Filing Taxes

The Farewell Tour: TCJA’s Last Bow

July 23, 2024 by Steve Jones

Picture this: It’s 2017, and the Tax Cuts and Jobs Act struts onto the economic stage like a rock star. Tax brackets shimmy, deductions groove, and corporation’s high-five their accountants. But as with any chart-topping hit, the encore eventually fades, and the curtain falls. Fast-forward to today, and we’re standing at the edge of the tax law’s final act.

The High Notes

Remember those tax cuts? The ones that made your paycheck feel like you got a bonus out of nowhere? Yep, those! The big tax change (fancy name, huh?) lowered what we owe the government, gave everyone a bigger standard deduction (think of it like a freebie!), and even bumped up the child tax credit. Suddenly, tax season wasn’t such a drag anymore, right?

The Controversial Bridge

But wait—there’s a twist. Critics raised their eyebrows when corporations got the VIP treatment. The TCJA lowered … Read the rest about Filing Taxes

Unlocking the Benefits of Intuit TurboTax Freedom Edition: A Comprehensive Guide

June 24, 2023 by Steve Jones

Are you ready to take control of your finances and maximize your tax returns? Look no further than Intuit TurboTax Freedom Edition. This comprehensive guide is your key to unlocking a world of benefits and ensuring a stress-free tax season. Whether you’re a student, low-income individual, or active-duty military, this edition is specifically designed to help you file your taxes with ease and confidence. With its user-friendly interface and step-by-step instructions, TurboTax Freedom Edition simplifies the entire process, making it accessible to everyone. From identifying eligible deductions to ensuring accurate calculations, this guide covers it all. Say goodbye to the headache of complicated tax forms and let TurboTax Freedom Edition guide you towards financial success. Join the millions of satisfied users who have already experienced the advantages of this powerful tool. Don’t miss out on the benefits waiting for you – unlock the Benefits of Intuit TurboTax Freedom Edition today!… Read the rest about Filing Taxes

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

November 1, 2022February 27, 2016 by Steve Jones

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 And 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 … Read the rest about Filing Taxes

Check Out Intuit TurboTax For Your Taxes

July 19, 2021October 1, 2015 by Steve Jones

Preparing taxes are a thing that can be very difficult for a person who has not done them before. People tend to get very stressed out and tired, but in the end it will be something that cannot be overlooked. Read more about doing your taxes with Intuit TurboTax.

This is why TurboTax is lovely, and why they can help you in ways that you will enjoy greatly, especially if you are a novice at doing taxes. There are 4 things that you need to keep in mind, though, when doing your taxes for the first time.

1. Get Organized with Intuit TurboTax

Organization is very important so that you do not run into issues like leaving important papers out, or accidentally putting numbers in wrong because you are hurriedly looking for a document.

2. Qualifying

… Read the rest about Filing Taxes

Five Taxes That Increased with the American Taxpayer Relief Act of 2012

October 25, 2021April 1, 2015 by Steve Jones

Rich taxpayers may end up paying higher tax bills this season. Due to the changes in the 2012 tax law, the American Taxpayer Relief Act of 2012. Anyone who makes enough to consider themselves wealthy will pay higher taxes on their income.

American Taxpayer Relief Act of 2012

The first bill that raised taxes for the wealthy is The American Taxpayer Relief Act of 2012. This bill is also commonly known as the fiscal cliff tax bill. This law prevents rich taxpayers from reducing their bill by utilizing certain tax privileges.

The second change affecting wealthy taxpayers comes from the Affordable Care Act. Two provisions from this law went into effect in 2013. Clearly, this bill targets high-income taxpayers, but the language in the bill fails to provide a numeric value for the term high-income.

These two laws created five significant changes for wealthy taxpayers. These … Read the rest about Filing Taxes

The Government Can Take Your Tax Refund

October 25, 2021March 9, 2015 by Steve Jones

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 … Read the rest about Filing Taxes

Health Insurance And Your Taxes

October 25, 2021January 6, 2015 by Steve Jones

Tax filing season will be here before you know it, and there is a big change on the tax forms that almost 50 percent of Americans aren’t aware of. Tax filers will be required to verify that they have health insurance when they file their 2014 taxes, or face a penalty.

An Intuit TurboTax survey carried out by Harris Poll among over 2,000 people aged 18 or over found that around 48 percent of Americans are still unaware of this new Obamacare rule.

Health Insurance and 2014 Taxes — Tumisu / Pixabay Health Insurance And Your Taxes

The deadline to avoid having to pay a penalty for the 2014 tax season has already been and gone, although 87 percent don’t actually realize that. However, about 62 percent of Americans without health insurance do realize that they will have to pay some sort of penalty for not having current and valid health insurance.

Sacha Adam, the TurboTax… Read the rest about Filing Taxes

New Baby Tax Filing Tips

May 22, 2021October 21, 2014 by Steve Jones

The first thing to consider when filing your taxes with a new baby is your tax status. If you were single before and now support the household, you should file Head of Household instead. The tax brackets are better and the standard deduction is increased for this tax filing status. Here are some additional tax filing tips:

An old Social Security card with the "not... Tax Filing Tips — An old Social Security card with the “not for identification” message (Photo credit: Wikipedia) Tax Filing Tips

Consider informing your rich relative about the gift tax if they are thinking about gifting you over $14,000 for your new born. Normal gifts are not taxable, which is the good news.

Any uncovered medical expenses can be deducted once a 10% floor is applied to the deduction amount based on your adjusted gross income (AGI). To claim your medical expenses, use the long form 1040 and file a Schedule A Itemized Deductions form.

Claiming your … Read the rest about Filing Taxes