When it is time to use TurboTax For This Year to complete your taxes, you may want to consider a few Money Saving Tax Tips that can save you money in the coming year. Planning early in the year makes it easier to reach your financial goals by the end of the year. Since you are already running the numbers with Turbo Tax 2014, you have records that can show you where to make cuts for the next year.
One Money Saving Tax Tips is to Review Your W-4
Changes in withholding laws affect the money your employer must withhold from each paycheck. If you find you owe money at the end of the year using Turbotax 2014, you may want to increase the withholding. If you are getting a big refund each year, decrease the amount withheld to increase your monthly budget.
Winterize Your Home
Turbo Tax 2014 can help you to find special tax credits for this type of action. They reduce the cost of projects that provide long term savings to you as a homeowner.
Look at Your Cellular Plan
Many people are paying hundreds of dollars monthly for their cellphones. That two year contract that gives you the latest smart phone can be costly. Today, there are providers offering great plans with no contract. Some are as little as $25 per month and will allow you to bring your existing phone.
Turbo Tax 2014 offers some great Money Saving Tax Tips for ensuring you take qualifying deductions on your tax returns. In addition, the software makes tips that can help you to save even more for the following year.
Now it is tax time 2015 for filing your 2014 tax returns. Many people have not filed their tax returns yet. If you are one of those individuals and are considering a paid preparer or tax software, know that the best-selling packages are the Tax Service Jackson Hewitt and Intuit’s TurboTax.
You may look into online tax filing, too. The most basic tax returns are free with support provided through live chat and support email. It is possible to download your W-2 forms, and tax returns from past years can be imported from other tax companies. If you choose the TurboTax 2015 free edition or the tax package from H&R Block, you will not have access to such options as they can only import their own past returns.
Complicated returns filed through Jackson Hewitt tax locations cost $19.95, and upgraded tax software for home owners and families from TurboTax is $34.95. Owners of small businesses and self-employed individuals may purchase their TurboTax tax programs for $49.95. The price on all state returns is $34.95.
Regarding TurboTax, the company has had some trouble recently. When it increased its Deluxe edition pricing, customers were upset, and General Manager of TurboTax, Sasan Goodarzi, said that the company just did not think ahead. Also, some states would not take TurboTax returns because of concern over fraud for a short period of time. TurboTax has since made the TurboTax login more secure and given rebates on its Premium edition for those that purchase the less thorough Deluxe version.
TurboTax is giving customers free upgrades and rebates for the next year. Any program purchased before the security was upgraded will be refunded $25 until April 20, 2015.
And returning TurboTax users may take advantage of support on the earned income credit. Costs are a little higher than Jackson Hewitt: $34.95, or a full $15 higher than the tax service Jackson Hewitt offers. State returns prepared with TurboTax are $2 more than with Jackson Hewitt.
Lastly, TurboTax offers a small business software package for $79.99. The software allows the user to import his tax deduction figures directly from the popular bookkeeping software QuickBooks.
TaxAct is one of the leading software’s for preparing and filling tax returns and it has just released the 2014 software for 1040, 1065, 1120s, 1120 and 1041 tax returns. So starting from January small business owners are able to complete their federal and state returns and e-file them after the program has been updated with the final IRS forms and any charges that are updated at the last minute. The software is also updated with the latest federal law tax changes to enable even small business owners to view their 2014 taxes, identify how they can save and advise on 2015 budgeting.
The program asks simple questions about your income, losses, expenses, deductions, and credits and uses this information to calculate, check for errors and completes the tax forms.This will help everyone including self employed individuals to minimize tax liability before the years ends.
Using this software you can save hundreds of dollars that you would use to prepare and plan for tax returns. It takes only $49.99 to prepare, print and e-file a 1065, 1120S or 1120 federal tax returns and only $19.99 for each state return.
It does not end there, TaxAct offers free personal technical help with your taxes including unlimited phone help when required. This software includes a money back guarantee after thirty days and you do not have to pay for the online version until you file previewed completed tax forms.
Turbo Tax Turbo tax was the best rated and top selling tax software last year probably due to its clean streamlined presentation and step by step interview. It is great for both the first time users or those who do this year after year. Theses people are so confident about their product that they offer a big refund if you use another tax preparation method and get a bigger refund. Another little helpful feature is as you take each step the sidebar shows how much you owe and how much you are entitled to in refunds. And you can do all this from your iPad using the fully featured iPad app.
The software allows you to import tax information from other softwares like TaxAct from the previous year. In case of an audit the company offers free support from the Audit Support Centre with instructions on what to do in case the IRS come for you.
The website uses questions to determine the best package for you. They range from the free edition to the business for $149.99.
There are a number of tax e-filers out there so choose one that is easy to use and will help you to understand the more difficult areas such as deduction and corporate elements. E-filing will reduce the stress and time it takes to file your tax returns.
Intuit TurboTax has just announced that Americans can use their software to file their 2014 taxes with no fees or charges. For about 60 million tax filing Americans, it might just be the best possible tax break.
The TurboTax Federal free edition allows taxpayers to file both their state and federal taxes, and this is the first time the company has provided this service at no charge. If you have been thinking about switching from a well known national tax preparer, now is the ideal time to do that especially as TurboTax users will also not have to claim their earned income tax credit or adhere to new health care laws.
For the approximately 60 percent of people with simple returns who file as early in the year as possible, TurboTax Absolute Zero is going to be one of the most useful tax tools ever. Many of these early filers receive a refund check of around $2,700, making it the single biggest check they will get in the year. TurboTax is one of the most respected tax preparation names and prepares more returns that any other tax preparation company.
Sasan Goodarzi, the manager of Intuit’s tax group for consumers acknowledged that people understandably wanted to keep as much of their hard earned money as possible. Goodarzi went on to point out that the free service is the company’s way of offering hard working tax payers a break on their 2014 taxes and a way of demonstrating commitment in the coming years.
January 20th is the date that the IRS will begin to process tax returns that were filed electronically, although if you want to get a head start on your 2014 taxes, you can use TurboTax now. Your return will be held securely until the 20th when it will be processed.
Americans need to report their health insurance status on their 2013 tax returns, but many don’t realize this. In matter of fact, a survey revealed that 48% of Americans are not even aware that they have to report their health insurance status on their returns.
2015 is going to be the first year that Americans will need to prove that they have qualifying insurance. If they don’t have qualifying insurance, then they will be faced with a tax penalty. Many Americans also don’t realize that the deadline they need to meet in order to avoid the penalty has already passed. Health insurance that has been bought during the current enrollment period will apply to 2016 filed returns.
56 percent of those without insurance were not aware of the fact that those who are uninsured need to meet criteria before they qualify for an exemption from Obamacare taxes.
Almost half of Americans don’t know that there are credits that can help make health insurance more affordable to families with low-to-moderate income.
TurboTax 2014 software and TurboTax services can help Americans understand how the Affordable Care Act relates to their situation. TurboTax is the best online tax preparation service around, and they have developed TurboTaxHealth.com, which is designed for those seeking resources relating to the Affordable Care Act. It can help Americans determine if they qualify for a health insurance plan that doesn’t cost a lot of money, as well as help people figure out if they qualify for an exemption from the tax penalty.
There were other key findings in the survey, which included that 9 out of 10 Americans do have health insurance. Also, Americans who live in southern states are less likely to have coverage than those living in any other regions.
Almost 75% of Americans plan on renewing their health care plan, which they bought via the Health Insurance Marketplace last year, for next year. Also, those who purchased via the Marketplace during the first enrollment periods are likely to know about tax credits than those who are in other insured groups.
Those who are covered by the insurance plan their parents have, are less likely to know about tax penalties than those who are covered via their employer’s insurance.
The Methodology The surveys were done by Harris Poll, and it was on behalf of TurboTax. The surveys were also conducted online, and it was done between November 6-10 and 13-17, 2014. Everyone who participated in the survey were ages 18 or older. However, theoretical sampling error cannot be calculated because the surveys were not designed to be based on a probability sample.
A recent survey has shown that 48% of American taxpayers do not know that they are required to report their health insurance status when filing their returns for the previous year. As the tax filing season commences in the next couple of weeks, the Intuit TurboTax Health Survey, which involved 2,000 U.S. adults, showed that most Americans do not see the correlation between their taxes and health care.
2015 will be the first year under ObamaCare that taxpayers will be required to prove that they have a valid health insurance or pay a tax penalty. A commendable 62% of American taxpayers know that those who do not have a valid health insurance policy will be penalised, a whooping 87% do not know that the deadline for avoiding the tax penalty for 2014 taxes has already passed. Those who purchased health insurance during the current enrollment period, which ends in Feb 15, 2015, will file their status in April 2016.
On the other hand, 56% of American taxpayers were not aware that some taxpayers who do not have health insurance, but meet a certain criteria, can be exempted from Obamacare Taxes.
45% of American taxpayers are not familiar with premium tax credits that are meant to make it easier for low to medium income households to purchase health insurance.
According to the head of Obamacare for TurboTax, these numbers show that most Americans don’t know the relationship between taxes and health care. TurboTax 2014 is committed to educating taxpayers about their tax obligations and rights by providing them with free resources and easy to use tools.
TurboTax, being the industry leader in online tax preparation, is helping Americans to understand Obamacare by developing a free online resource at TurboTaxHealth.com. With this resource, consumers can find out if they qualify for a low-cost health insurance cover, the tax penalty they would pay if they failed to purchase a health cover and the tax credits they can claim if they have a valid health insurance plan.
Other key findings from the survey include:
Ninety percent of Americans have some sort of health insurance. In the Northeast, 94% of consumers are insured, compared to 85% in the South, 90% in the West and 93% in the Midwest. Nearly 74% of taxpayers who purchased a health cover through the Health Insurance Marketplace in the previous year plan to renew it before it expires in the coming year. Those who purchased health insurance during the first enrollment period are more likely to qualify for tax credits than other groups.