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  • Tax Carnival Ecstasy – May 9, 2013

    Online Investing?
    Online Investing? (Photo credit: Monkey Mash Button)

    Welcome to the May 9, 2013 edition of Tax Carnival Ecstasy. We begin with a post from James Powell on credit and benefit changes for 2013 that is quite interesting. Bill Smith looks at how TurboTax has changed in the current year. And finally John Schmoll has a number of online brokers that he likes to use. Hope you enjoy all the articles, bookmark, share on your social sites, and come back real soon for more tax topics.

    credits

    James Powell presents Tax Credits and Benefits Changes 2013 – How They Will Affect You : Tax Credits posted at Tax Credits, saying, “This post will look at how the changes in tax credits will affect you in 2013.”

    filing

    Bill Smith presents Innovations For Turbo Tax 2013 posted at 2013 Taxes, saying, “Professional accounting can help business owners save time and resources, and the Turbo Tax 2013 CPA Select edition by Intuit may be the ideal solution for tax filing season.”

    retirement

    Jebelle presents LIFE is what you make it: HEALTH is WEALTH posted at LIFE is what you make it, saying, “earn even retired”

    John Schmoll presents Online Brokerages I Use: OptionsHouse Review posted at Frugal Rules, saying, “There are many online brokerages to use as you look to invest in the stock market. The good ones are there to meet your needs and help make sure you’re doing what you can to be investing for things like retirement.”

    tax law

    Bill Smith presents Senate Bill On Internet Taxes Passes First Hurdle posted at FastSwings, saying, “Recently, the United States Senate passed a bill concerning Internet tax collection.”

    taxes

    Bill Smith presents Estimate Your Tax Refund With The Free TurboTax Taxcaster posted at 2013 Taxes, saying, “Tax time is drawing near and like most other Americans, you need to file and prepare your taxes to avoid penalties and late fees from the Internal Revenue Service.”

    tips

    Bill Smith presents The Benefits Of TurboTax 2013 posted at 2013 Taxes, saying, “When you are planning to file your income tax return, you want simplicity, accuracy, and options. You will have these benefits and more with TurboTax 2013.”

    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.

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  • TurboTax Continues To Grow In Popularity

    TurboTax Continues To Grow In Popularity

    Millions of people utilize TurboTax in order to file their income taxes annually. In fact, Intuit recently reported that sales for its products have increased since last year. Motley Fool pegs that increase around 30%, which is an incredible figure. Without a doubt, more and more taxpayers will continue to use this software in the coming years. This includes free TurboTax 2013 and its paid variants that are available today.

    TurboTax: Why ask if you already know?
    TurboTax: Why ask if you already know? (Photo credit: stevegarfield)

    Currently, TurboTax is so popular because it offers incredible features at an affordable price. Individuals unfamiliar with the tax system can follow the software’s step-by-step guide. More confident tax filers can go through each section at their leisure. Plus, Intuit offers free tax advice from knowledgeable professionals with each product. Tax audit assistance is available at a low fee, too. Undoubtedly, very few tax products offer such useful and affordable features.

    Free TurboTax 2013 stands as Intuit’s most popular tax preparation software. With this particular product, taxpayers can file simple income returns without paying a penny. The free version of TurboTax comes with the same great features as other variations. Luckily, most taxpayers can utilize this option without needing to pay for another. Most people file simple returns each year, and they are the most common type by far.

    For more complicated returns, various versions of TurboTax are available. This includes Deluxe, Small Business, and a handful of other products. Each one suits the needs of a different type of taxpayer. These products range in price from $19.99 to $89.99 under normal circumstances. With that in mind, thousands of people purchase these software. They come with a few added benefits in comparison to free TurboTax 2013.

    In the end, TurboTax will likely see its sales increase year-over-year in 2014, too. Intuit provides a very necessary product that outshines most of the competition. For that reason, the company sells millions of units each year. This holds true even with the existence of the free version, which doesn’t suit everyone’s needs. TurboTax won’t slow down any time soon because most Americans file their taxes through preparation software rather than doing them themselves.

  • An Overview Of The Turbo Tax Military Edition

    Turbo Tax Military Edition

    Preparing and filing your taxes on time and to your best advantage may be difficult at any point in your life, but being in the military may pose additional challenges. Serving your country should not serve as a financial penalty when it comes to tax season, and Turbotax has taken action by offering unique software options for servicemen and officers. Turbotax can help you file taxes for free whether you are on active duty, in the reserves, or stationed far away from your home state. The free Turbotax Military Edition may be the best support for military personnel at tax time.

    Mexican military personnel inside a tanker
    Mexican military personnel inside a tanker (Photo credit: Wikipedia)

    Enlisted personnel at a junior rank of E-1 to E-5 may utilize the military edition of Turbotax for free, and officers and those with a rank of E-6 to E-10 may take advantage of this software for a nominal cost. The free download may be completed in several ways, and the software will guide you through a comprehensive list of tax provisions that are specific to military personnel. Tax questions regarding deductions for uniforms, basic pay, combat pay, and how to handle a permanent change of station are thoughtfully addressed with this software, and you can have the tax answers that you need long before the filing deadline occurs.

    Turbotax offers easy access to the latest and most advantageous tax information for anyone who needs to file taxes, and the Turbotax Military Edition is in keeping with this vision. Online filing may be your most realistic option depending on your location, but the experts at Turbotax have ensured that filing online will be to your best advantage however and wherever you may be serving your country. Turbotax experts include veterans, military spouses, and others who are versed in the unique tax needs of military personnel. The Turbotax live chat community lets you ask questions and get answers in real time, and Turbotax technical support is available to help you every step of the way.

    Working with a veteran or military spouse may cut through the maze that can characterize tax preparation and filing, and you will get timely and accurate information. Questions about filing in multiple states, relocation, basic allowances for housing, and basic allowances for subsistence will be answered thoroughly, and your prepared taxes will be audited automatically. This helpful review will ensure that potential problems are addressed before your taxes are filed, and you may file taxes for free in many instances. Turbotax makes preparing and filing your federal and state tax returns as easy as possible wherever your military service may take you.

  • Saving Money With The Child Tax Credit

    Saving Money With The Child Tax Credit

    A lot of Canadians have no idea they qualify for the Child Tax Credit or what it is. They think it is for low income families, or they have altogether never heard of this credit. Even if you are okay without the rebate, Turbo Tax 2013 encourages you to make a claim.

    English: Pic for WikiProject Political parties...
    English: Pic for WikiProject Political parties and politicians in Canada (Photo credit: Wikipedia)

    The tax assessor’s office should be aware of any children in your household born before the end of 2012. For every child born into a Canadian household during the fiscal year (even late in December), it is possible to enjoy a rebate on taxes. When you fill out your Turbo Tax 2013 forms, make sure this section is completed thoroughly. For every child in your home you could be receiving a Child Tax Credit which amounts to a hundred or a few hundred dollars every month.

    The Child Tax Credit was implemented to help families earning under a certain amount annually. It is not specific to locations: if you live in an area where cost of living is high, meaning wages are also high, this is not part of the calculation.

    The Canadian government is simply looking at how much money a single individual earns or the joint income of a family. They automatically decide whether or not to grant a parent or parents this credit based on income. If your earnings have decreased recently, you could see your first tax rebate soon. Keep this in mind if you are currently filling out your Turbo Tax 2013 forms and expect a refund in the mail.

  • Do Your Taxes Online This Year

    Do Your Taxes Online This Year

    When you do your taxes, do you usually get all of the paperwork and fill it out manually? Instead of doing this, perhaps you go to a local CPA and pay them to do your taxes for you, cutting into your return dramatically. If you have been using either one of these two tactics, you need to know that there is a better way with online programs like TurboTax 2013.

    Death & Taxes (film)
    Death & Taxes (film) (Photo credit: Wikipedia)

    Many of the online programs are actually free, so you just have to create an account in order to work on your taxes. This allows you to save your information to the server. If you need to log in later to finish the job, it is easy to do so. You do not have to worry about security when you do your taxes since programs like TurboTax 2013 and the various free programs use encryption software to protect you.

    The programs make life easy for you while you do your taxes by walking you through the process. Systems like TurboTax 2013 will ask you questions that you can answer, rather than just giving you a box and a sentence of legal writing to tell you what to do. These questions are straightforward and easy to understand. The program then takes the information and puts it into the correct boxes so that you do not have to do the work of figuring out what goes where.

    When filling in information from W2s or 1099s while you do your taxes with TurboTax 2013 or a free program, the program may just tell you to fill in the numbers from the corresponding boxes. You do not need to know exactly what the box means or what all of the other, empty boxes are for. The program will simply tell you what information that it needs. You will write it down, and then you will move on to the next step. This makes it possible to do your taxes on your own even if you have never studied tax law or accounting.

    One of the best things about deciding to do your taxes with an online program like TurboTax 2013 is that you can often e-file when you get done. You do not have to print anything out, though it is a good idea to save PDF files for your records. You do not have to write any checks, buy any stamps, or put anything in the mail. You just have to provide the information for your bank account, including the bank account number and the routing number, and then your return will be sent to you automatically. This all means that you can instantly and easily file your taxes, even at the last minute.

  • Tax Return Forms And Filing IRS Taxes

    Tax Return Forms And Filing IRS Taxes

    Tax time can be an incredibly hectic time for every individual of taxing age in the United States and other countries. There are forms aplenty for every type of deduction, job, withholding, and pay out and understanding some of the basics is the best way to get your taxes off to the right start. Using a system like TurboTax 2013 can be helpful, but a working knowledge of what tax return forms to fill out is still necessary to get the maximum refund.

    Paying taxes is required for both citizens and...
    Paying taxes is required for both citizens and non-citizens. (Photo credit: Wikipedia)

    The first and most common forms are the 1040 and the 1040 EZ. The 1040 is the basic form that most tax payers use to complete their income taxes. These forms cover anything from income, taxes withheld, charitable donations, scholarships and grants, life insurance, gambling proceeds, child support, and more. This form was designed to be the blanket form for most tax payers to help speed up and simplify the process. This is the form that most are going to be working from when filing taxes and as such it is important to be well versed in the 1040. The 1040 EZ is a simplified version of the 1040 that is often used by workers that are either under the age of 18 or that do not have any dependents or households to claim. This form has basic information like income, taxes withheld, and any untaxed income that workers may have gotten over the course of the year.

    A 1040 Schedule A is an individual tax return that has a list for itemized deductions. These deductions can be any range of things from medical bills, to work expenses, to charitable donations, and many more. If filers are at all unsure of what deductions they can count it is important that they check with a tax professional. Schedule B is a form that covers the interest on bank accounts and ordinary dividends. This form is generally only needed for those that have investments. Schedule C is profit or loss from businesses that are personally owned and will likely not be needed for all of those individuals filing. Schedule D is capital gains and losses in any investing or financial ventures that filers have partaken in over the course of the year. This form is again not necessary for every individual filing. The Last Schedule is Schedule E, this is for supplemental income or loss that was incurred through the course of the year. Most tax services will include Schedules A through E in the typical filing.

    Form 1099 is for income from an employer that was not taxed at the time of payment, a 2848 is for those that are using their power of attorney to file for another individual, form 2553 is for those that are filing for a small business or corporation, and form 1065 is for married or partnered couples that are filing a joint return. A complete list of forms is available on the IRS website with brief descriptions of the function of each. If at any time it becomes difficult to complete your tax return or to understand what is being filled out, it may be necessary to talk to a tax professional.