Turbo Tax Presents Overlooked Tax Deductions

TurboTax recently listed some common overlooked tax deductions that tax payers should consider when filing their taxes. Some of the often forgotten tax deductions included property taxes, the Child Care Credit, the Earned Income Tax Credit (EITC), and refinancing points. As long as you itemize your tax deductions, you should consider claiming the deductions that apply to your situation.

Property Taxes

The standard deduction can be enhanced if you pay property taxes during the year and do not itemize your deductions on Schedule A. Add an additional $500 to the standard deduction for both 2008 taxes and 2009 taxes.

Child Read more at 2010 Tax.

TurboTax recently listed some common overlooked tax deductions that tax payers should consider when filing their taxes. Some of the often forgotten tax deductions included property taxes, the Child Care Credit, the Earned Income Tax Credit (EITC), and refinancing points. As long as you itemize your tax deductions, you should consider claiming the deductions that apply to your situation.

Property Taxes

The standard deduction can be enhanced if you pay property taxes during the year and do not itemize your deductions on Schedule A. Add an additional $500 to the standard deduction for both 2008 taxes and 2009 taxes.

Child Care Credit

Make sure to claim child tax credits up to $6,000 when you work have your children in child care. Often an employer will provide a plan that will pay for child care pre-tax but not up to the $6,000 limit. If this is the case, take the extra amount up to the limit on your tax return.

Earned Income Tax Credit

Lower to middle income tax payers can claim the Earned Income Tax Credit and receive a tax refund greater than the taxes they paid during the tax year. Many miss out on the tax credit as they do not realize it is available to them. If your income has changed during the past year, make sure to study the EITC to see if you qualify. The tax credit varies depending on your income, filing status and family size. If you find that you are eligible, amend your past returns to claim this very generous tax credit.

Refinancing Points

If you purchased a home during the past tax year and paid mortgage origination points, you can claim all the points when you file your taxes and obtain a very good tax deduction. If you refinanced your home and paid points, you can claim the points you paid as a tax deduction spread out over the life of the loan.

FreeTaxUSA is Great for Simplifying Those Confusing Tax Returns

FreeTaxUSA is Great for Simplifying Those Confusing Tax Returns

If you dread tax season for the confusing and time consuming process of filling out income tax forms more than you look forward to the refund, you should try FreeTaxUSA. FreeTaxUSA takes all the confusion and hard work out of the process of filing your income taxes with their simple and effective interview process.

The process that you have to pay for with another service is a very similar process to what you will encounter, for free, with FreeTaxUSA. However you can handle these questions from the convenience of your home and at your leisure. If you get halfway through the process and decide you need a break or for whatever reason feel like coming back to it later, FreeTaxUSA saves all of your information. This way when you sign back in at a later time, you can pick back up right where you left off. This is also true from one year to the next. If all of your personal information such as filing status, address, etc. is the same, you will not have to fill it out again.

FreeTaxUSA does not just handle simplified tax returns. Even if you have complicated tax returns involving marriage or divorce, buying or selling a house, IRAs, Earned Income Tax Credits, or a myriad of other complex tax scenarios, FreeTaxUSA can handle it and make it very simple in the process. The fact that FreeTaxUSA also has computer programs that automatically search for deductions, credits, exemptions, and write offs for you will be very useful for the more complex tax returns. You can be sure FreeTaxUSA will not miss any opportunities to increase your return.

Not only is FreeTaxUSA’s service cheaper (free) and more effective by guaranteeing you will get the largest return possible, but the whole process is made much simpler for you as a customer. The simple interview style questionnaire does all the work for you while you can just sit back and collect the money. Take a break this next tax season and let FreeTaxUSA do all the work of tax returns for you.

QuickTax Is Canada’s #1 Tax Software

QuickTax is the best choice for filing your taxes. QuickTax has been around for over 11 years, offers the most thorough tax programs with up to date Canadian tax rules, is preferred by 4.3 out of 5 for ease of use, and even comes with a money back guarantee.

Quick Tax will cover all possible areas of filing your tax returns to be sure you will receive the maximum refund possible. To do that QuickTax uses the A-to-Z List of Deductions, of which there are over 400 available to Canadians. QuickTax can also handle all sorts of issues that life … Read more at 2010 Tax.

QuickTax is the best choice for filing your taxes. QuickTax has been around for over 11 years, offers the most thorough tax programs with up to date Canadian tax rules, is preferred by 4.3 out of 5 for ease of use, and even comes with a money back guarantee.

Quick Tax will cover all possible areas of filing your tax returns to be sure you will receive the maximum refund possible. To do that QuickTax uses the A-to-Z List of Deductions, of which there are over 400 available to Canadians. QuickTax can also handle all sorts of issues that life brings such as adoption, marriage, rental properties and mutual fund shares. By handling complicated scenarios in a methodical way so as to catch every possible deduction or write off you can be sure to have the biggest return possible.

English: Map of Canada
English: Map of Canada (Photo credit: Wikipedia)

QuickTax offers a full money back guarantee on their product. You have a full two months to test drive QuickTax and if it does not live up to your expectations and you are not completely satisfied, you simply return the product with a receipt to receive your money. Additionally, in the event that you are able to get a larger refund from any other tax service QuickTax will again offer you your money back. That is an absolute guarantee.

QuickTax also makes sure that your taxes are as easy as possible. With their EasyStep interview process you simply answer normal questions which are then used to fill out the complicated tax forms saving you time and hassle. You also receive support by email and phone in case any questions do occur. QuickTax will even import your previous year’s tax information for your convenience.

QuickTax is Canada’s #1 selling software for all of these reasons. If you want to look forward to the money you will receive this tax season and take comfort in knowing that getting your hands on that money will be easy and assured, you need to try QuickTax.

Tax Brain Makes Filing Taxes Online Simple

Tax Brain Makes Filing Taxes Online Simple

Filing yearly taxes in the US is a costly and time consuming event. Every citizen and business in the United States has to perform this duty. While accountants make money from preparing taxes, even they will say it’s not always the most enjoyable thing to do. Using online tax software such as Tax Brain won’t make preparing your taxes anymore fun, but it can help to make them hassle free and maybe a bit less painful.

The continued expansion of the Internet has made it possible for millions of people in the country … Read more at 2010 Tax.

Tax Brain Makes Filing Taxes Online Simple

Filing yearly taxes in the US is a costly and time consuming event. Every citizen and business in the United States has to perform this duty. While accountants make money from preparing taxes, even they will say it’s not always the most enjoyable thing to do. Using online tax software such as Tax Brain won’t make preparing your taxes anymore fun, but it can help to make them hassle free and maybe a bit less painful.

The continued expansion of the Internet has made it possible for millions of people in the country to file their taxes electronically. The IRS reported that 76.7 million Americans filed their paperwork online in 2007. This is a growing trend among people that enjoy the convenience that online filing offers them.

Software such as Tax Brain takes a lot of the work out of filing your taxes. The easy to use program they have makes it quick and easy to use. The site offers live customer support that can answer any tax questions that you may have. They will also help you to decide which of the products they offer is best for your needs.

It’s not only that families are using online software anymore. Many small businesses and self-employed people have discovered the benefits of Tax Brain. As you begin entering your information the software will automatically determine which tax forms you will need to fill out. It will also calculate all of your taxes as you go through the process. If you are self-employed this includes the amount of Social Security and Medicare taxes that you have to pay. This is a great benefit for anyone that has a small business from home. These taxes can be easily missed, but with Tax Brain you don’t have a choice but to include them.

The automatic checks that the software performs while processing the return make it a lot less likely that mistakes will be made. The fewer mistakes that are made decrease the chances that you will be audited in the future. No one wants to be audited. Using Tax Brain you can be assured that your tax return will be correct the first time you file.

Tax Benefits for Education

Tax Benefits for Education

The IRS has a number of different tax credits that you can take to help pay for college tuition and expenses. The first is the Tuition and Fees deduction. This deduction reduces your taxable income up to $4,000 and is usually taken when a family does not qualify for the other tax credits available.

The American Opportunity Credit, this credit will pay for a student during the first four years of college. The credit was developed last year and expanded the Hope Credit. $1,000 or the $2,500 tax credit is refundable. Therefore, you can receive a … Read more at 2010 Tax.

Tax Benefits for Education

The IRS has a number of different tax credits that you can take to help pay for college tuition and expenses. The first is the Tuition and Fees deduction. This deduction reduces your taxable income up to $4,000 and is usually taken when a family does not qualify for the other tax credits available.

The American Opportunity Credit, this credit will pay for a student during the first four years of college. The credit was developed last year and expanded the Hope Credit. $1,000 or the $2,500 tax credit is refundable. Therefore, you can receive a refund when you did not owe taxes during the year.

The Lifetime Learning Credit is available to older students including job training classes, undergraduate, and post-graduate coursework. The credit is for $2,000. There is an enhancement of an additional $2,000 if you reside in a Midwest disaster area. One of the fun changes to the tax code congress has given us.

The Hope Credit is for only the first two years of college is phased out after 2008 except for a Midwestern disaster area. Those attending college in this designated area can take up to $3,600 in tax credits to help pay for tuition and fees.

529 College Savings Plans have been expanded to include computer equipment and Internet access. Non of the credits can be claimed at the same time for the same student. And students cannot claim the credits if they are dependents of their parents for the year.

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First Time Home Buyers Credit

First Time Home Buyers Credit

There are home buyer tax credits available to first time homebuyers and long-term home owners who are moving residences. Some important facts about the credits will help you determine if you are eligible and how much you can claim.

Beginning in February of 2009 up until the end of April 2010, if you enter into a contract to purchase a home in the US the purchase could be qualified for a credit with the IRS. To be a first-time homebuyer, you could not have owned a primary residence for the past three years. This also … Read more at 2010 Tax.

First Time Home Buyers Credit

There are home buyer tax credits available to first time homebuyers and long-term home owners who are moving residences. Some important facts about the credits will help you determine if you are eligible and how much you can claim.

Beginning in February of 2009 up until the end of April 2010, if you enter into a contract to purchase a home in the US the purchase could be qualified for a credit with the IRS. To be a first-time homebuyer, you could not have owned a primary residence for the past three years. This also applies to your spouse.

Long-time homebuyers is a newer category that includes anyone that has lived in the same home for five years that is now purchasing a new primary residence. The credits are different for the two types of homebuyers, $8,000 for first time and $6,500 for long-term.

To claim the tax credit you have to file a paper return and attach the IRS Form 5405 to your return. Some additional documents will also need to be attached to provide proof of your home purchase during the required time period.

For the long-term home buyers, some proof of ownership is also needed. This could include a 1098 mortgage interest statement for the previous 5 years in which you lived in the home you sold. The credit is worth the extra paperwork, so get into contract prior to the deadline and receive a great tax credit on your 2009 tax return.

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