The Tax Preparation Blog

Archive for the ‘Tax Software’ Category

Question: Where can i find a “accurate” income tax return calculator?

I have tried 3 different tax calculators online, and it get an estimated tax return of $6,000 to $7,000 and was wondering which one would be most accurate. A $1000 is a big margin, so i was wondering what a true estimate would be.

I used H&R Block Tax calculator, which gave me the return of around $7,000 and i used Taxbrain.com which gave me a return of around $6,000. I used a 3rd that i found on a seach engine which said i should get a refund somewhere in between. I thought all tax returns were the same, and i put in basically the same info in all 3 with the exception of h&r blocks, which asks how much stimulus rebate was.

So which one is most accurate? Does it matter who i file through to get a larger return?

Answer: You mean tax REFUND calculator. A tax return is the forms and schedules that you file with the IRS and your state tax authorities.

Like any automated system, garbage in – garbage out. Make SURE that you are putting in the correct information in the correct format. The most frequent cause of errors with most of the on-line tax guesstimators right now is putting in bad information for the Recovery Rebate Credit. You MUST enter the correct amount of the rebate that you received last year in order to get anything close to a correct answer.

Another problem that I’ve seen with some of them — and Block’s is a good example — is that they don’t property account for taxpayers who can be claimed as a dependent. Other than that glaring omission, Block’s calculator is very accurate; I use it frequently for “cocktail napkin guesses.” Just be SURE that you enter the correct amount of your stimulus rebate on the first screen. Put in the wrong information there and your answer WILL be wrong!

If you want to get a better “guess” then go through the actual tax return preparation process. Just don’t submit your return for processing. If you get 3 different answers that way, you’ve fouled something up with your data entry.

ProAPOD Offers a Unique Online Real Estate Calculator

Users can make dozens of computations related to real estate investment at their finger tips plus learn the meanings and formulas while they calculate totally online.

Fast Tax Refund Online 2010, Tax Refund Calculator 2010

Question: How much federal tax will i owe?

I made w-2 $11,588 interest income $4,466

total income $16,054

30 years old, single, no dependants.

If possible can you provide me a link to a tax estimator or calculator?

Answer: your non taxable income is $9350, leaving $6704 as taxable and the lowest rate is 10%, which would be $670(could be slightly higher)
you also have Sch M. to help you ease the tax pain(a little)

Gillard reveals carbon price scheme

Julia Gillard is staking her political future on billions of dollars worth of compensation designed to help households offset the impact of the new carbon tax.

UIC Financial Aid Webinar Part One: Myths of Financial Aid

Question: housing and council tax benefit question?

Hi, me and my partner have begun claiming a small amount of housing and council tax benefit, i used to work but gave it up to home school our children and my partner works 16-20 hours a week in a social club doing bar work, what i would like to know is we have just got our award letter through from the council and it states we have to pay more than what these online benefit calculators have stated, and only because they have put down that i claim jobseekers allowance so thats an extra 65 pounds they have applied to the award. i do not and have never claimed jsa and i have told them this and they have said to me that its the law that they include jsa on the final award even tho i do not claim that extra income, does anyone know if this is right or are they trying it on. i used to work 45 hours a week up until bout 4 months ago when the kids were taken out of school, thanks in advance simon

Answer: I hope this will make sense!
Basically the council are saying that you are entitled to claim JSA and it is your fault that you are not.
As YOU are now the main carer for your children, it is your partner who will have to make a family claim to JSA. They will have to sign on at the Jobcentre Plus office every two weeks and declare the hours that they have worked. As long as they don’t go over 24 hours of work in any week, you will still have a valid claim to JSA. You may not get any benefit if their earnings are over the amount of JSA that you would get if they were not working but this info will be sent to the council and they will increase your housing and council tax benefit.

CAB are not always right with the info they give out as they have very little benefit knowledge or training

Giving yourself a raise!

How would you like to give yourself a raise, without talking to your boss! Many of you can!

Basic Explanation of W-4 tax Form : IRS Withholding Calculator & W-4 Tax Forms

Question: Looking for a good Professional Income Tax Preparation Software, where I can transfer 2006 returns to 2007 re?

Answer: If you do want professional software, I happen to like Accountware, so look into that. If, on the other hand, you’re looking for good software to do your own return, and a few friends, look at TaxCut. TaxCut will accept TurboTax files, and I think some others, so if you don’t like the software you used last year, you can use TaxCut and not have to worry- all of yur necessary information will transfer.

Tax Breaks Ease Education Costs — If You Claim Them

KANSAS CITY, MO–(Marketwire – March 21, 2011) – The average cost to attend a public, four-year college is nearing $20,000 a year. 1 Tuition at some state schools increased nearly 8 percent last year alone. 2 Tax breaks for higher education can help taxpayers trim their tax bills — if they know to claim them.

ProSeries Professional Tax Software – Document Management System

Question: Can you use TurboTax online to file previous years taxes?

i need to file older years taxes and I was wondering if I could file them on the free version of turbotax that you can use online to e-file them?

Answer: Only if you have previous year’s editions of Turbo Tax and then only on paper.

Online Tax Preparation Software with some free filing options

If you’re prepping to do your taxes, now’s the time to also do your ‘prepwork’ of tax preparation. For those of us who don’t like or just-can’t go it alone, there are free and for-free services available:

TurboTax Online Home and Business ——— free download —–