software from some of Turbo Taxes competitors (H&R Block and TaxAct), so H&R Block came out with a free version of their Deluxe product to those who had already purchased a Turbo Tax version. It seemed the war was on. All these people had to do was show proof of their purchase and switch over to the other side. Let the games begin!

https://www.youtube.com/watch?v=8XTwbgmWRrA

Tax Filing Season Commences January 20

The income tax filing season starts on January 20, 2015, states the Internal Revenue Service. This means that people may begin filing returns for Taxes 2014 on that date. This day will kick-off the filing season even though the United State Congress passed a eleventh hour tax law, and it was signed by President Obama.

In addition, the Congress passed a bill which extends more than 50 soon to expire income tax breaks. The extension goes through the end of 2014 and allows filers to take advantage of them on their 2014 federal income tax returns. The President signed the bill just recently on December 19.

Previously, these kinds of last minute laws have delayed the start of the income tax filing season, but it is not the case this time, stated Internal Revenue Service Commissioner, John Koskinen.

Koskinen has indicted that nothing was stopping the IRS from keeping its systems current and fully tested. Annually, many millions of taxpayers, desiring to obtain their refunds as soon as possible, file their returns during the very first weeks of the tax season.

Most recently, the IRS has indicated that refunds should be issued within 21 days of filing when the process is done electronically with TurboTax or other online means. This is the quickest way to file and get a refund.

Koskinen said that tax refunds may be late because the IRS has experienced budgetary cuts. He did not indicate, though, how late refunds would be.

Average refunds for 2013 were around $2,800 each. The IRS figures on processing around 150 million tax returns for individual taxes this year.

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.

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.