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Tax Preparation Help: 5 Tax Deduction Myths |
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Written by Administrator
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Monday, 09 August 2004 |
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There are a wealth of tax deduction myths, rumors and plain old wives tales during every tax season. Many opt not to get professional tax preparation help and file their own taxes based on misinformation, only to regret it later when the IRS comes calling. It is sobering of find out they filed using mythical deductions and write offs. Here are 5 big ones to look out for: #1 - My Medical Expenses Are Tax Deductible. If they exceed 7.5% of your adjusted gross income (AGI)Medical expenses may be tax deductible. However there is a catch, which is that you can ONLY deduct the amount of out of pocket expenses that are greater than the 7.5% threshold. A lot of medical expenses will be necessary to make this work. Be advised: If medical expenses are reimbursable, they are not deductible even if you did not get reimbursed. #2 - I must use money from my home sale to buy another residence. In the old days that was partially true but in 1997, home-sale tax law changed. If the home you sold was your principal residence for at least 2 out of the last 5 years, then you can exclude from tax up to $250,000 in gain (and $500,000 on a joint tax return). Consult a tax professional. #3 - My mortgage interest will reduce my tax bill Usually this one is true but not in all cases. To claim a tax deduction for your home loan's interest, you must itemize and come up with a total that exceeds your standard amount. Those at the end of a mortgage loan term are paying more principal than interest thus don't get much, if any break in taxes because the interest paid is so little. #4 - I Have to File a Joint Return Now that I'm Married This is false. You always have the option of filing "Married Filing Separately." Just be cognizant that this choice will normally result in you paying more in taxes. But this can be to you and your spouses advantage. An example, if one spouse has considerable medical or miscellaneous deductions, those items might never be used (with a combined income) as a deduction if they do not meet the 7.5% and 2% minimum requirements respectively. Review your individual cases and see if filing separately might allow you to then take advantage of those tax deductions. Ask a tax preparation professional. Incidentally, you can change your filing status annually. #5 - My Diet Program Is Tax Deductible If certain requirements are met a weight loss program may qualify as a tax deductible medical expense. 1) Your physician must have prescribed it! 2) It is intended to treat a particular disease. Obesity IS considered a disease, so it might count if you are legitimately obese. If you're not obese but need to lose weight to lower your blood pressure, that might make the program a tax deductible expense. Word of caution: the overall cost still has to meet the 7.5% requirement as indicated above. Seeking qualified tax preparation help is a wise decision when it involves filing your taxes and the eligible tax deductions you will qualify for. Tax return preparers, CPA's or Tax Attorneys are available online or off to advise you on tax deductions. Use their tax preparation help to seperate fact from fiction. Tax preparation can be confusing and stressful get more information and resources on Tax Write Offs as well as other resources related to tax preparation and tax resolution at Tax Preparation Help here: http://www.Tax.Totalinfoguide.com |
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Last Updated ( Thursday, 06 March 2008 )
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Newsflash New Web Site Provides Seniors Tips on Increasing Income, Reducing Taxes and Preserving Ass |
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Written by Administrator
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Monday, 09 August 2004 |
Tucson, Arizona (PRWeb) January 31, 2007 -- One of seniors' biggest concerns is outliving their assets. On the heels of The Great Generation are Baby Boomers within several years of retirement. Almost all know they must eventually convert their assets into an income stream, but 83% admit to not having a plan. That's where The Estate Preservation Advisor comes in.
The new web site and free newsletter lays out planning techniques for increasing retirement income, reducing taxes and preserving assets.
Created by Robert D. Cavanaugh, CLU, a 36 year financial and estate planning veteran, many of the topics emanate from case studies of real life clients. "In working with professionals, business owners and seniors over the years, the most common denominator is the lack of even knowing that a planning problem exists," said Cavanaugh. "Allowing readers to uncover problems is the first goal. Once a problem is identified, the next step is to outline various solutions."
One of the unique features of the web site is communicating complicated tax and estate planning strategies using audio-visual media. This makes understanding these concepts much easier than simply reading about them. For an example, readers can get a free copy of the audio-visual presentation, "How to Sell Your Life Insurance Policy for More Than the Cash Value" and subscribe for free to The Estate Preservation Advisor Newsletter by visiting http://theestatepreservationadvisor.com/freevideo.
About The Estate Preservation Advisor
Drawing on his 36 year career experience, Robert D. Cavanaugh, CLU created The Estate Preservation Advisor to fill a void in the understanding of planning strategies and to help seniors and soon-to-be-retiring boomers increase income, reduce taxes and preserve assets.
Contact:
Robert D. Cavanaugh, CLU
The Estate Preservation Advisor
520-296-0393 |
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Last Updated ( Thursday, 06 March 2008 )
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Tax-Return-Resource.com Launches to Compare the Leading Online Tax Preparation and Filing Services a |
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Written by Administrator
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Monday, 09 August 2004 |
PRWeb) January 24, 2007 -- Tax-Return-Resource.com announces its launch with all the top tax preparation and filing services, plus the leading tax software packages from trustworthy names such as Intuit TurboTax and H&R Block TaxCut. Visitors can learn the difference between using online tax preparation services and tax software through comprehensive articles and can choose the right product for them by comparing any 3 products on the site side-by-side.
Tax-Return-Resource.com is the definitive website for finding, comparing, and reviewing online tax return filing preparation services and tax software packages. With numerous tax preparation products available, figuring out the differences between them can be difficult. Tax-Return-Resource.com features an extensive guide section that allows visitors to explore the differences between using tax software and an online tax preparation and filing service. Tax-Return-Resource.com has also compiled extensive information about each product and makes it easy to compare the products on the site side-by-side.
The online tax prep services from leading brands Intuit TurboTax and H&R Block TaxCut are featured on Tax-Return-Resource.com, along other online services such as TaxBrain.com and CompleteTax.com. The site makes it easy to compare the services from a specific company, such as H&R Block, to figure out which level (basic, deluxe, premium, etc) of service is most appropriate. The site aims to make first-time e file tax preparation users feel confident in their service selection by providing extensive information about the features, prices, service details, guarantees, and more about online tax preparation and filing service. Any "hidden fees" for e-filing and adding on state tax returns are exposed and are easily visible.
Tax preparation software packages on Tax-Return-Resource.com include packages from Intuit TurboTax and H&R Block Tax Service. These software packages cater to the needs of the taxpayer who fills out a simple 1040A all the way up through the small business owner who must file a Schedule C. These are the same software packages that visitors will find at Office Depot, Staples, or Office Max, but at Tax-Return-Resource.com they are carefully examined and explained, and are easy to compare to one another. Visitors can compare products from the different companies to find specific features that they want, compare products from the same company to see which product level is appropriate, or read a tax return software review to read in-depth information about each group of tax software products.
The guide section of Tax-Return-Resource.com contains detailed reviews of each online tax return preparation and filing service and tax software package. The site also features informative articles that visitors can use to better understand the difference between tax preparation online and tax software. Featured reviews include an H&R Block TaxCut Review and Intuit TurboTax Software Review. Each review gives detailed information about the product, what unique features the product has, guarantees that come with the product, and how much it costs. Tax-Return-Resource.com uses articles, reviews, and comparison to delve further into the pros and cons of each product on the site than any other tax service comparison site and answers the questions that really matter to its visitors.
About Tax-Return-Resource.com:
Tax-Return-Resource.com was developed by taxpayers who grew frustrated with the plethora of available tax return preparation and filing product. They got into a heated debate about which product was the best. In an effort to settle the disagreement, they researched and recorded information about all the products, and carefully organized it into grids for comparison on Tax-Return-Resource.com. The site creates one, centralized location where visitors can view the best online tax preparation and filing services and tax software packages, get full details about each product, and read informative reviews and articles to help them select a tax product and effectively use it.
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Last Updated ( Thursday, 06 March 2008 )
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Tax Preparation - Here Is A Great Solution |
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Written by Administrator
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Wednesday, 07 July 2004 |
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When it comes to getting your taxes done, you have a few options to choose from. You can choose to do your taxes yourself or go to a tax specialist to get it done. Most individuals try to file their taxes on their own. When it comes to tax preparation, you want to know that your taxes are filed accurately and on time. This is why some individuals choose to see an accountant or tax specialist for tax preparation. They want confidence in knowing the information on their tax returns is correct. But tax accountants can cost big bucks. This is why many people try to file their taxes on their own. In the past, individuals have used IRS tax publications for instructions on which forms to file and how to fill them out. This can be time-consuming and nerve-wrecking because the chance of human error is so great. Luckily, the Internet has brought us a great solution to our tax preparation worries. These days, you can use online tax filing programs to get the job done. Gone are the days of reading complicated IRS publications and hoping that you have filled in your information correctly. When you file your taxes online, you can take comfort that your tax return is accurate. You can download tax preparation programs online or buy them at an office supply store. They range about $50, which is less than paying a tax accountant. However, your best bet is to choose a tax preparation program that is web-based so you can skip the download and save some time. Tax preparation websites offer web-based tax preparation for as low as $20, which saves you even more money than the former option. How do Tax Preparation Programs Work? Tax preparation programs are designed to be easy to use, even if you have never filed taxes in the past. It first guides you to select the right tax form, whether it is the 1040, 1040EZ, or 1040A. From there, all you have to do is get your W2?s, 1099s, receipts, and other deduction documents together. The tax preparation program will take you through each section of the tax return. The best part is the program will tell you exactly where to find the right numbers on your documents to enter into the form. Help is always available at the click of a button, and a deduction finder will ensure that you haven?t missed a single deduction opportunity. Basically, it?s a game of fill-in-the-blanks. When you are all finished, you will have the choice of filing your taxes electronically. You can also print copies for your own record and ask to receive your money by direct deposit, which will save you a trip to the bank and get your refund money much faster. The benefits of online tax preparation are obvious. It?s the most convenient and hassle-free way to file your taxes. You can find more information on tax preparation and online tax filing programs by visiting the IRS website. Get the latest in tax preparation know how from the only true source at http://www.taxplus2.com. Check out our tax preparation pages. |
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Last Updated ( Thursday, 06 March 2008 )
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Online Tax Filing: Why File Taxes Online? |
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Written by Administrator
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Wednesday, 07 July 2004 |
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Online tax filing provides an easy, hassle-free way of filing your taxes. Even if you?ve never filed taxes before, online tax filing will get you through the process, quickly and affordably. Why file taxes online? There is little reason to file your taxes the traditional way ever again! With online tax filing, you are guided step by step to ensure that your tax returns are accurate. Help is always available at the click of a button through an interactive system built directly into the program. Because everything is outlined for you, you?ll only need your W2s, 1099s, and other documents to complete your taxes. Online tax filing makes your life easier. It works with the IRS system, eFile, which electronically files your tax returns. There is no need to worry about missed deadlines because you won?t have to send them by mail. At the end, you only need to click a button to send your tax returns. You can also print out a copy for your records. With online tax filing, you won?t have to pay a tax accountant?s professional fees to get your taxes filed. Online tax filing is as low as $20, which saves you money. Because online tax filing systems are designed to catch errors, you don?t have to worry about your information being wrong. Also, online tax filing offers deductions tools so you can accurately enter your deductions and maximize your tax refund. You can also opt to receive your tax refund check via direct deposit. With online tax filing, all you have to do is enter your bank account and routing numbers to request a direct deposit. The best part is that you?ll receive your refund check in half the time. Plus, you can skip the line at the bank and the time it takes for the check to clear. What do I need to file my taxes online? Just gather your W2?s, 1099s, receipts, and other necessary documents. All the information you need is contained within these documents. Online tax filing systems will guide you through the documents. Online tax filing allows you to look in the correct area and fill in the number on the online form. You won?t have to worry about reading the wrong box or entering the wrong number. Everything is outlined so you can quickly and easily file your taxes. Online tax filing programs come equipped with a deduction finder. This ensures that you have fully taken advantage of every available deduction. Just answer yes or no questions and the online tax filing program will guide you to the right deductions. With a system so accurate, there is no need to worry about missed deductions. The Bottom Line Online tax filing is the easiest way to file your taxes and offers the best way to pay your taxes and receive your refund check. If you want a hassle-free, easy way to file your taxes, give online tax filing programs a try. Get the latest in online tax filing know how from the only true source at http://www.taxplus2.com. Check out our online tax filing pages. |
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Last Updated ( Thursday, 06 March 2008 )
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TheBeehive.org Launches Free Tax Tools and Online Tax Filing to Enable Non-Profits and Employers to |
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Written by Administrator
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Wednesday, 07 July 2004 |
Washington, DC (PRWeb) February 1, 2007 -- TheBeehive.org (www.thebeehive.org) the consumer outreach website of One Economy, a multinational nonprofit (www.one-economy.com) today launched a complete online infrastructure for Non-Profits and employers to use to help low-wage workers, students, and low-income families claim their Earned Income Tax Credit (EITC) and file their taxes, free. Non-Profits, employers, and Universities are invited to use this free resource by simply linking to the website at www.thebeehive.org/taxes and promoting it to their constituents, or as a tool for outreach workers, educators, or human resource professionals to use while meeting with individuals in-person. A package of additional background, promotional and training resources is available by emailing
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Over $12 Billion of Earned Income Tax Credit rebates for low-wage workers go unclaimed every year due to the lack of awareness of the program, the complexities involved in determining eligibility, and the costs involved in filing claims. One Economy and its partners including CompleteTax.com have eliminated the cost and complexity issues through a free eligibility calculator and free tax filing at their consumer website www.thebeehive.org/taxes. By creating the infrastructure and tools to make eligibility analysis and filing free, One Economy's hope is that Non-Profits and others will rally around the final challenges: awareness and local execution.
"Over seven million working families who were eligible did not claim their Earned Income Tax Credit last year," said Rey Ramsey, CEO of One Economy. "That is about $12 billion a year of potential tax rebates that go unclaimed, primarily because low-wage workers who are eligible simply don't know about it. One Economy and its partners have put together the tools and infrastructure to help the working poor claim their EITC tax rebates, free of charge. With the help of Non-Profit and other groups, we hope to spread the word and return more money to more people this year."
The Beehive.org (www.thebeehive.org), a bilingual website featuring interactive content and tools that enable people to improve their lives will host Complete Tax on its website starting today. The tax resource will be available as a free online tool for all eligible users in order to learn and file their federal income tax return electronically. The free tool will also determine filers' eligibility of the Earned Income Tax Credit (EITC).
About $12 billion Earned Income Tax Credit (EITC) dollars are left on the table every year, affecting more than seven million families, many of whom have no idea the tax credit exists. To that end, One Economy has two goals in mind: to ensure that people are educated about EITC and to help people file for taxes for free using CompleteTax.
This resource will be located in the Money/Dinero section of the Beehive and will provide important tax information and local on-the-ground resources for the EITC, but it also provides an interactive eligibility quiz, and a free tax filing tool through CompleteTax. Childcare providers and small business (Schedule C) are also able to file online. Across the nation, One Economy will partner with groups that are already offering tax aid services throughout their region, in addition to organizations that want to provide the services to their clients and employees. Non-profits and other groups who want to help spread the word can simply link to the website at www.thebeehive.org/taxes and encourage their constituents to use this free resource to file their taxes and claim their Earned Income Tax Credit refund.
In addition to EITC content, the Beehive's Money/Dinero Section includes bi-lingual tools and content to help users achieve financial independence, including; paying off debt, opening a checking account, mortgage payments and investing a refund in a 401(k). The Beehive's free tax help resource center is available now at www.thebeehive.org/taxes.
About The Beehive
The Beehive (www.thebeehive.org) is an award-winning, multilingual Web portal that provides low-income individuals and families with free E-mail accounts along with Web-based tools and information about financial services, education, jobs, health care, and family. Developed and maintained by multinational non-profit One Economy Corporation (www.one-economy.com), the site features topics that can help people raise their standard of living by accessing information and learning how to take action on issues that are important to them and can change their lives.
About One Economy Corporation
One Economy Corporation is a multi-national non-profit founded in 2000 that uses technology-based strategies to help low income people improve their lives and join the economic mainstream. One Economy's strategy brings broadband into the home along with online content through their bilingual consumer website the Beehive (www.thebeehive.org). Through its Bring IT Home campaign, One Economy has helped bring broadband into the homes of 200,000 low-income people. To date nearly nine million individuals have used the Beehive. One Economy recently launched a campaign to expand these online offerings by creating the Public Internet Channel. For more information, visit www.one-economy.com.
CONTACT:
Cassie Salinas
Marketing Coordinator
One Economy Corporation
503.542.0862
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Last Updated ( Thursday, 06 March 2008 )
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