Here are Income Tax Considerations: Politicians across the country debate about ways to fund worthwhile programs, and the new mayor of New York City has received considerable attention regarding his proposed agenda. Mayor de Blasio has outlined a progressive agenda aimed at funding after-school and early education programs, and his approach pushes for higher tax rates for wealthy individuals. You may have a lot of tax questions regardless of your income level, but using Turbo Tax 2013 may help you make sense of current and future tax scenarios.
Mayor de Blasio would like to impose a tax increase on residents who report an excess of $500,000 in taxable income, and he wants this tax increase to be in effect for five years. Taxes 2013 and beyond may be affected by such a measure, and the rate would move from 3.88% to 4.41% under the de Blasio proposal. New York city resident tax rates have been as high as 4.46% under previous administrations, and the additional funds were intended for education and crime prevention.
A little over one percent of New York city residents would be affected, and the additional tax revenue raised would be approximately $500 million annually. This is in line with the goal of establishing continuous funding for education programs, and having this additional revenue may give Mayor de Blasio time to establish other funding sources once the higher tax rate has expired. Any discussion about proposed tax rate changes can lead to numerous questions, but Turbo Tax 2013 may help you find good ways to save at tax time.
Important Dates For Filing Your 2013 Tax Return Forms
As the year comes to an end, it is important to start thinking about filing your 2013 taxes. While it is true that taxes are not due on the first of the year, it is still important to understand the important dates on the IRS calendar for 2014. There are a few dates you should know.
On the 15th all estimated taxes for the last quarter of 2013 are due. Also the 31st is the deadline for employers to send out tax information. This is also the deadline to file your 2013 tax return forms without penalty if you did not pay your taxes for the previous year.
The 17th is the date when corporations must file their taxes by.
The 15th is recognized as tax day for individuals and partnerships.
If you got an extension on your individual tax return, then this is the date it is due. This only applies to military personnel and people traveling abroad.
The 15th is the deadline for business extensions on tax returns to be filed.
This is the due date for individuals who were granted a 6 month extension on their tax returns.
Keep in mind that these are only dates that are specifically related to fling your 2013 tax return forms. There will be other dates you will want to keep in mind with your taxes and for these you can turn to the IRS website. Here you will find all the information you need as well as great resources for ensuring you pay your taxes correctly.
The government shutdown will have an effect on the tax season in 2014. There could be a one to two week delay on filling your 2013 tax return forms as a direct result of the government shut down in 2013.
The IRS lost sixteen days of work during the shutdown which came at a time when the IRS is typically very busy preparing for the upcoming rush of the tax season in January. Loosing nearly three weeks of work in the fall, is very difficult to make up before January.
They will not accept or process any returns, online or in paper, until January 28 to February 4th. This falls at least one week later than the typical yearly start of January 21. You can send in your paper 2013 tax return forms early but they will not look at them until opening day, and you can not file an online form at all until the date they open for the season.
The IRS is doing everything they can to make the delay shorter but the new bill has changed many forms and these changes take time.
You can still prepare your tax return from your end as you always have, as long as you have current software as there are many updates that come with the new bill. You can also prepare with an adviser in advance so you will be prepared on the first day the IRS will take the 2013 tax forms.
It should also be noted though, that the filing deadline for tax payer remains the same, April 15. So there is a shorter season all around.
It can be tempting to ask for tax refund advances. However, it is not necessarily the best approach. There are some important reasons to avoid tax refund advances, and simply wait to receive your refund.
First, tax refund advances cost money. When you receive a refund from the IRS, you will receive the full amount you deserve. This is not the case with advance loans. The amount you receive will be less, because you will pay a fee to receive your money.
Second, it is possible to miscalculate an income tax refund. If this occurs, you can lose money.
Third, while advances can be used for important purposes, often they are not. Many people feel that having cash in their hand is reason enough to spend it frivolously. You may be more tempted to waste your advance than if you receive a check from the IRS, or a direct deposit into your bank account.
These are all good reasons to wait for your tax refund. If you have financial difficulties, it is much better to save your income whenever possible so you can deal with your finances without advance loans.
You can be taken advantage of if you look at tax refund advances as a source of fast, easy cash. A better approach is to be patient, and wait for the IRS to send your refund to you.
It does not take long for the IRS to process tax returns. A little patience will mean receiving the entire amount you are entitled to, and not paying any fees to receive your own money.
Welcome to the July 30, 2013 edition of Tax Carnival Ecstasy. We start this edition with some short term financial goals by Viveka on the blog ‘My Journey to Millions’. John Schmoll takes a look at investing in the stock market and the level of difficulty that you face when you invest for retirement. And finally Bill Smith looks at annuities as investments and the tax implications of investing in them. Hope you like all the articles, bookmark our carnival, like on Facebook, tweet the link and come back real soon.
John Schmoll presents Is Investing in the Stock Market Really That Easy? posted at Frugal Rules, saying, “Many are overwhelmed when it comes to investing in the stock market. With a little homework and due diligence it can actually be simplified quite a bit and can lead to more efficient investing for long term needs like retirement.”
Bill Smith presents Are Annuities a Good Investment posted at 2011 Tax, saying, “There are two different types of annuities: deferred annuities and immediate annuities. The type of annuity you choose depends on how soon you expect to receive payments.”
That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.
Some Useful Tax Software Programs to File your Taxes Easily and Quickly
If you want to file an income tax return and are wondering how to do your own taxes online then you can opt for e-tax filing which is a simple and easy way to file your taxes. With the convenience and comfort of your home, you can file IRS tax forms. Online tax preparation services bring ease and convenience to the people. Users do not need any prior experience of filing returns and they can complete income tax returns easily and quickly with the help of a tax software program.
Turbo Tax: It is one of the most preferred e-tax filing software programs which is recommended for newbies, small business owners, heavy investors and multi-income filers. If you are a newbie and do not know how to do your taxes online then this software will be best suited for you. Here are some features of Turbo Tax software.
Clean and intuitive interface. Logical flow of processes. Easy to comprehend learning resources for the beginners. Offers high-level of autonomy. Audit risk meter Latest military edition for Army officials
H And R Block: It is an elite piece of software to file your taxes online. It has logical workflows and that will simplify the process of tax filing. The software is recommended for heavy investors and newbies. Here are its features.
Section overviews containing useful information. Several pages having embedded links. Bookmarking system is well integrated. In-person and round the clock support. Latest print returns features. Useful form finding tool.
TaxACT: This e-filing software is recommended for college students, deal seekers and DIY filers. Following are some of the important features of TaxACT:
Import tax from the previous year feature. Lowest price. Stock assistance tools for entering stock information manually. Best quality and comprehensive learning resources. Mini-alerts.
TaxSlayer: It is a well designed and one among the best e-filing tax software. Given below are its important features.
Life events guide. Previous year comparison. Gives you choice to handle processes on the major sections like income tax deductions. Movement between sections for convenience of the users.
So, stop running from pillar to post when you need to file your taxes and stop wondering how to do your own taxes online as you can easily do it with the help of several user-friendly e-filing software. By using this software you can file your tax returns quickly and easily even if you are a newbie and filing your tax for the first time.