The TurboTax ItsDeductible App

The TurboTax ItsDeductible App

Intuit Inc. announced on December 3, 2013 its new TurboTax ItsDeductible app, had become available for use on the iPhone. The app is geared towards assisting the estimated seventy-five percent of US citizens, who make donations to charity, to be able to convert their goodwill into considerable tax deductions. Free of charge, the app is offered on the iPhone with iOS7 app store.

The Turbo Tax Online program is very popular. Persons are able to monitor their charitable donations easily with TurboTax ItsDeductible, through the combination of the convenience and portability of a mobile device. Valuations for over ten thousand items commonly donated, such as toys, sporting goods, clothing, appliances, games, household products among others, are featured on this app.

Most taxpayers are aware that non cash donations can be tax deductible, however they do not always accurately value the goods that they donate. This is usually because they randomly guess the value. An example of this is when bags of clothing are donated, and perhaps valued at $50.00, when in fact the actual value is over $300.00.

Before leaving a donation facility, persons can quickly and easily enter their donated items into TurboTax ItsDeductible. The app will then automatically use the guidelines established by the Internal Revenue Service, to make a fair market valuation. This will ensure that users receive the total deductions that they are entitled to, on their tax returns. Location sensitive technology is used by the app to capture the address of the charity quickly, for the purpose of tax record keeping. So that philanthropists can be rewarded properly for their generosity, they should use this app to monitor their donations.

Free SCORE Tax Tips

Free SCORE Tax Tips

Having your own small business can be a rewarding experience. There are many aspects that can be difficult to accomplish on your own though. The most important issue that needs to be watched and completed correctly is taxes. Ten free tax tips offered by the Score business website can be helpful to any business owner.

Deductions are the most important thing to remember with your own business. Do not overlook those deductions that may not be the most obvious. Even trips that combine business and pleasure can be used as a write off, just make sure more than half is business related. If your business has employees, you need to worry about getting the correct taxes out of paychecks. Social security, medicare, state and federal taxes all must be withheld. Also unemployment taxes and employer matching are also important.

Keep all of the tax documents for at least seven years. Good record keeping could save money in the end. Business tax returns and licenses should be kept indefinitely though.

Make sure that all of the business tax deadlines are met. April 15 may be the personal deadline but it is not the same for business. All business owners know that estimated taxes are due four times a year. And they remember that sales taxes are due either monthly or quarterly or their bookkeeper keeps track of the dates for them. Employee taxes are even more difficult, they are due either weekly, monthly, or quarterly. This will decide manly on the size of the business. All of these different rules can affect the business greatly. Keep on top of your taxes to avoid tax penalties and interest charges from the IRS.

Tax Carnival Ecstasy – June 18, 2013

Welcome to the June 18, 2013 edition of Tax Carnival Ecstasy. In this edition we start with an article by Jason Hull on tax accountants for your business. John Schmoll has a great post on retirement planning and saving for college together. Bill Smith takes a look at the online sales tax proposals that have been made. And we have an article on fake charities popping up after the recent events in Boston and how to protect yourself. Hope you like all the articles, bookmark, share, tweet, and like on Facebook.

Bill Smith's gold medal
Bill Smith’s gold medal (Photo credit: Waikiki Natatorium)

filing

Jason Hull presents Tax Accounts for Your Business posted at Hull Financial Planning, saying, “Don’t forget that if you own a business which is treated as a partnership for tax purposes, you’ll be personally liable for the taxes at the end of the year!”

retirement

John Schmoll presents Retirement Planning and Saving For College: Can They Co-exist? posted at Frugal Rules, saying, “Retirement planning and saving for college are both items that take years to save for. While it may not always be easy to balance the two, it can be possible to do so without sacrificing the other.”

John Schmoll presents How to Invest in Stocks When You Do Not Know Where to Start posted at Frugal Rules, saying, “Investing in stocks, or anything in the market, can be overwhelming for many. The key to overcoming that fear is knowing where to start and educating yourself so that you can set up an investment portfolio that’ll help you grow your wealth and reach your long-term retirement goals.”

tax law

Bill Smith presents Implications Of Passing A Senate Bill Enacting An Online Sales Tax posted at 2011 Tax, saying, “Congress is currently moving forward with a Senate bill that could place sales taxes on buyers who place orders for items housed out of state.”

taxes

Bill Smith presents TaxCaster: The Mobile Tax Calculator For Taxpayers posted at 2009 Tax, saying, “Tax calculators are popular tools for consumers these days. Before filing one’s taxes, a person can take advantage of a calculator.”

Bill Smith presents After The Events In Boston And Texas, Charity Scams Are Common posted at 2009 Taxes, saying, “When you use TurboTax to file your taxes, you may notice that you can write off the money that you gave to charities.”

tips

Cherry Liu presents 30 Blogs Featuring the Most Reliable Tips for Estate Shoppers posted at House Sitting Jobs, saying, “Real estate laws, taxes and investment options constantly change to reflect the state of the economy, which is why the smartest investors know stay ahead of the game.”

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 Sees Glitch, #Fails On Twitter

TurboTax Sees Glitch, #Fails On Twitter

Filing taxes is a stressful task no matter how anyone puts it, and if anything goes wrong during the filing, it becomes a nightmare. That is what exactly happened last month when TurboTax users faced a glitch as the deadline to file federal tax returns loomed.

Day 25-A Taxing Evening
Day 25-A Taxing Evening (Photo credit: Mark Sinderson)

The service run by Intuit was unavailable for approximately an hour for some users during evening, which is considered peak hour for the service. It seemed that all would be well since their problems were resolved and service was issued in less than an hour. That, however, was not the case. During the time the site’s Twitter account kept sending out messages, which, although innocent, the affected users thought were mocking them.

“Dependence isn’t always terrific, but it is at #tax time! Aren’t you curious why? #TaxBreaks #TurboTaxTip,” read a popular tweet. A user was quickly to reply with “#TurboTaxFail” hashtags, adding insult to injury. It did not take too long for users to pile on the account, which was actually designated to send out tips and not help users.

Intuit was quick to notice this, interestingly, and canceled tips and focused on helping their affected customers. Having said that, the damage was already done and users felt disgruntled at how they received no immediate help or notices on Twitter, which is often used by other services to broadcast down times and errors to their users.

As it stands right now, the company has learned from its mistake and is sure to assign someone to manually handle their Twitter account.

TurboTax Helps Users Get More Accurate Tax Returns

TurboTax Accurate Tax Returns

Each year, Americans are forced to go through last year’s financial information and prepare a tax return.  For some people, this is a happy time because they will be getting a tax refund, which can mean several thousand dollars in their bank account.  But for others, they will own more money to the Internal Revenue Service.

Day 093/365 - Tax Time Phat Cash!
Day 093/365 – Tax Time Phat Cash! (Photo credit: Great Beyond)

The Internal Revenue Service can not look at every single tax return because there are simply too many filed each year.  They do audit some returns, but it is only equal to one percent of all tax returns.  Most people will never have to worry about being audited by the IRS in their life time.  People cheat on their taxes to avoid paying more taxes each year or to try to get a bigger refund from the government.

The good news is that the majority of people do not cheat on their taxes.  Perhaps this peer pressure will deter other people from cheat on theirs.

Recently, the IRS Oversight board conducted a telephone survey that found that 87 percent of Americans felt that is is not acceptable to cheat on your taxes.  The main reason they were against cheating on taxes is due to personal integrity and not the possible punishment.  Just over 10 percent of people polled said it was acceptable to cheat a little bit on their taxes.

Some people cheat on their taxes without even realizing it.  They may omit important financial information or deduct something that should not be deducted.  These errors are not made intentionally, but they can mean big trouble if they get caught.

Using free Turbo Tax 2013 can help people prepare their taxes and increase the odds that their taxes will be accurate.

Sometimes an error or omission helps the individual by reducing the amount of tax they owe.  But sometimes it helps the government by raising their tax amount.  When this happens, you may not get as big of a refund as you normally would.

TurboTax is an easy to use program that many people use by themselves without hiring a tax professional.  It is less expensive than hiring a tax preparer, and you can use it at any time.

The computer program walks users through each step of preparing their taxes.  It asks questions and offers advice for every item that you need to enter, and it makes it easy for users to file their taxes.

Not only can free Turbo Tax 2013 help make your tax return more accurate, but it can also increase your refund.  Some people find they are eligible for more tax credits if they use a program to help them prepare their return.  When your tax return is accurate, you reduce the risk of an Internal Revenue Service audit.

Prevent A Bill Romanowski Like Situation

Bill Romanowski, former American football player.
Bill Romanowski, former American football player. (Photo credit: Wikipedia)

How TurboTax.com Can Save You From Tax Troubles And Prevent A Bill Romanowski Like Situation

NFL star Bill Romanowski has landed himself in fresh controversy after the Internal Revenue Services recently revealed that the ex-football sensation owes more than $5 million in back taxes. Romanowski was caught up in a horse breeding scam, which can now spell difficult times for him.

Bill Romanowski and his wife Julie earlier filed a lawsuit disputing a bill for $5 million in taxes and $1 million in penalties. According to the complaint Bill Romanowski stated that between 1998 and 2004, his total taxable income was a negative $11 million. The IRS on its part refuted the claim and said that it was actually $14 million.

The US Tax Court found that the Romanowskis took improper deductions for a business they set up in 1998. The deductions were found to be in the tune of $13 million which the couple took to invest in ClassicStar. The company later went bankrupt and its executives were charged with federal tax fraud.

Need to Get the Documentation Work Done Correctly

This controversy again highlights how malpractices and negligence can cause trouble for taxpayers. In the last couple of years, the government has cracked down on many wealthy Americans who employ different tricks to evade tax. To avoid humiliation and a probable jail term, tax payers need to be sure they maintain proper documentation and follow the law.

A reliable partner like TurboTax.com can prevent several problems and provide necessary help to complete tax related work on time. TurboTax.com has a team of experts who can answer all your queries before you file your taxes. With a client base of more than 200 million tax payers, TurboTax.com has the expertise and experience to help you.

Opt for a professional company like TurboTax.com to solve your tax problems and avoid hassle later.