2012 Taxes - Free Online Tax Filing

Best iPhone Apps to Help You with Your Taxes

February 18, 2012 – 2:51 pm

Once again it’s the most boring and stressful season of all: tax season. When you’re preparing your own taxes, it can be quite tedious, but it must be done. Kudos to those of you who don’t rely on a tax professional and attempt to DIY. But everyone might benefit from a little help, and you don’t have to go it alone. If you have an iPhone, there are lots of great apps that will help you through the process so you can get your taxes done quickly and correctly (the first time). Here are the best iPhone apps to help you with your taxes.

TurboTax SnapTax
If you have a very simple tax return to file, this app will help you do it quickly and easily from your iPhone. There’s never been a better way to file if you have no dependents, don’t own a home, have only one form of income, and made less than $100,000 last year. If you fit those qualifications, download this app and be done with your taxes in minutes. Just take a picture of your W-2, answer a few simple questions, and e-file instantly. E-filing costs just $19.99, but downloading the app is free.

TaxCaster by TurboTax
Another excellent, free app from TurboTax, the TaxCaster will help you predict the amount of your refund. You’ll enter information about yourself and your income, such as your filing status, dependents, withholding, compensation, donations, your home, and more. When you’re finished, it will provide you with a dollar-amount estimate of your refund. While it won’t do your taxes for you and isn’t guaranteed to be exact, it’s a great way to get an idea of what you can expect from your taxes this year.

MyTaxRefund by TurboTax
The third awesome tax app from TurboTax is MyTaxRefund. If you e-filed your taxes this year, it will help you track the status of your return. It’s free, and you’re not required to have e-filed through TurboTax to be able to use it. You can check on the progress of your Federal and State e-filed returns with ease, anytime and anywhere.

Dictionary of Tax Terms
When you’re preparing your own taxes, you’re bound to run into a few mystery terms that you just don’t fully understand. This app costs $0.99, and it will define for you more than 600 tax terms. It’s searchable, you can save the entries you need to remember, and it works entirely offline.

Calculator
There are lots of calculator apps, but the 99-cent “Calculator” is the best way to go. It has an attractive interface, and it’s easy to use. It includes a variety of scientific functions for all your calculating needs. As you do your taxes this year, it’s essential to have a good calculator on hand, and this is one for you.

EITC Calculator
Did you know you could earn up to $5,751 back with the Earned Income Tax Credit (EITC)? This free app will help you determine if you qualify for an EITC. You’ll simply answer a few basic questions, such as your marital status and income, and this app will estimate how much you might qualify for.

Carl Schmidt is an experienced tax professional who shares his personal finance tips with you as a hobby. To keep his writing clear, he uses the world’s number one grammar checker.

What’s New In TurboTax 2011 (2012tax.org)
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By Steve | Posted in Tax Filing, Tax Professional, Turbo Tax | Tagged Accounting, internalrevenueservice, iPhone, IRS tax forms, Quicken, tax, Tax preparation, TurboTax | Comments (11)

Interesting Facts On 2012 Taxes

February 17, 2012 – 2:16 pm

Mr. President, the problem lies with Government Spending and not taxes.

If you saw President Obama’s 2013 budget estimates, then you probably know that he plans to raise 1.5 trillion dollars by increasing taxes for the rich.

It seems the Obama administration believes in taking people for a ride. They think that if they tell a lie over and over again, it becomes a fact. Nowadays, the president and his leftist cabal spend the whole day talking about how rates for the rich are too low.

Anyone who thinks tax rates for any group of people is too low has been brainwashed. The fact is that taxes in the U.S. are too high.

Government spending is at an all time high. Taxes do not matter. The government can rise rates on 2012 taxes but still end up with a deficit.

Like any other addict, the government needs rehab because of its addiction to spending.

Americans pay less taxes than Europeans, yet these countries, with their exorbitant tax rates, are broke.

Yet the president continues to claim that tax rates for the rich are too low in every speech he makes.

According to U.S. laws, when the CEO of a company lies to investors, he can go to jail because of committing fraud.

Yet the president continues to spread lies to innocent taxpayers. He justifies his opinion by stating the fact that the top 1 percent of income earners are very rich and yet they pay the lowest tax rate. While this may be true it does not justify increasing rates on 2012 taxes for the rich.

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By Steve | Posted in Tax Rate, Turbo Tax | Tagged Barack Obama, Government spending, Mitt Romney, Obama, President, tax, Tax rate, United States | Comments (2)

Turbo Tax Mobile Apps

February 11, 2012 – 4:14 pm

Mobile apps are current big news in the world of tax preparation. From providing tax information to allowing users to e-file, these apps are on the rise.

Unlike many competitors, TurboTax is one app that allows users to e-file a 1040EZ with their iPhone or Android device. Data from around 400,000 financial institutions and employers, W-2 Express, various 1099 and 1098 forms, charitable-deduction records from ItsDeductible, accounting records from popular software like Quicken and QuickBooks, along with any data saved in a .cfx or .txf format are able to be entered. Bob Meighan, vice president of consumer advocacy at Turbo Tax, said that the goal is to allow taxpayers to use as few of keystrokes as possible to complete and file their tax returns.

In order to keep your information safe, incomplete return files are purged. Completed returns are accessible, which provides a benefit if you use the same app to file in following years.

Consumer Questions
TurboTax has enrolled agents and CPAs on hand to answer any tax questions that you might have. This unlimited “Ask a Tax Expert” service is available via chat and telephone. You must log into your tax-return file to get an answer, but the answer will be available for you. TurboTax also has an impressive Live Community database, which has answers to thousands of tax questions.

Audit Support
If you find yourself in need of tax audit support, TurboTax has a solution for you as well. For $39.95, you’ll be walked through the steps you need to take to prepare for an audit.

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By Steve | Posted in Tax Filing, Turbo Tax | Tagged Computer file, iPhone, IRS tax forms, QuickBooks, Quicken, tax, Turbo Tax, TurboTax | Comments (15)

How to Choose a Tax Professional

February 10, 2012 – 11:47 pm

Your taxes are very important, and they’re something you don’t want to screw up. If you don’t feel comfortable doing them yourself, you’ll want to hire a tax professional to do them for you. Hiring someone to do your taxes can be costly, but it can also save you lots of time and headaches, and it can help you maximize your return. It’s incredibly important to hire someone who is both trustworthy and knowledgeable. Here are some tips on how to choose a tax professional.

Types of Professionals
There are two types of tax professionals that are usually best: enrolled agents (EA) and certified public accountants (CPA). Enrolled agents are licensed by the IRS, and they’re required to constantly continue their tax education. Certified public accountants are licensed through state exams and have met education requirements. It’s a good idea to go with either an enrolled agent or a certified public accountant. These tax professionals will be listed with either the American Institute of Certified Public Accountants (AICPA) or the National Association of Enrolled Agents (NAEA).

Tax Preparation Chains
There are also lots of tax preparation chain offices that can help you prepare your returns, such as H&R Block and Jackson Hewitt. While they may be much cheaper than hiring an EA or CPA, you get what you pay for. Tax chains often use seasonal employees that have been quickly trained. They’re just not as reliable as other trustworthy professionals. If you have a very simple return, you might consider getting it prepared by a chain. However, remember that you’re ultimately responsible for your own return.

Referrals
Check out the AICPA or NAEA for directories of tax professionals near you. Or, ask around for referrals from your trusted friends, family, and co-workers. Lots of people you know may have someone they’ve been using for years that they’ll be happy to suggest to you. Whenever you get a referral, be sure to still ask important questions and check on their certifications and qualifications.

Background Checking
You’ll want to thoroughly check out any tax professional before you hire them. Your money and your taxes are incredibly important to you, so you want to take care when entrusting anyone else with them. You can perform a background check, and check with the Better Business Bureau to make sure your professional has never been accused of fraud or anything criminal. Ask them for their Preparer Tax Identification Number, and check their certifications with either the AICPA or NAEA. Finally, ask them for some references and follow through with contacting them.

Compatibility
You want to make sure a tax professional is compatible with your own personality. Do you feel comfortable with that person doing your taxes? Also, find out how they run their business, such as how and when they can be reached, and what services they perform. Hiring a CPA or EA may be costly, so make sure you know exactly how you’ll be charged. Ask them what happens if your tax return ends up being audited, because you’ll want someone who will represent you. Most importantly, make sure your tax professional is experienced with the type of taxes you need prepared, and find someone who will work with you to find the best outcome for you.

K. Villareal is a personal financial counselor. To make sure her clients understand her advice, she always uses a grammar checker.

How to Choose A Good Accountant or Tax Attorney (2011taxes.org)
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By Nancy | Posted in Tax Professional, Turbo Tax | Tagged American Institute of Certified Public Accountants, Better Business Bureau, choose, Jackson Hewitt, National Association of Enrolled Agents, Preparer Tax Identification Number, professional, tax, Tax preparation, TurboTax | Comments (2)

Turbo Tax Free Edition Takes The Hassle Out Of Filing Your Taxes

February 10, 2012 – 2:38 pm

With tax season approaching rapidly, many people have begun thinking about using software programs like Turbo Tax to help them prepare their taxes. With the April 17 deadline rapidly approaching, now is the time to begin planning how you want to file your taxes this year.

Turbo Tax is one of the most popular programs in the country, and this year’s free edition is a great way to find out whether the software is right for you. Turbo Tax software walks you through each step of the filing process, turning tricky tax topics into easy to understand questions that you can complete in just a few hours.

One of the major concerns that many people have when buying tax software is the cost of the program. That’s one of the reasons that the free edition has become so popular. The program helps you complete a basic federal tax return, although you will still need to file a state return.

If you need to complete a more complicated return that what the free edition can handle, there are a number of different products that can help. Different versions are created for small business owners, those with significant investments, and people who have more complicated tax situations.

Whether you plan to take advantage of the free edition or you have used Turbo Tax before, this year’s program offers a number of features that make filing easier than ever before. Don’t forget that Turbo Tax can import information from programs like Quicken or Microsoft Money to make filing even faster. Turbo Tax can make the process of filing just a little less stressful.

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By Steve | Posted in Turbo Tax | Tagged H&R Block, internalrevenueservice, Quicken, tax, Tax preparation, TaxACT, Turbo Tax, TurboTax | Comments (7)

Avoiding And Reporting Tax Scams

February 6, 2012 – 12:46 pm

How to Avoid the “Dirty Dozen” Tax Scams

In the past few years, the IRS has seen a considerable rise in identity theft and refund fraud, as scammers attempt to get your personal information in a fraudulent email, where they claim to be someone from the IRS or the makers of Turbo Tax Software. In the email, they claim that they need a greater amount of personal information, which according to the Better Business Bureau is a red flag.

People should not answer these sorts of emails, call any phone numbers listed or click on any links provided in the letter. The email can lead you to a fake website that can harm your computer. Taxpayers who are involved in tax scams such as these are liable for any tax due as well as statutory interest.

Here are the “Dirty Dozen” tax scams that people should be careful to avoid:

1.   Identity theft and phishing
2.   Hidden offshore income
3.   Return preparer fraud
4.   Filing false or misleading forms
5.   Frivolous arguments
6.   False nontaxable social security benefits reports
7.   Abuse of charitable deductions
8.   Abuse of retirement plans
9.   Disguised corporate ownership
10.   Filing a false wage amount
11.   Misuse of trusts
12.   Fuel tax credit fraud

You should remember that if something sounds too good to be true it might just be a fraud. If you know of a tax scam you should report it to the IRS. You can report suspected tax fraud by filling out Form 3949-A, mailing the IRS a letter or calling 1-800-829-3676. As a whistleblower, you may be eligible for a reward.