Year: 2017

Enjoy Bigger Tax Return
29Nov
Enjoy Bigger Tax Return

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Tax Return Online

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To get the most money back on next year’s tax return make sure you take advantage of every tax break available to minimize tax liability.

While you’re preparing to file consider your filing status, single or married. This can have a huge impact on your tax refund amount. If you are married it makes sense to file jointly. Though if your partner has incurred medical costs in the last year, you should file single to get more money. If you file single, you might qualify for head of the household status if you have paid more than half of cost of maintaining a household and are a parent/guardian to a qualifying dependent.

Get more money back by claiming tax credits to reduce the amount you owe. Eligibility on claims tax credits depend on income, tax status and eligible dependents.

Consider deductions. Decide if you want a standard deduction or itemize. If you have many deductible expenses it is ideal to itemize. You can deduct business expenses, student loan and donations to charitable organization. Be aware you’ll need to present proof of these claims.

Put money into an IRA to save money for your future and get more money back in your tax return. Any contributions made in the previous year might be deductible and also be able to claim a tax credit.

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23Sep

 As a citizen of a state and an income earner, you are obliged to pay taxes which are then used to run government duties. Besides paying taxes, you are required by tax regulating agencies to file a compliance form before the year ends. Failure to do this usually results in penalties that can be harsh.

Most individuals take tax authorities’ warning for granted because they have the tendency not to bite immediately. However, if you continue with the non-payment trend for almost six years, they’ll begin opening their crocodile-sharp teeth ready to take a bite of you.Remember, filing inaccurate data with an aim to dupe the agents will amount to serious punishment as well.

Are you aware of the penalties awaiting you? Well, don’t worry, we’ve highlighted them for you below.

The consequences of unfiled or felonious taxes

  1. Heavy Fines

If you fail to file your tax returns by the closing date (including the extra duration-usually six months), you will be fined 5% of the amount due each month up to the fifth month. The penalty cannot exceed 25%. If you don’t owe tax agencies anything but have an unpaid tax, there will be no fines, but there could be some other drawbacks.

  1. No tax refunds

Tax refund also called a tax back is the amount owed by the agencies if the taxes filed before were more than what was due. The only way to redeem this money is to file tax returns. If three years elapse without filing a tax return, you can as well forget such money ever existed.

  1. Losses won’t be carried forward

Filing a tax return is one way to notify tax agents about the progress of your business. If a loss is encountered, it can be carried forward until a better day comes. If you don’t file taxes, the tax agents won’t know about your loss, and thus it will not be carried forward.

  1. SFR consequence

Now, when you decide to play hard to get with tax agents by avoiding to file your taxes, they will file one for you. This form of filing is called “substitute returns” or simply SFR. What’s the problem with it? I hear you ask. With this method, you lose your eligibility to unclaimed tax credits and possible tax refunds. The tables can turn from the agents owing you to you owing them.

  1. Imprisonment

Although not common, tax agents can put you behind bars for failing to file returns with a fine of several dollars for each missed year. Note that tax authorities see non-compliance as a way to avoid paying taxes. That is why the jail term is usually not below one year.

Filing taxes should be one of the must do things on your list as an income earner. Even when you don’t have money to pay the dues, just file a return so you can deal with the debt later on. Visit this site : http://www.taxreturn247.com.au

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Who doesn’t want to maximize the tax refund they get when they file their annual refund? There are different ways you can achieve this, depending on the spending you did during the year. In this article, we’ll focus on the different types of deductions you can use and various other tactics that boost your refund.

Now, let’s get into what you can do this upcoming tax year to get the most out of your tax refund.

Make Sure to File Early

We all know the looming deadline for tax returns is April 15th, but that shouldn’t be your goal. Your goal should be to send in your tax return early on – like at the beginning of the year before spring hits. As soon as you receive your W-2 (or last paycheck for the year), you can file your return.

If you were self-employed, then you can file form 1099-Misc. Whatever form you’re using, you can file yourself online using a provider. Or you can go to a CPA in your area. The quicker you e-file your tax return, the quicker you’ll get return.

This is especially true if you are receiving a direct deposit.

Itemize All the Deductions You Can

Hopefully, you’ve kept track of all the expenses you made during the year. You are allowed to reduce your taxable income by iteming these expenses on your tax return. If you’re single, you can lower your taxes by up to $6,300. And if you’re married filing jointly, you can lower your taxes by up to $12,600.

So keep all the receipts for the related purchases, so you can get the numbers right. This way, if you get audited, you won’t end up in hot water with the IRS.

Some of the items you can deduct include casualty losses, charitable contributions, unreimbursed business expenses, unreimbursed medical expenses, state and local sales tax deductions, mortgage interest and job search expenses.

Make Contributions to Your Retirement Account

Each year, you have until the filing deadline to contribute money to your IRA. This can offer a tax reduction by up to $5,500 or $6,500 if you’re 50 or older. Then you may also qualify for the Saver’s Credit, which is like a double dip that’s legal. This can give you an additional $1,000 if you’re single or $2,000 if you’re married filing jointly.

Deduct Expenses for Supporting a Friend or Relative

Children aren’t the only dependents you can get expenses refunded for. If you have a friend, significant other or relative you’ve been financially supporting, you can use the dependent exemption. You are able to deduct $4,050 from your income.

If it is a non-relative, they had to have lived with you for the past year. And relatives aren’t required to live with you. You have to provide more than half of their support and they can’t can’t have more than $4,050 in taxable income.

These are just some of the ways you can boost your tax refund. If you want to treat your children to some new gadgets, you can use coupons from Groupon to shop at Toys R Us and other popular stores

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30Apr

It wasn’t too long ago that the two major tax chains came up with the idea to promote what they called, “Super Fast Tax Refunds” or “24 Hour Tax Refunds”.

Three years ago there was a series of commercials promoting the speed at which the client would receive their tax refund. Two guys in the lobby grasping the green cube in front of them as their hair whips around while race car sound effects emphasize the swiftness of their refund coming to them. But there is no special relationship between the IRS and these chains.

The client does not get their tax refund quicker. They are actually signing away their refund to a bank!

The Way It Works

Remember that these tax franchise offices only get revenue for four months out of a twelve month year, so any plan they can come up with to generate higher revenue for those four months, they can and will do! And don’t get me wrong, this is America. If there is a market for these services and others, these companies should have the freedom to promote and sell these products.

I am not a big fan of the check cashing places, nor am I a fan of the rent to own furniture and appliance dealerships. They are extremely high interest and high payments oriented products. I honestly believe that these institutions take advantage of I.Q. deficient people.

But this is America and they have the freedom and right to offer this type of service, even if it is taking extreme advantage of people who have no clue how to budget their income.

Nevertheless, the way the RAL works is that the client who is getting a refund purchases a bank loan so they can get their check the next day. There are several fees attached to this ‘quick’ tax refund.

  • First, there is the ‘bank fee’. The ‘bank fee’ is the fee charged to the tax preparer by the bank providing this loan. Usually the preparer company pays $12-15 for this and passes the fee to its clients by increasing it as much as $40. That is pure profit to the tax prep franchise chain.

 

  • Second, there is the ‘application fee’. This is a completely arbitrary fee attached to the bank fee that can be as much as $50. The ‘cover-story’ on this fee is that it is being used to check the credit of the client to make sure that they don’t owe the IRS any money and as such would not be eligible for the rapid tax refund bank loan.

This is another pure profit for the tax prep chain as the banks are going to automatically check your credit with your social security number when your return is filed through the system. And finally, there is the extremely high interest rate attached to what amounts to a ten day loan. This interest rate calculated annually amounts to in excess of 300%. No one with half a brain wants a loan at 300% interest. And yet, people continue to ask for this loan.

To conclude:

The tyranny of the urgent will keep these loans available as many of the IQ deficient who fill their homes with pay per week furniture and appliances and use pay check advances to ‘better’ their lives will continue to use these services. However, with a checking account, the turn around time for a direct deposit refund is only about ten days.

And many of these people cannot handle a checking account what of thier tax refund?…

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