Finding Free Tax Tips For Your Taxes

Free Tax Tips

No one wants to make a mistake when filing his or her taxes to the federal government. Unfortunately, filing on your own can be a bit difficult. If you want to file correctly, you probably want to take the time to look at free tax tips. Below are a couple sources of free tax tips for your 2013 or 2014 filings.

One of the best places to start looking for tax tips is always with the IRS (www.irs.gov). Not only is this the official source for tax information in the United States, but its tips are actually quite easy to follow. If you want a bit more information, it might be useful to take some time to look at some of the tax processing sites out there. Sites like TaxAct (www.TaxAct.com) and TurboTax (www.turbotax.com) have a great deal of filing information available even for those who do not choose to use the services. If you want to go straight to a trusted information source for even more, though, you might want to check out CNNMoney (money.cnn.com) for information when it gets closer to tax time.

If you are looking for more traditional sources, large tax processing services like H&R Block tend to have information about filing taxes available around tax time. In fact, it may be possible for you to get a quick class on how to file your own taxes from a similar giant, or even from a local tax accountant. Free classes tend to pop up around January each year, so taking the time to look at these information sources can be helpful.

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.

New Tax Relief For Education

New Tax Relief For Education

The Lifetime Learning Credit 2010 gives a tax credit of up to $2,000 dollars for types of higher learning. It differs from the American Opportunity Tax Credit because it can be claimed for part-time students  and even for courses that don’t count towards a degree. This credit has been made available through 2011, 2012, and again this year. Eligible Expenses include Tuition but not room and board, Books, Equipment, and fees that may be required by the University. The Lifetime Earning Credit isn’t eligible with tuition paid fro by a scholarship, employer funds or a grant. Even if multiple students are eligible the Lifetime Learning Credit can only be claimed once a year per household. The tax credit reduces taxes by 20% for non qualified expenses for up to $10,000 dollars for a total of up to $2,000.

A construction project to repair and update th...
A construction project to repair and update the building façade at the Department of Education headquarters in 2002 resulted in the installation of structures at all of the entrances to protect employees and visitors from falling debris. ED redesigned these protective structures to promote the “No Child Left Behind Act”. The structures were temporary and were removed in 2008. Source: U.S. Department of Education, (Photo credit: Wikipedia)

You may claim the credit if you, a dependent or your spouse attends an eligible university or educational institution. even if only one class is taken, the tax credit may be claimed. All accredited colleges and universities are eligible as well as vocational schools as long as their also eligible for the US Department of Education’s Federal Student Aid Programs. Single head of households and qualifying widows earning between $53,000 and $63,000 have been phased out for 2013. If you’re married and filing jointly, the phase amount is $107,000 to $127,000. This amount is up from 2012’s phase out range of $52,000 to $62,000 for qualifying widows and single, head of household and a range of $104,000 to $124,000 for Married couples filing jointly.

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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Using TaxBrain.com Software And Calculators

Using TaxBrain.com Software And Calculators

Filing and preparing taxes each year is a responsibility of all American wage earners.  While it is a recurring obligation, the process of filing and preparing taxes can be pretty complicated considering the complexity of the current tax code.  When filing your taxes, it would be a good idea to take advantage of online tax preparation and guidance services provided by TaxBrain.com.

It Takes Taxes and Bonds - NARA - 534022
It Takes Taxes and Bonds – NARA – 534022 (Photo credit: Wikipedia)

Through the use of TaxBrain.com, you will receive a number of different services.  The primary advantage is that you will be able to take advantage of all the current tax code benefits.  While taxes are required every year, deductions and credits that you qualify for could vary considerably from one year to the next.  The software will allow you to input all of your personal information and then will determine what exactly you qualify for, which could end up saving you a lot of money.

Another advantage of using the personal accounting website is that you can be assured that your taxes are compiled and filed correctly.  This can help assure that your annual tax bill is accurate, which could help you avoid fees and other tax penalties in the future.

Beyond paying taxes each year, you should also spend time tax planning for future years.  Through the use of a tax calculator, you will be able to determine what you future year’s tax liability will be.  Based on this information, you will be able to determine better if you should withhold more or less taxes during the year.