Tag Archives: Tax return (United States)

H&R Block’s CEO Bill Cobb Is Being Pro-Active

This demand could seem a little weird considering it comes from an organization specializing in tax preparation and earning by way of filing millions of tax returns. Still, H&R Block’s CEO (Bill Cobb) gave a statement Tuesday saying he supports making the 74,000 pages of tax code substantially less intimidating.

On CNBC Cobb told ‘Squawk Box’ that there are indeed several ways of making the tax code a lot simpler. He also added that be believes it’s nonsense to break up a code that is so long just because it seems too complex.

While all of that was going on, the GOP front-runner that everybody knows well, Mr. Donald Trump, stated that he’d like to put H&R Block totally out of business. He wants to streamline our tax system by putting in revenue neutral proposals.
Cobb, however, is proposing that rather than change the rules of the tax code, that we need to figure out how to administer the social programs. H&R Block’s CEO explained the tax credits have been designed for everything in there, ranging from the ‘Earned Income Tax Credits‘ to ‘Obamacare’. They are all run according to the tax code. He believes that it’s not the rate but it is the ‘refundable credits’ that make the thing so complex.

Obamacare Will Either Help or Hurt You, Depending on Your Situation

Cobb also noted that the bottom line for many taxpayers is how much they get from the government. He says that out refunds average around $3,000 and to most U.S. citizens it’s like their yearly bonus. He says our citizens enjoy two busy seasons, one when they’re having their taxes done and another when they’re getting the refunds back.

On Tuesday in New York, Cobb was on Wall Street to ring the opening bell. The goal of this visit was to draw attention to the newest service put out by ‘Block Advisors’ (new company that helps with highly complex tax returns, financial planning, and tax preparations for small businesses).

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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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Get Caught Up On Your Expat Taxes

time for CHANGE ...item 1.. Déjà Vu in Gaza? -...

time for CHANGE …item 1.. Déjà Vu in Gaza? — This calls to mind the words of Mark Twain: (Nov 28, 2012 / 14 Kislev 5773) …item 2.. Cobblers, Crisps and Crumbles (Nov 29th, 2012) … (Photo credit: marsmet546)

Did you know that there are over 7.6 million American people living or working overseas? Half of these people are only filing their US tax returns, despite still being citizens. It is clear that many expats do not realize that they still have an obligation to the US Federal Tax. This means that they are in fact targets for the IRS. Luckily, there are ways to get rid of this worry and move on.

The Streamlined Filing Procedures

This is probably the best way to deal with filing taxes if a person was not aware of them. This is a great program that was designed to be able to fix tax problems without seeming like you were hiding amounts of money, or knowingly evading taxes. Most people fall into this category if they live overseas. This means that they have to only provide the last 3 years of Federal Tax Returns and 6 years of Foreign Ban Account Reports. The trick with this is that you only need to file the FBARs if you hit at least 10,000 or more during a tax year, even if only for a small bit of time.

This procedure is wonderful because the IRS has recently deigned to waive all late fee penalties and filing deadlines. This does still mean that they have to be filed, however, so that you do not end up owing. Most people end up not having to owe any money anyway.

Being able to get your taxes fixed up no matter where you are living in the world is important, but even more so if you do not currently live in the United States and are still a citizen. Filing taxes is important!

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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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