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.
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.
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.
Filing your taxes with TurboTax or another online tax program is something that people often loathe doing, therefore they try to procrastinate or push it off for later hoping that they would be excused and the year would pass by. However, it is not that easy to evade your taxes and that is why most people end up paying a heavy penalty when they do fail to file. Thus, why take the risk? Why not just use an online tax preparation software program like TurboTax or TaxAct in order to file your taxes on-time?
One of the biggest pros concerning the use of TurboTax or TaxAct or any other automated software program like H&R Block and so on is that they are very user-friendly and convenient to navigate through a return. Moreover, you don’t even need to have sharp math skills for calculating your taxes, all you need to do is to fill-in a couple of blanks and the rest will be taken care of by the software application. Another advantage of using TaxAct or TurboTax is that it relieves all the tax anxiety and worries you might be feeling.
TurboTax, H&R Block and TaxAct are the most popular tax filing software programs available today. They provide accurate results as they are familiar with the latest changes in tax law including the most recent Fiscal Cliff and ObamaCare rules. While TaxAct or TurboTax may be offering a lot of benefits, they do have their own cons too. One of the top disadvantages associated with these programs is that they can be pricey to use in comparison to getting one’s tax preparation complete the conventional way.
(SXXW28G5BWN3) The powers that be are still trying to work out how they can forestall the fiscal cliff but everyone should be prepared for the consequences.
The Congress and President Obama are wondering how they can ward off the impending fiscal cliff, in a matter of days the tax cuts that were implemented by Bush will come to an end and spending will be slashed as the year comes to an end, no one knows what this round of cuts will bring.
J.D. Foster a senior fellow at the Heritage Foundation feels that the proposed changes will affect everyone, income tax rates will rise, payroll tax will shoot up and capital gains and dividend taxes will be higher. The proposed changes are going to have an impact on child tax credit too; so many families are going to be badly hit.
Taxation experts feel that the proposed tax changes could be delayed if the powers that be do not come to an agreement in the next month. Under normal circumstances tax filing starts at the beginning of the year but as things stand the IRS and tax-prep companies cannot complete tax forms.
This has an impact on employers who may need to make adjustments to payroll taxes when the proposed 2013 tax changes are implemented. In short this could mean that tax preparers will struggle to be ready in time. The government will find that their revenue is delayed and taxpayers may find that refunds are paid out far later.