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Archive for April, 2012

With an extra two days this year to complete and file federal and state tax returns for 2011, there’s less need to panic about being late. Besides the traditional April 15 date falling on a Sunday, the Washington, D.C. holiday, Emancipation Day, is April 16, making this year’s tax filing deadline April 17.

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Some people are so weary of filing taxes that they tend to rush through the whole process, just opting for the simplest way out. However, you may not want to do that for your medical expenses tax deduction because it can represent a sizeable amount. The total amount claimed for medical expenses is calculated in Schedule A of Form 1040. To qualify, your medical and dental expenses for the year have to be higher than 7.5 percent of your AGI. Otherwise, you will not be able to claim for these deductions.

Medical expenses refer to the costs incurred for treatment, mitigation, cure or diagnosis of disease. If you have paid for treatment of any function or part of your body, it qualifies as a medical expense. Any payment made to dentists, surgeons, physicians or other medical practitioners for legal medical services is claimable. Medical expenses also extend to payment made for required diagnostic devices, costs of equipment, and supplies. It’s important to note that medical expenses are solely for the prevention and alleviation of a mental or physical defect or illness. General health expenses like a holiday or health supplements are not included even if they are recommended by a medical practitioner. Other items include long-term care services, insurance premiums for expenses of medical care, and transportation costs incurred for medical care.

Other than your own medical expenses, you can also include the medical expenses of your spouse or dependent. For your spouse, the criteria is that you must be married at the time the medical services have been rendered on your spouse or the time the medical expenses have been paid by you. The matter for dependents is a little more complicated. A dependent is defined as a qualifying child or a qualifying relative. To qualify, the person must fulfill the citizenship, residency or nationality criteria as outlined by the IRS. There are separate rules for adopted children.

Here’s a list of some medical expenses which can be included:

• Abortion
• Alcoholism
• Artificial Limb
• Birth Control Pills
• Braille Books and Magazines
• Breast Pumps and Supplies
• Capital Expenses for Medical Care-related Home Improvements
• Car: Special Design & Cost of Operation for Medical Reasons
• Contact Lenses
• Dental Treatment
• Drug Addiction Eye Surgery
• Fertility Enhancement
• Guide Dog or Other Service Animal
• Hearing Aids
• Hospital Services
• Special Home for Intellectually and Developmental Disabled
• Lead-Based Paint Removal
• Medicines
• Nursing Home & Services
• Operations
• Special Education
• Transplants
• Wheelchair

Here’s a list of some expenses which cannot be included:

• Baby Sitting
• Nursing Services for a Healthy, Normal Baby
• Controlled Substances
• Cosmetic Surgery
• Illegal Operations and Treatments
• Maternity Clothes
• Electrolysis or Hair Removal
• Funeral Expenses
• Hair Transplant
• Nutritional Supplements
• Teeth Whitening

It may take some amount of work and time to sort out all the details and requirements related to tax deductions for medical expenses. When you consider the amount of deductions you can gain, you will see that the time and effort is well spent.

TurboTax Deluxe can tell you how to qualify for just about any deduction, so you don’t miss any opportunities to save.

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As part of the US government’s endeavor to encourage Americans to go green, the IRS is offering incentives for purchasing energy-efficient products and renewable energy systems.

If you buy certain energy-efficient products for your home or environmentally-friendly vehicles in the year 2011, you are entitled to claim a federal tax credit. While some energy tax credits are only available in 2011, others are valid until 2016. Here is a list of products that qualify for energy-efficiency tax credits.

Biomass Stoves

If you buy a biomass stove that has a thermal efficiency rating of 75% of more for your home, you can claim a federal tax credit of $300. This tax credit includes the cost of installation, and it is only available in 2011.

Heating, Ventilation, and Air-Conditioning (HVAC)

You will qualify for a tax credit of $300 if you purchase central air-conditioning or electric heat pumps. For purchases of furnaces and boilers, the tax credit is $150. If you buy advanced main air circulating fan, you can claim $50. These tax credits are also only valid in 2011.

Insulation

The IRS offers a tax credit for the purchase of insulation materials and systems that meet the requirements of the 2009 International Energy Conservation Code and Amendments. This credit is 10% of the cost of the materials and systems, with a limit of $500, and it does not include the cost of installation and labor.

Roofing

All metal and asphalt roofs that are Energy Star qualified are eligible for energy-efficiency tax credit. If you purchase these products, you can claim 10% of their costs, up to a limit of $500.

Non-Solar Water Heaters

A tax credit of $300 is available for the purchase of gas, oil, and propane water heaters, as well as electric heat pump water heaters. All Energy Star qualified gas tankless water heaters and heat pump water heaters are eligible for this credit.

Windows, Doors, and Skylights

Energy Star labeled exterior windows, doors, and skylights qualify for a tax credit of 10% of their costs. Doors and skylights are capped at $500, and the limit for windows is $200.

Geothermal Heat Pumps

If you buy a geothermal heat pump for your home, you can claim 30% of the total cost of your purchase and installation. This credit has no upper limit, and it will be available until 2016.

Solar Energy Systems

For purchasing a solar water heating property or a photovoltaic system, you will be eligible for a tax credit of 30% of the total cost, including installation. There is also no limit for this credit.

Wind Energy Systems

Residential small wind turbines with a nameplate capacity of 100 kilowatts or less qualify for energy-efficiency tax credit. The tax credit is also 30% of the total cost, without upper limit.

Fuel Cells

Tax credit for residential fuel cell systems is 30% of cost, and the limit is $500 per 0.5 kilowatt of power capacity.

Plug-In Electric Vehicles

You can also claim tax credit if you purchase a plug-in electric vehicle or a small neighborhood electric vehicle. Depending on the capacity of the battery system, you can avail of up to $7,500 worth of tax credit.

TurboTax Deluxe can tell you how to qualify for just about any deduction, so you don’t miss any opportunities to save.
 

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You Will Need This information to Get Your 1040 Form Ready to File.

Tax forms can be a bit confusing. They change frequently and become a real pain in the neck. However, there is online tax software that can make it easier but there are still things to be gathered up first.

1. Gather all your documents and keep them close by. You will need them.
2. Get your W2 Tax form from your employer. You will need this one too.
3. Gather any 1099 forms. Income other than your paycheck.
4. Gather all tax deduction receipts.

Tax Software Makes Filing Tax Forms Easier

The pain of filing tax forms has been remedied through TurboTax Deluxe income tax filing online. This software makes tax filing for state and federal taxes very easy. The program is intelligent enough that it knows which deductions are right for you. The program does all of the math calculations as you enter your informtion. As you enter your information, the program will calculate your refund or what you owe in taxes. The program is much more affordable than taking your returns to a CPA. The program also points out helpful hints so that you can maximize your deductions. Try filing online for your 2012 taxes. You will be glad that you did!

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I wasn't looking forward to filing taxes this year, as I'm recently unemployed and newly self-employed, which means a complicated return. I'm always afraid that the more complicated my tax return is, the greater the margin for error and with all the new tax laws and guidelines, just assumed I'd be paying a small fortune in taxes. As it turns out, I am actually getting a significant amount of money back!

I used a child tax credit calculator, figuring that would somehow make a difference and it really did! Without the child tax credit, I would have owed a small amount to the government but with it, I'm getting enough back to pay off some old bills and really situate our household finances. It really comes as such a nice surprise after a really difficult year, job wise. Being laid off, collecting unemployment as well as working from home made my working year less than lucrative, but at least I'm somewhat making up for it thanks to the child tax credit calculator!

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On a recent online forum, there were several online members who wanted to know exactly how do tax deductions work. Fortunately for them, there were several other members who happen to be former IRS employees. As a result of working for the Internal Revenue Service, these individuals had gained a lot of knowledge and experience regarding common write offs and tax deductions.

On this particular day, two of the former IRS employees took time to answer questions about basic tax deductions for families and individuals. Some of the deductions mentioned were related to energy tax credits, earned income credit, child tax credit and deductions for mortgage interest and recent home purchases. After this session was over, another former IRS employee began explaining about the different tax deductions that were currently available to business owners today. Some of these included deductions related to employee hiring, company insurance plans, quarterly payroll taxes, and section 179 purchases.

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The age of computers and the internet have brought so many conveniences to our lives. They make tasks that were once complicated and turn them into something that is easy to do. Not so long ago, doing your taxes could be one of the most frustrating and dreaded things imaginable. You needed to be able to read, comprehend and do math on a college level. It took days to do, or you would pay a lot for a professional to do it for you.

But now there are so many programs that will help you figure your taxes online. You just input the correct information and figures. The program does the math for you and even points out things that you need to consider. What could be simpler than that?

So now you can calculate taxes online from your home while sitting in a comfortable chair, taking your time and you just might even enjoy it.

How to Figure Taxes Online

When you are interested in filing your own taxes online you can do so with the help of a few online networks and communities dedicated to sharing information about how to file taxes. Learning more about how to figure taxes online is possible by reading some books and also by going online to use the internet yourself, where you can search for guides and tutorials on how to begin calculating and filing all of the taxes that you need to file.

If you want to figure taxes online but you also want to seek out some professional help, you can do so by checking with some online options including working with a tax company such as TurboTax. You can also learn how to figure taxes online by asking a professional such as a local accountant or an accountant that specializes in filing taxes for businesses, depending on your needs for filing this year.

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Filing a 1040 ez form has always been easy! Now it is even easier when you file through an online tax preparation service like Turbo Tax. The 1040 EZ is the most basic of forms for tax filing, it is used by people who are married or single. If there are no children to claim as dependents this is the best way to go.

You can not use the 1040 EZ form if your income is over $100,000, but most people in that tax bracket will have a professional tax preparer do their taxes and they don't worry about what form to use. This form also can not be used if anyone has itemized deductions. Before the days of computer tax filing programs, using a 1040 EZ took just a small amount of time to fill out. With an online tax filing service such as TurboTax, it will take just a few minutes and your taxes will be done until next year.

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It's important that you stick to the tax return filing dates in order to avoid late fees and penalties.

The IRS are not forgiving when it comes to their deadlines, so you'll need to be aware of when certain payments must be made. Of course, the regular date for filing your annual tax return is in April of each year. Traditionally, the date is April 15th, but the IRS has been known to adjust this date occasionally.

In 2012, taxpayers must file their tax return by Tuesday, April 17th. If you're a self-employed individual, you must make estimated tax payments quarterly as well. The quarterly filing dates for 2012 are April 17, 2012 for the first quarter, June 15, 2012 for the second quarter, September 17, 2012 for the third quarter, and January 15, 2013 for the fourth quarter. If you do not make your quarterly estimated payments on time, you will be charged a late filing penalty at the end of the tax year.

Don't wait until it's to late, get your taxes done with TurboTax 2012 Online Tax Filing

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TurboTax products include the EasyGuide™ feature to give you step-by-step guidance through your taxes like a GPS, showing you exactly what to do at every turn and giving you clear, easy-to-follow directions … all the way to your maximum refund, guaranteed.

Life Change Expert

Buy or sell a home? Have a baby? Change jobs? Get married? TurboTax grows with you. Our Deluxe, Premier, and Home & Business products ask you simple questions to learn what’s changed in your life, and then automatically fill in the right tax forms for you. Based on your answers, we also look for deductions and credits to help you take advantage of every opportunity to save.

Collects Your Tax Information for You

TurboTax can get W-2 information directly from over 100,000 companies and investment information from several well-known financial institutions, and then automatically put it into the right places on your return. With just a few clicks, your return could be half-way done.

Answers Your Tax Questions

Got a question? No problem. TurboTax provides answers to commonly asked tax questions on every screen. Plus, with our new Live Community, (included Free with TurboTax Basic, Deluxe, Premier, and Home & Business) live answers from tax experts and fellow TurboTax customers are just a click away.

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Congratulations on completing your taxes.

Now you're wondering: When will the IRS send my refund?

• For your federal (IRS) refund, wait at least 72 hours after your e-file has been accepted or 4 weeks after mailing your return.
  • This gives the IRS time to update their system with your information.
  • After the wait period is over, visit the IRS "Where's My Refund" page to look up the status of your refund.
     
• For your state refund, go down to the How to Track your State Refund section.

Should you need information about your state tax refund, here are 2 ways to track your state tax refund:

1. Download our free MyTaxRefund app — You can check the status of both your e-filed federal and state return.

• Click here for iPhone
• Click here for Android

2. Select your state to access your state tax agency's refund lookup service. (States not listed don't collect income tax. More info)

Each state sets its own schedule for processing tax returns, but sometimes situations change how they process returns. While TurboTax works hard to have the latest information, state agencies are the source for refund information.

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If you are paying undergraduate college expenses, whether for yourself or your dependent, you may be entitled to claim tax credit from the IRS. The American Opportunity Tax Credit 2012 is a form of refundable tax credit that offers substantial financial relief for college students and parents of college students.

Those who qualify for this tax credit can claim as much as $2,500 on the first $4,000 they spend on eligible undergraduate educational expenses. For now, the American Opportunity Tax Credit is expected to be available until 2012 only, but there is hope that the Congress may extend it for an additional period of time.

Do You Qualify for the American OpportunityTax Credit?

The american opportunity tax credit was enacted as part of the American Recovery and Reinvestment Act (ARRA). It was originally set to expire at the end of December 2010. However, it was recently extended until the end of December 2012.

In order to receive the credit, the school must be a qualified educational institution. The Department of Education provides a complete list of qualified schools. The student must be in school at least part-time. The full annual credit is $2500 and is available to individuals earning $80,000 or less, and $160,000 for couples filing jointly.

For a complete list of what is and is not a qualified deduction, see IRS Publication 970. Become familiar with the publication prior to filing for the tax credit to avoid an audit. Be sure to gather all pertinent documents. If you have additional questions regarding the tax credit, seek the advice from your accountant or a qualified tax preparer.

Claiming the American Opportunity Tax Credit

The american opportunity tax credit has been designed to help make college more affordable for those who want to complete and obtain a degree. It is a credit that allows taxpayers who meet specific qualifications to write off some of their college tuition and associated costs on their income tax returns. The credit can be claimed on form 8863 and it should be attached to the person's income tax returns before it is submitted to the Internal Revenue Service.

This credit is a stimulus that was approved by Congress and it was a part of the American Recovery and Reinvestment Act. This act was passed in 2009 and its primary goal is to stimulate economic growth via new spending. Some of this new spending is made available in the form of various kinds of projects and new grants, while others are made available through tax credits and cuts that have been designed for middle class families.

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Don't Miss out on the Earned Income Credit

Every year when people do their taxes, they find out whether or not they are eligible for certain credits. One credit that many people benefit from is the EITC, or earned income credit, yet there are still millions of taxpayers who are missing out on this credit even though they are eligible.

The EITC provides significant income assistance to millions of poor and working class families. Families with children can receive a large credit depending on how much they earn. The credit is designed to supplement the earnings of lower income workers and families. It has served to lift millions of people out of poverty and is a very successful program. Unfortunately, sometimes people do not realize that they are eligible. If you have questions about this credit, you should talk to an experienced tax professional who can help you figure out if you qualify for the credit and how much you can receive.

Your Potential Earned Income Credit

In 1975, Congress approved tax credit legislation aimed at low to medium income taxpayers, designed to offset some of the growing social security taxes. Congress also hoped that the tax credit would provide an incentive for people in the lower tax brackets to work (and thus pay more taxes). This legislation created the Earned Income Tax Credit (EITC or EIC), which allows qualifying taxpayers to receive an earned income credit on their taxes up to a certain amount, and may even result in a refund of some of those taxes.

Earned income is classified as money earned by personal effort, which differentiates it from capital gains or social entitlement income. People who qualify for EIC must not have more than $3,100 of annual investment income. The EIC program is one of the biggest poverty reduction programs in the United States, and is most effective at helping low income families with children.

Number of Children and Earned Income Credit Amount Income Limits

• 0 children up to $457
• 1 child up to $3,050
• 2 children up to $5,036
• 3 or more children up to $5,666

Determining Your Earned Income Credit Eligibility

If you are starting to do your taxes and are wondering the best way to figure out what types of credits you qualify for, then you should consider using an online service. When you complete your taxes online,  you will be told when something appears to be a credit that you can claim. One good example of this is the earned income credit which is a tax credit given to certain individuals who make under a specified income.

If you are uncertain about the EIC or earned income credit and whether or not you are eligible, filing online is an easy way to go about finding out about your current eligibility.

A Helpful Tool for Calculating Your Earned Income Credit Amount

There are quite a few resources out there in the world and on the internet to help file taxes, some of them free, some not, and all varying in quality. A particular tool that many may find helpful is the Turbo Tax income tax calculator which assists users in estimating their tax return.

One feature and advantage of using TurboTax is that it is very good at catching all the tax credits and deductions that someone may not realize they have if they filed on their own. Especially for those that have children, own their own personal business or donate to charity, they may not have to pay as much in as they originally thought.

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Getting to Know  the Child Tax Credit

A while back the IRS made some changes and started to give extra credit to parents that have children. There have always been the dependents that you can claim on your tax return, but this is a special tax known as the child tax credit. This helps family get even more money and often helps to offset what you owe the federal government. It is not the same as the earned income credit which was established to help families in the lower income bracket get back more.

There are some guidelines for this such as the child has to be related to the taxpayer, the child can not provide for half of his income or do his own taxes. The child has to be a citizen of the United States. If these and a few more conditions are met, then you will be able to get this credit.

How Much is the Child Tax Credit Worth?

With the child tax credit, you may be able to reduce your federal income tax by up to $1,000 for each qualifying child under the age of 17. The Child Tax Credit reduces tax liability for families making less than $130,000.There are six qualifiers to determine if you can receive the child tax credit: Your age, current relationship, support, dependent, citizenship, and residence.

The child must be claimed as a dependent on your federal tax return and be a U.S. citizen or resident. They must live with you for more than half the year and not provide more than half of their own support. In the case of divorced or separated parents, the parent who claims the child as a dependent is eligible to claim the child tax credit. The $1,000 per child limit will last through at least 2012, and after that may revert back to a limit of $500 per child.

The Child Tax Credit Worksheet on Form 1040 Will Help You Calculate This Tax Benefit

If you have children, each one of them can reduce the amount of Income Tax you owe to the U.S. Government. The child tax credit is designed to help families raising children reduce their tax burden to offset the expense of raising and caring for children. The IRS Form 1040 contains a child tax credit worksheet that will help you calculate the total credit you can receive under this provision. When you file with TurboTax online this worksheet will be provided for you.

The child tax credit had long been $400, but that was increased to $1,000 per child in 1998. This credit is only available to those families making less than $130,000 per year, and if they have a "qualifying child" or children. The $1,000 credit will be available through 2012, but is set to expire in 2013, when it will be reduced to $500 unless Congress moves to keep it at $1,000.

For families with low income, the child tax credit can vastly reduce or even eliminate the amount of taxes owed, so it is important for those filing taxes to know about this credit and to use the child tax credit worksheet to properly calculate the amount you can deduct.
 

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With tax time just around the corner, you may be wondering if you should use Schedule A. This is the form for an itemized deduction. In order to itemize, you must meet several qualifications as set forth by the tax code. First of all, one must be a citizen or a resident alien. Next, the taxpayer must have all of the records necessary to prove the deductions. The other thing is to see if your deductions are greater than the standard deduction. If so, then it will be to your advantage to itemize.

However, it is much easier to file should the standard deduction be greater because you only need to file the one of the short forms. Some of the expenses that can be claimed as deductions are your mortgage interest, medical expenses if a certain percentage is reached, local and state taxes and your contributions to charities. This is by no means an exhaustive list and there are many other deductions that are possible.

Taking Advantage of Itemized Deduction

One of the most fun aspects about tax season is seeing how much you can deduct from your taxes! It is like a challenge that is thrown in your face, daring you to try and get more money out of it if you have the courage to do so. I save all of my receipts every year, carefully organized and managed to an almost obsessive level but it pays off.

At the end of the year my itemized deduction is an incredible amount and I nearly get five or six thousand back a year! When I first tried it out, I thought that I was not going to be able to get much back but once I saw that I could get thousands back, I got very serious about it. Making and saving money is important in our society so I want to have as much as possible every year.

When it comes itemized deductions, TurboTax has the tools you need to get best refund possible.
 

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With tax season upon many people scramble to locate the best tax programs. Moreover, because most of us are novices, we are in search of an affordable program that will do the thinking for us.

In order to make filing federal tax returns a lot easier, several companies have created online software tax programs. Some of these programs were introduced about two years ago, where at that time they were primarily designed for simple individual tax returns. This included for individuals that filed their taxes using a 1040, 1040a or 1040EZ tax form.

Did you know there are programs that include a tax return calculator? That is so handy because as you prepare your income tax return, it provides a ballpark estimate of what to expect. This useful guide points out deductions available to you.

Some people may decide to utilize the services of their accountant or a private tax preparation service. That is fine if it is a service that has your complete trust. Nevertheless, it would not hurt to check their work against a tax program. After all, they are human and may have missed something. Should you find a deduction they missed, your best option is to point it out and have them go over it again.

However, as time went by many of these individual tax returns began requiring a lot more additional forms and they had also become a lot more complicated. This included individuals who had previously used a 1040EZ form, and had just recently launched their first home based business. As a result of this, these individuals needed a more updated tax program system. In order to accommodate them, several companies recently launched a new tax based software program, that is specifically designed for small businesses and home based entrepreneurs. Some of the new features added include a built-in business tax table and also a built in calculator.

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Everyone knows the deadlines for filing your taxes. If you know that you can't make the deadline then the smart thing to do is to file for an extension. This isn't always the case, however. Sometimes you just miss the deadline and you need to know exactly what you are getting into. You need to know what kind of penalty to expect.

The most common late filing penalty is a 5% a month for each month you are late. Most people think it is the end of the world if they are late, they will get thrown in prison or something. While they won't be happy you are late and will probably charge you that extra money for your late filing I assure you it isn't the end of the world.

What if you didn't owe anything anyways? Well if you are penalized 5%, then 5% of nothing is still nothing so you are covered there. There still are plenty of reasons to start filing on time from now on. So try to get on the ball next year if you did miss it this one.

You have the ability to look into more information about a late filing penalty by going online and also by using some local resources as well, depending on what type of circumstances you have when it comes to filing your own taxes.

If you are interested in knowing more about the late filing penalty that you may have to deal with, you can call an accountant to inquire about all of the options you have and how to can file later in the year. You can also find everything about the late filing penalty by going to TurboTax 2012 as well, where you can compare all of your options and file for an extension.

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Credits : www.irs.gov | www.michigan.gov | www.wikipedia.org | www.section179.org | www.about.com | www.ehow.com | www.turbotax.intuit.com | http://www.taxfoundation.org
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