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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 | Posted in tax forms, Tax Preparation, TurboTax | Also tagged Audit, internalrevenueservice, tax, Tax Preparation, turbo tax, TurboTax, United States | 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 | Posted in tax forms, Tax Law, Tax Preparation, Tax Relief, TurboTax | Also tagged Angela Simmons, Detroit News, Internal Revenue Service, internalrevenueservice, 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 | Posted in tax forms, Tax Law, Tax Preparation, Tax Relief, TurboTax | Also tagged Audit, income, Internal Revenue Service, internalrevenueservice, Percentage, tax, Treasury Department, TurboTax, Wall Street Journal, Washington Post | Comments (0)

Important News On The 2012 Tax Deadline

January 10, 2012 – 4:56 pm

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.

By Steve | Posted in Tax Law, Tax Preparation, TurboTax | Also tagged Computer file, Emancipation Day, internalrevenueservice, tax, Tax Preparation, tax return, TurboTax, Washington D.C | 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 | Posted in tax forms, Tax Law, Tax Preparation | Also tagged Capital gain, income, Individual Retirement Account, Internal Revenue Service, IRS tax forms, Itemized deduction, tax, tax return, taxable income, TurboTax | Comments (3)

2011 Rules for Charitable Contribution Deductions

November 22, 2011 – 3:45 pm

Charitable contributions made to qualified organizations through the year may help reduce your tax bill. Many organizations give donors pertinent details about their tax-deductible donation including the amount that can actually be reported on your tax return. The following tips may help ensure donation made will be beneficial on your taxes.

Make sure you report charitable contributions on the correct form. The IRS states that form 1040 must be used to itemize deductions using Schedule A.
Upon reporting the deduction, make sure it was made to a qualifying charitable organization. Contributions reported shouldn’t be donations made to individual or political

… Read more at 2011 Taxes.