New Baby Tax Filing Tips

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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

Get Caught Up On Your Expat Taxes

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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 … Read the rest about Filing Taxes

Should you give back to your school?

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Graduating from college is a wonderful achievement, and you may have spent an appreciable amount of money to make it happen.

Ironically, graduation may tie you to your school even more, and the interaction may last for years to come.

Money Concerns of College Alumni

College is beneficial for the student and the school. The learning institution provides opportunities for your future success, and your successful endeavors after graduation serve as a testament to the school.

Newsflash: Your success is gauged by your income!

Your healthy income is a tangible way for your college to verify their skill in preparing students for their future success.

Many graduates give back to their schools when filing taxes or as part of other financial activities. Reputable publications such as U.S. News and World Report use the percentage of alumni who donate as an important ranking factor, and this is why many colleges begin … Read the rest about Filing Taxes

Maintain Security When Filing Taxes Electronically

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How to maintain security when filing taxes electronically

Millions of U.S. taxpayers have used electronic software applications like TuboTax.com to e-file their taxes, many doing so from the home desktops. Roughly six percent more consumers are using this method of submitting tax forms, than the numbers who did so in 2012.

Though e-filing is convenient and easy, it can create a risk to the taxpayer, with the filing of fraudulent tax forms and and identity theft. These undetected thieves were able to get away with over three and a half billion dollars in 2011, according to the Inspector General.

The following tips for protecting your information and identity are offered by experts in internet security

Don’t assume all emails genuinely originated from the Internal Revenue Service!

One method of committing fraud is to send an email to the taxpayer, pretending to be the IRS. This form of gaining access, … Read the rest about Filing Taxes

Turbo Tax Released to Solve Your Tax Return Troubles

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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 … Read the rest about Filing Taxes

Filing Your Taxes With TurboTax

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Tax time can be stressful for many reasons, but if you use TurboTax 2014 may be the year that filing taxes becomes as easy as possible. TurboTax software can help you get the tax advantages that you are entitled to, and the following list highlights why millions of people file their taxes with TurboTax.

Easy to Navigate

The best software is easy to follow and easy to use, and this is the hallmark of TurboTax software. The steps take you through detailed questions that verify your information. You will end up with a complete picture of where you are in terms of your tax status and deductions.

TurboTax keeps you from duplicating work since the information from your federal income tax return can be efficiently transferred to your state tax return. This helps keep tax preparation time to a minimum, and the transfer feature helps to maximize the accuracy … Read the rest about Filing Taxes

How To Choose The Right Filing Status For Your Taxes

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When filing taxes, it is crucial to indicate your current status. This is because this status actually determines the amount of money you should pay in taxes. It may also be important in deciding whether to file tax returns or not. How do find the right filing status for your taxes?

English: Map showing the status of same sex ma...
English: Map showing the status of same sex marriage in the USA. Same-sex marriage recognized Unions granting rights similar to marriage Unions granting limited / enumerated rights Foreign same-sex marriages recognized Same-sex marriage banned by statute Same-sex marriage banned by constitution Same-sex marriage and similar unions banned by constitution (Photo credit: Wikipedia)

Whenever you have to indicate your status, it is vital that you consider the last status you had as at 31 Dec. However, when you are in a situation where more than one status is applicable, it is safe to go with one that will require you … Read the rest about Filing Taxes

How To Use The IRS To Get Free Tax Help

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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. How do you get free tax help?

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.

Get Free Tax Help

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 … Read the rest about Filing Taxes