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.

When filing your 2012 taxes, make sure you pay taxes on your unemployment insurance benefits.

While the rate of unemployment may be reducing, there are still millions of people who are unemployed. Sadly, these individuals also have to pay taxes on their unemployment insurance benefits.

If you are unemployed and you collected unemployment insurance benefits last year, you must pay taxes on it. After calculating your tax incidence, you will be surprised at the amount of tax you owe the government, unless you requested the federal government to withhold taxes.

The VP of Turbo Tax, Bob Meighan says that … Read more at 2011 Taxes.

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.

Mitt Romney‘s 2012 taxes have been subject to extensive scrutiny and he has been cast a one of the wealthy elite. The truth is percentage wise he pays more in taxes than most American households, which is an effective tax rate.

The average middle class household may be taxed at thirty-five percent, but with deductions and other tax exemptions, a family making between fifty to seventy-five thousand dollars may only pay around six percent. Many families owe no taxes or pay extremely low taxes. Conversely, the tax rates for people making over one-million dollars per year is approximately … Read more at 2011 Taxes.

The current capital gains taxes on investment income are fifteen percent. While the taxes on the middle class wages are around thirty-five percent. Mitt Romney admitted recently that he pays only fifteen percent on his total yearly income. The Occupy Wall Street movement has not faded from voters’ memories or the specter of the wealthy one-percent. Romney found himself identified as a member of this affluent group.

There has been serious debate as to whether lower capital gains taxes will help the economy. Top economists do not agree on the effect of lower taxes investment income. Some contend that lower … Read more at 2011 Taxes.

The Brownback plan for 2012 taxes has not been thought out very well by the Kansas Governor. Many of the people who are lower class income or below will see a rise in paying taxes, whereas those in a high class income will see higher tax cuts. These figures were produced by the Governor’s own Department of Revenue, showing that the plan will work like a Robin Hood movie in reverse, taking from poorer homes and giving to richer homes.

Brownback’s plan reduces the highest tax bracket to barely five percent, and leans heavily on eradicating tax deductions and … Read more at 2011 Taxes.

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.

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.

Welcome to the January 12, 2012 edition of Tax Carnival Ecstasy. In this edition we have Tim @ Faith and Finance looking at When Are 2011 Taxes Due? aka. Tax Deadline in 2012 which happens to be April 17th instead of April 15th. There is also an article on Ways To Take Advantage of 2012 Tax Rules by Robert Moore. And Jill Thompson examines Potential Hazards of Rent-to-Own when you are the seller. Hope you enjoy the articles, bookmark, share, tweet, like on Facebook and come back real soon.

retirement

Patrick LaRue presents 4 Ways to Get the Most out … Read more at 2011 Taxes.

The 2012 tax deadline has been extended until April 17.

The IRS has kicked off the 2012 tax filing season by revealing that taxpayers can now file their taxes up until April 17.  The Internal Revenue Service is recommending that taxpayers e-file their returns in order to ensure accuracy and to receive  refunds more rapidly.

It has additionally been announced by the IRS that new information and navigation features have been made available on IRS.gov.  They have also revealed the addition of a pilot that allows taxpayers to receive assistance with their tax issues through the use of interactive video.… Read more at 2011 Taxes.