Tag Archives: Tax refund

The Government Can Take Your Tax Refund

Taxpayers are filing their taxes early this year to avoid having an identity thief file their return before they do. But what is surprising some is that the government keeps their tax refund and uses it to pay down their student loan debt when they are in default. Called the Treasury Offset Program, the Department of Education is able to take Social Security payments and tax refunds and apply them to outstanding debt that you have not been paying.

Experts in the field say the Department of Education is required to notify you ahead of time if they intend to apply this offset program to your funds. Within this notification are rules and what you can do to avoid this happening to your tax refund at tax time.

You can request a hearing if your loan was not in default when the funds were taken and have them sent to you. Another thing you can do is to adjust your withholding on the w-9 form. This tells your employer to not take as much out of your checks each pay period. This will give you more money during the year to pay your student loan payments, and reduce your refund at the end of the year.

Also, set up a payment option with your student loan that you can afford. Getting in default of you student loan causes problems in your financial life that you would rather avoid. Your credit will be affected and the interest you need to pay on other loans is likely to go up.

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Turbo Tax 2014 Released to Solve Your Tax Return Troubles

Day 56 - Tax Time

Day 56 – Tax Time (Photo credit: absoblogginlutely)

TurboTax 2014 will enable you to get a tax refund that will make you a richer man. It is of significant advantage to you, because it has the capability to find loopholes in the contemporary tax code.

Additionally, TurboTax can also track any changes in the tax code for you only, over several years.

The tax return software guides you through any bureaucratic obstacles in the process of filing the relevant forms. It takes you systematically through each step, while offering you value for your tax return.

This software comes with an instruction manual, that originates straight from the IRS. The process is very straightforward and simple to follow, with no stone left unturned. In regards to the filing taxes, these tax programmers are more advanced that most laymen.

Most persons procrastinate when it comes to the filing of their taxes, but TurboTax ensures that you get the best deal on any taxes you pay. Their information processing ability, through the use of e-files, contributes towards the achievement of your goals in an impeccable manner.

Paper and pen, as used in the old school, are now tools of the past. Today, the hyper-textual environment of cyberspace is where everything is focused, and it is common knowledge that anything is possible in cyberspace. The umbrella group for TurboTax is Intuit Incorporated.

A connection to the Internet is all that is required to use TurboTax 2014 efficiently. It can also be downloaded online. There are several benefits of TurboTax, including the fact that the methodology it follows is neither complex nor complicated. Each user of the program is also given individualized treatment.

TurboTax’s deductions and reimbursement plan will satisfy you as you seek to process your tax returns. There are no risks involved and the program is currently the #1 software available on the market. In fact, with TurboTax 2014, you can consider yourself to be in safe and reliable hands.

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How To Use The IRS To Get Free Tax Help

A lot of people require help when filing taxes. Deciding on the forms to fill, number of dependents and how to claim your tax refund are some of the prevalent concerns that taxpayers face.

However, there exists numerous methods that can be helpful during the process. Below are some of the best techniques and practices that you can employ on top of using TurboTax 2014.

English: YOKOSUKA, Japan (Feb. 10, 2009) Volun...

English: YOKOSUKA, Japan (Feb. 10, 2009) Volunteer income tax assistance (VITA) (Photo credit: Wikipedia)

The IRS website (www.irs.gov) is a one stop shop for tax payers. “1040 Central” is especially beneficial to those who are experiencing difficulties with filing their taxes. It will give you tips, guidelines and a lot of useful information. Moreover, the page has links to other important webpages such as the latest news and FAQs.

Online tools such as the Interactive Tax Assistant and IRS Tax Map can also be useful in giving you solutions to some of your questions and problems. “Where’s My Tax Refund” will show you the status of your refund while the Earned Income Tax Credit Assistant can tell your eligibility for the tax credit. All this information is available 24/7.

Another great tool found on the IRS website is the Free File. There are various software under Free File such as TurboTax 2014 that you can use to file your taxes electronically. Filing taxes electronically is not only convenient, but guarantees you faster refunds especially if used with direct deposit.

Free File is very useful for those who may have earned less than $58,000 in the last year. You can also use TurboTax 2014 with the same limit if you are in the military. The software has a simple interactive interface with a procedural approach that makes it easy to use for anyone. Those earning more than $58,000 can use Free File Fillable Forms to compute their taxes online.

The Volunteer Income Tax Assistance (VITA) is a program that enables people who make under $52,000 yearly to file their taxes online freely. Tax Counselling for the Elderly is also critical in helping older members (60 years and above) of the community file their taxes. Furthermore, it can be useful for those with low to moderate earnings.

These VITA programs are available everywhere within the country. To find one closest to you, simply search for VITA on the IRS website and select “Free Tax Return Preparation for You”. You can call 800-906-9887 to find out the same information too.

Lastly, those who do not have access to the internet can call the IRS on 800-TAX-FORM (800-829-3676) to get tax forms and publications. You can call 800-829-4477 to know the status of your refund and listen to more than 150 recorded messages on different tax related issues.

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Free File Makes 2014 Tax Filing Easy

FILED Rubber Stamp

FILED Rubber Stamp (Photo credit: Enokson)

Filing taxes is easy if you take advantage of the arrangement between the IRS and the Free File Alliance, a group of private sector companies producing tax filing software. These companies allow their products to be used for no cost, and over 40 million taxpayers have safely and easily electronically filed their tax return for free using the software. Filing your return electronically and requesting direct deposit when filing taxes is the fastest way to get your tax refund.

You must go to the IRS website (www.IRS.gov) to use the Free File program and you can prepare, print and then file your tax return once you have chosen a Free File company to work with.

You may be able to find useful tax breaks that you can claim, by using the question and answer format of the Free File software, and the software will do all the necessary calculations for you by choosing the appropriate tax forms. You may also be eligible for the earned income tax credit, or one or more of the other tax credits.

You can use brand name software, such as TurboTax 2014 if you earned less than $58,000 last year. Free File forms that can be filed are available if you are filing taxes and earned more than that amount.

Free File also allows you to request a six month extension if you cant file your taxes by the normal scheduled date of April 15th, and requesting the extension is easy and free. However, you will still have to make a payment by the April 15 deadline, to avoid interest and penalties, if you feel that you will owe money. Filing taxes should not be a headache, and with Free File, it really is quick and easy. Visit IRS.gov/freefile for more information on the Free File system, who is eligible and participating software programs.

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