Home Tags Posts tagged with "turbotax"

turbotax

0

Thousands of taxpayers have yet to file their returns. However, if you happen to be among the 10 million Americans who have a relatively simple tax scenario, you can benefit from some of the best online tax software available.

Here are a few of the industry’s best tax preparation software.

TurboTax

Simple prompts and streamlined instructions make TurboTax the undisputed leader of all the tax software available on the market today. With a reliable customer support tool and intuitive features, tax calculation has never been any more comfortable.  

With TurboTax, you get a quick process that guides you to a friend and not a manual. Businesses like Karkanja property management have been using TurboTax for many years with great success. The software is loaded with applicable ‘FYI’s’ and links to TurboTax’s resources. All prompts are aptly placed to make sure nobody misses anything to make significant waves in return.

The Complete Check function does a comprehensive review of your tax return before you file. Therefore, the software guarantees error-free calculations for more accuracy.

TaxAct Online

TaxAct Online Premium offers reliable and affordable personal (and self-employed) tax preparation support that works for all types of tax scenarios. This fact is the reason why it ranks as the second-best tax software after TurboTax.  

Not only does it offer excellent support, TaxAct also does all of the necessary calculations when you enter your financial information. It accurately puts all answers onto the appropriate lines. There are all kinds of help options available at every step of the way.

TaxAct efficiently addresses all your queries and prompts you with quick reminders to highlight any potential problems before you print your paper returns. Similar to all other services, you don’t have to pay anything until that point.

TaxSlayer

Tax Slayer has three different types of versions you can choose. The software is critically acclaimed and can be used free of charge for both state returns by 1040EZ filers as well as by federal tax filers. To easily import the data payroll of W-2 tax filers, they can use the Classic version. Moreover, this version supports necessary IRS forms as well. It is also capable of extracting relevant information from the files before the current tax year. However, this is a paid feature. You will have to pay $22 as per the state you are applying for and $17 for all federal returns.

Users can decide on the kind of software version that suits them best. They can then start calculating returns by setting up an account by creating a username and password. Users who benefitted from TaxSlayer last year can save time as the software imports vital information while ensuring accuracy in every area. TaxSlayer provides an easy way to schedule all your needs by selecting the forms you have to complete.

Final Thoughts

There are many horror stories about how time-consuming and sometimes expensive tax preparations and bookkeeping can be. That may be the case if your financial situation is complicated. However, if you do not own multiple businesses or several homes; you can quickly benefit from the tax preparation software mentioned above.

Some of them are free while others charge a small fee, which is pretty much negligible considering the convenience and functionality their features can offer. Before you pay taxes, it’s important to incorporate your business and choose a legal entity that suits your tax budget.

 

0

A list of unusual IRS (Internal Revenue Service) claims that did get approved includes the woman who claimed her breast implants were a business expense and the man who passed off his swimming pool as medical.

Topless dancer Chesty Love was a notable case changing the rules for plastic surgery exemption.

In 2009 a court ruled Chesty Love’s “assets” were so big they constituted props and she was permitted to write them off.

Unusual tax write-offs made and allowed by the IRS

Unusual tax write-offs made and allowed by the IRS

“[The] petitioner’s line of business, that of a professional exotic dancer, was such that part of her <<costume>> was her freakishly large breasts,” the court ruling read.

“[The] petitioner has proven that if she could remove her implants on a daily basis she would have done so as she preferred not to have <<worn>> them in her offstage personal life. However, this was physically impossible. Because [the] petitioner’s implants were so extraordinarily large, we find they were useful only in her business. Accordingly, we hold that the cost of the petitioners implant surgery is depreciable.”

One unidentified man was able to claim tax relief on his daughter’s wedding, according to his lawyer.

Writing on his website Edward Gonzalez, a tax lawyer in Maryland and Virginia, said: “The documentation was thorough. Surprisingly, IRS never even argued with us about the nature of the wedding as a business event. We said it was (partially). Gave them the list of attendees, documentation for the expenses, and it was accepted!”

In 1962, the IRS approved the deduction of clarinet lessons as they were used to help fix a little boy’s overbite while a man was allowed to write-off his swimming pool expenses as it helped with his osteoarthritis.

Under IRS Publication 502 medical expenses can include “special equipment installed in a home, or for improvements, if their main purpose is medical care for you, your spouse or dependent”.

They also include items such as false teeth, prosthetic limbs and breast pumps.

Turbotax has compiled a list of bizarre exemption attempts that failed to work.

Less successful attempts included a woman who claimed a dog was a dependent and the person who said their sex toys were part of their business.

Another tried to claim “entertaining his mistress” should count as a work expense.

One man tried to claim his marijuana crop was a business expense and got more than the tax-relief he was hoping for.

“If you’re running a criminal enterprise, normal tax laws should be the least of your worries,” Turbotax said.

According to the website, another man apparently tried to claim for a $10,000 arsonist he used to burn down his business so he could claim the insurance money.

© © 2011 - 2023 BelleNews.com