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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, irs, Tax Preparation, turbo tax, TurboTax, United States | Comments (0)

Pay Your Taxes On Unemployment Insurance Benefits

February 1, 2012 – 11:06 am

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.

By Steve | Posted in tax credits, Tax Law, Tax Preparation, TurboTax | Also tagged Accounting, Bob Meighan, Federal government of the United States, internalrevenueservice, turbo tax, TurboTax, unemployment, Unemployment Benefit, Unemployment benefits, United State, United States | Comments (0)

Effective Tax Rate And 2010 Taxes What Is Real And What Is A Political Puzzle

January 26, 2012 – 11:17 am

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.

By Steve | Posted in Retirement Savings, Tax Law, Tax Preparation, TurboTax | Also tagged 2010, effective, Middle class, Mitt Romney, Percentage, political, puzzle, rate, real, Romney, Tax rate, taxes, TurboTax, United States | Comments (0)

Lower Capital Gains Taxes And 2012 Taxes Can Influence Voters

January 23, 2012 – 5:28 pm

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.

By Steve | Posted in Retirement Savings, tax credits, Tax Law, Tax Preparation, TurboTax | Also tagged Capital gains tax, income tax, investment, Mitt Romney, Occupy Wall Street, Percentage, Romney | Comments (0)

The Brownback Plan For 2012 Taxes Is Not Well Thought Out

January 20, 2012 – 4:00 pm

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.

By Steve | Posted in tax credits, Tax Law, Tax Preparation, TurboTax | Also tagged brownback, internalrevenueservice, Kansas, Kansas Governor, Mortgage loan, Robin Hood, Sam Brownback, Tax deduction, 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, irs, Kelly Osbourne, Lindsay Lohan, Osbournes, Ozzy Osbourne, TurboTax, Vanessa Simmons | Comments (0)

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2011 Taxes – Free Tax Filing Options