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Using Turbo Tax To Avoid A Tax Audit

February 2, 2012 – 2:03 pm

Turbo tax is a popular software package for filing income taxes accurately in order to avoid a potentially costly IRS audit. Audit letters arriving in the mail can be a significant source of anxiety and stress. Some of these notices are only to call the recipients’ attention to oversights such as a missed signature or a math mistake. More serious IRS letters address discrepancies in reported income or deductions.

In addition to a quality tax preparation software package, tax filers are also advised to gather their needed paperwork ahead of time and to keep a few important numbers in mind. … Read more at 2011 Taxes.

By Steve | Also posted in Tax Preparation, TurboTax | Tagged Audit, internalrevenueservice, irs, tax, Tax Preparation, turbo tax, TurboTax, United States | Comments (0)

Who to Invest Your IRA With

January 26, 2012 – 3:13 pm

With all of the investment choices and terms thrown around in our markets today it can be very intimidating trying to find the best IRA account. if you do a search on the Internet for an IRA company you will be inundated with ads in all of them claim to have the best deals. However, picking the right company for your IRA investment dollars boils down to just a few simple items. The following should be helpful.

One of the biggest choices you will have when it comes to opening an IRA is whether or not you need investment … Read more at 2011 Taxes.

By Steve | Also posted in Retirement Savings, Tax Law, Tax Preparation, TurboTax | Tagged Brokerage firm, Credit card, Individual Retirement Account, invest, investment, IRA, Mutual fund, Scottrade, Stock broker, TradeKing, TurboTax | Comments (0)

The Recent Tax Scandals Of Hollywood Stars

January 15, 2012 – 2:33 pm

Nothing but taxes and death are certain in this world, and you have probably heard this said before. Hollywood stars such as Sinbad, Pam Anderson, Nicolas Cage, Marc Anthony, Martha Stewart and others have had to learn this lesson in a very difficult fashion. These celebs found themselves in hot water with the Internal Revenue Service, likely resulting from tax evasion, failure to file and remit taxes or attempting to cheat the system.

Lindsay Lohan did not remember to pay her income taxes in 2009, but there will not be a public assessment of her almost six-figure tax debt. … Read more at 2011 Taxes.

By Steve | Also posted in Tax Law, Tax Preparation, Tax Relief, TurboTax | Tagged Angela Simmons, Detroit News, Internal Revenue Service, internalrevenueservice, irs, Kelly Osbourne, Lindsay Lohan, Osbournes, Ozzy Osbourne, tax, TurboTax, Vanessa Simmons | Comments (0)

More IRS Audits Planned in 2012

January 14, 2012 – 2:05 pm

Nobody likes being audited by the IRS, although the chances of being audited are now actually higher as there are more of them planned.

For those filing who had an income of over $200,000, IRS audits were increased by around 34 percent between 2010 and 2011. Despite this hefty increase, audit rates in general are still low, regardless of income amount.

For those earning over $200,000, almost 4 percent were audited for the 2011 year, and for those earning over a million dollars, audits were increased by 24 percent, with around 12.5 percent of those taxpayers being audited. The Washington … Read more at 2011 Taxes.

By Steve | Also posted in Tax Law, Tax Preparation, Tax Relief, TurboTax | Tagged Audit, income, Internal Revenue Service, internalrevenueservice, irs, Percentage, tax, Treasury Department, TurboTax, Wall Street Journal, Washington Post | Comments (0)

Deciding On The Simplest Tax Form To Use

January 8, 2012 – 7:30 pm

For taxpayers who are planning on e-filing there is no need to worry about choosing the Simplest tax form because the software program chooses the tax form that you will need. However when opting to file the old fashioned way you can still manage this simply by choosing the tax form that matches your situation. A fast and easy way to get the paper forms and the needed instructions is to go online and visit the Internal Revenue Service website at www.irs.gov. It is also possible to obtain forms from an IRS office in the city that you live in. … Read more at 2011 Taxes.

By Steve | Also posted in Tax Law, Tax Preparation | Tagged Capital gain, income, Individual Retirement Account, Internal Revenue Service, irs, IRS tax forms, Itemized deduction, tax, tax return, taxable income, TurboTax | Comments (3)

Tax Carnival Ecstasy – January 3, 2012

January 3, 2012 – 9:36 pm

Welcome to the January 3, 2012 edition of Tax Carnival Ecstasy. We have the top 5 articles this week for the carnival including how to get Free Tax Advice by Phone this tax season from a software company. Joe Morgan takes a look at being Prepared to Pay $3,598 More in Income Tax for 2012. And Clint Cora examines the W8BEN Form For Canadians, this form is for Foreigners Who Work In The US. Hope you find the information helpful, bookmark, share, tweet, like on Facebook, and come back soon.