Tax Return Mistakes To Avoid

For someone who is getting ready to file their personal income taxes, it is easy for them to be eager about the money that may be coming their way. This can cause someone to make mistakes on their tax forms, and to make mistakes that may end up costing them money, or getting them into trouble. One thing that not everyone wants is a tax audit, and this can often be caused by improperly filed taxes. There are many different things that you will want to remember when filing your 2010 taxes, to avoid an audit or additional problems after you submit your return.

The first is to make sure that you claim every single source of income that you have. This can be many different things that you do not think of, such as babysitting, garage sales, having a roommate, or if you do any freelance work on the side of your regular job. You will also want to have all documentation and paperwork for these different things, so there is no confusion when you need to provide documentation. People also make mistakes when they calculate their tax forms, so to avoid any hassles you want to double and triple check all of your calculations.

Other things that may catch the attention of the IRS is when someone tries to claim their own home as their personal office, or for other business purposes. There are limitations to the amount of money that you can write off for your own personal business, so you want to look into all of them before you file your 2010 tax return. You never want to be audited by the IRS, especially if you have done something wrong, because there are severe consequences. Double-check your work, and your documentations, to avoid and 2010 tax return mistakes.

Tax Credit Calculator for Tax Returns

Calculate tax for 2010/2011 with TurboTax

You can get a preview of your income tax for 2010 and 2011 by using tax calculators provided, free, by TurboTax.

Do you want to know the amount of the tax refund to which you’re entitled, or the amount of tax you’re due to pay? Maybe you’re unsure how much you can deduct or the amount your home mortgage will save you. Whatever your concern, TurboTax has a solution for you.

Tax Refund Estimator – What is the amount due for a refund to you this year?

Factors that can influence a refund include major life changes, which include changing your job or salary, buying a new car or house, or even a new arrival in the family. With TurboTax, you won’t have to guess what your 2009 income tax, or refund, will amount to. For more accuracy, we have factored in the newest adjustments for AMT, or Alternative Minimum Tax.

Tax Rebate Calculator – The government might just send you a tax rebate check as part of the IRS’ Federal Stimulus come spring!

Even if you qualify for it, you won’t receive a stimulus check from the government unless you claim it as a rebate on last year’s tax return. The credit due to taxpayers could be huge, especially if they’ve lost their jobs or are otherwise affected by today’s economic climate.

Calculate Your Average Tax Rate – What rate am I taxed on average?

Don’t know what the average tax rate of your income is? Just input your income and the helpful tax credit calculator comes up with the percentage for which your income will be taxed.

Tax Saver for Home Loans – How will I save on taxes with my mortgage?

There’s a chance you can deduct the interest or points paid on your home loan from estimations of your income tax. Our tax calculator will aid in determining the tax savings your mortgage will give you.

For Employers – Tax Calculator for Payroll Withholding

Instant calculation of employee paychecks is no longer a distant dream. You can calculate Federal and State taxes easily, and pay employees through our direct deposit, free. You can also use QuickBooks’ online system to print your own checks and stubs.

Payroll Calculator with QuickBooks Online. Free Trial Available!

Calculator for Paycheck Tax Withholding – What’s my take home pay after tax withholdings?

Has enough been withheld from your paychecks (or too much)? This priceless tool evaluates your tax position, which includes side income and expenses, and determines the actual amount owed for the year. Next, it calculates the amount you should withhold to make up for that, ensuring Uncle Sam doesn’t get too generous a loan.

Deduction Finder – Is there anything I’ve omitted?

You might be missing deductions you fully deserve. This tax calculator can identify which of the 350-plus available credits and deductions for which you are eligible.