Tax Software (2)

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Tax Software

Paying the taxes is required by law, and is an ordeal every resident has to face once in a year. The complexity involved with tax preparation is actually enormous. And for this particular you need lots of brainstorming to come up with the correct outcome. Here is exactly where tax software comes useful. Automation tax computation helps you to save a lot of time. Tax calculation have a bewildering variety of mathematical steps and procedures that requires continuous consideration and flawless processing of numbers. For those who are managing a big enterprise and have lots of money transactions, the various taxes involved will be complex enough to cause serious stress.

The right software really helps to easily overcome the actual tax preparation method with a few clicks. It is often exclusively designed to execute the various tax calculations and is customized for that requirements of a particular State or country. A good tax software program will help you to prepare all of the tax forms effortlessly and will save useful money spent on hiring a duty advisor or tax preparation specialist.

There are lots of online programs available from different vendors. Use caution in purchasing the proper tax program which usually fulfills your will need. The selection of tax software depends on your requirements and spending budget. When the functionality of the software increases, its costs will also boost proportionally. That is, if you own a small shop you don’t need to want a program with all the complexities associated with a huge shopping store. You may need only the smaller model tax program with less functionality. These kinds of software may also be available for free.

It is advisable to investigation before purchasing a tax form software program. You can speak to your friends or fellow businessmen to know more details of what type of tax preparation help they’re using. Most importantly, investigate the Internet and get evaluations of popular tax form software programs available in the market. Simply by reading various reviews, get a good idea of the actual programs efficiency, quality, and also usability. It is additionally recommended that you check the release date of the tax software you are going to buy. This is because the software applications release updated versions every now and then. A newer or perhaps updated version features any new changes recently occurring in the duty rules/regulations. It should also be mentioned that you might be able to take away the cost of the tax software you purchased, from the government income taxes. Have the cake and eat it too!

Human-Int V/s IT

To summarize, while tax software could be of great assistance, it can never substitute for human intelligence, in this case your tax accountant. Full reliance on the tax software can prove to be a fatal mistake financially. If you have several income options, then the ideal blend is tax planning by your accountant while using latest tax software. Thats known as HI + T = MTS or Human Cleverness coupled with Technology means to maximum tax savings for you. Einsteins E=MC2 pales compared.

Comments: 73

  1. Rosy April 25, 2013 at 4:49 pm Reply

    I purchased the H&R Block tax software from best buy for about $25 bucks. I have entered in the information from my W-2’s plus my 1099-misc(they suck). When I finished it told me that I had 0 errors on my return but 4 warnings. I viewed the warnings and I know that they are correct. I am 22 years old and claiming myself as independent(nobody else is claiming me). So now I am about to e-file my work but I just want to know that it is 100% correct. I have double checked my work, but I worry that I might get an audit from the IRS. If I typed something in wrong can I get into some serious trouble? I made only $12,000 last year from working part-time while going to school (big props to the hope learning credit!)

    But like i said, I worry that I might get audited, but with this software, will it make sure I didn’t put in anything too strange?

  2. Kurt June 5, 2013 at 7:41 am Reply

    i alway did my tax w/o any tax software by using the 1040 ez form.

    now the scenerio has changed for this tax year. here are the new changes:

    1. earn about $4400 in interest.
    2. have a 401k plan with my employer. also open up a ROTH IRA and contributed $1000 to this tax year..

    a couple of questions:

    1. what tax forms should i be using to file this year?
    2. are there any deduction for me? i never have any things itemize or deducted since i was using a 1040 ez form in the past.
    3. is it worth to still do it myself or go with H&R block? how much would they charrge me for it?

    thx in advance.
    what is a 1099?

    i though u only have a choice between 1040, 1040a or 1040 ez?

    can someone for the love of god answer how much would it cost for somone to do my tax return? just a rough guess would be fine.
    and how much would it cost for me to go a tax advisor who will be preparing my tax return? that’s what im trying to find out.
    one last question:

    can i deduct or itemize anything? i never did any of these before since i was using the 1040 ez form in the past. like i said i have a 401k and a ROTH IRA. i was told by someone i cant deduct it since i can’t touch those money when im 59 1/2 unlike traditional IRA.

  3. Kelsey June 20, 2013 at 3:38 pm Reply

    I lived and worked in 2 different states last year. Jan to Sept in one state and the rest of the year in another state. At what rate are the taxes calculated? Is that based on residency and non-residency status? Also, would you recommend using a tax software or going to tax professional such as HR Block in this case?

  4. Duncan August 15, 2013 at 6:00 am Reply

    I am married, 2 children, daycare, mortgage, charitabile contributions. Which should I choose and why? My own tax software I buy or go to someone to do my taxes?

    P.S. I’ve read about these tips on taxes, child tax, etc. are they all legite or is it just a way to get an extra buck?

  5. Van August 15, 2013 at 6:56 pm Reply

    I have a simple tax filing situation, and am trying to choose the best software for my situation.

    I have to file the Federal Return, and the MO and NE returns, having worked in 2 states the past year. I also have an active investment (brokerage) account. I know enough tax and accounting to fill out forms manually if necessary.

    What is the best tax software package to use that combines simplicity and cost?

  6. Charolette August 16, 2013 at 8:29 am Reply

    I am a self-employed musician and do not get a W-2. I am in fact, done working this year and am ready to file my taxes. I have all of my numbers ready and know exactly all the deductions and what not, that I need to know. What I don’t know is when the IRS will start accepting e-filed returns using my Turbo-Tax 2009 software. Anybody?

  7. Rodger August 18, 2013 at 10:02 pm Reply

    I hear I need to do form 8621, but turbo tax basic does not have it. I doubt the deluxe version of turbo tax has it. Jackson-Hewitt, H&R block free software also do not have it.

    1. Does Taxact allows you to e-file form 8621?

    2. Is there any free tax filing assistance/software for people who earn less than 50K, have only W-2, 1099-INT, dividends from foreign mutual funds and banks(totalling 900) as income. Library tax volunteers and IRS help agents advise me to get a CPA and I cannot afford a CPA charging 300-400/hour

    3. How come most people like me used to do their taxes using pencil and paper decades ago and now I need assistance from software programs?

  8. Rodrick August 26, 2013 at 2:36 pm Reply

    After my husband files the taxes online, the software is kept on our bookshelf and they are piling up! Would like to toss them if there is no reason to keep them. (My husband is a pack rat so I don’t want to ask him the question).

  9. Isiah August 27, 2013 at 7:53 pm Reply

    After filing my taxes, my estimated date for direct deposit was today 1/30. I did not receive any deposits in my account today and called my bank and they said there is no pending deposits either. Checked where’s my refund and it says that I now should receive it by 2/10 but my tax software is still saying today. Has anyone else had this problem? When am I supposed to get my money?
    I just want to know when it’s going to be. I can’t really afford to be patient. And yes I meant my refund for my 2008 taxes.
    I used Turbo Tax
    I’m sorry I’m new to this Yahoo Answers thing so I’m not sure how to answer questions that are posed to me except by this add details area, although it’s probably not the way to do it. The IRS schedule says I should have had it by today.
    The hotline is saying 2/10.

  10. Jessi August 28, 2013 at 10:39 pm Reply

    Can anyone tell me where I can download free tax software for 2011 and 2012 tax years? I have to do a 1040EZ for a friends kid who has not done his taxes since he started working 2 years ago. I would send him to my tax guy, but his mom is not doing well and is in long term hospital care so I want to help him out without paying since it should be easy with just a W2.

    I would need federal and California state.

    I appreciate any help
    I don’t believe he has his 2011 W2. I assume he can just ask his employer for a copy of that or is there a different way for him to get it?

  11. Terrell August 30, 2013 at 7:41 am Reply

    I need something that will help me take care of all tax related stuff. I will need something that handles salary, state/federal taxes, student loan interest, series EE bond that i cashed in, mutual funds and interest including a part i cashed in, the opening of a Roth IRA (don’t think that matters), payment of tuition off the top of my head. I have received my w-2, 1099div, student loan interest statements, and something else which i forget at this moment.

    Is a basic tax software going to be useful enough for me?
    Also, for my company I use a company card and expense travel/meals occasionally, which I pay and then am reimbursed fully. Do I have to include that in my taxes???

  12. Rhett August 31, 2013 at 3:21 pm Reply

    I had enough in deductions that I was able to itemize. I noticed that using the tax software I have, it asks me about vehicle expenses and commuting to work. My wife and I each put about 20k miles a year on our vehicles, most of which is commuting to work. What exactly can I claim?

  13. Bryan September 19, 2013 at 12:48 pm Reply

    I own a piece of property and think that I could incorporate thereby reducing taxes; is this true or is there a better way? How do people with a lot of money avoid paying big taxes?

  14. Tami September 22, 2013 at 4:51 am Reply

    I’ve heard of Turbo Tax and other programs. I’m 24 and never done my own taxes before. I am looking to do do this for myself so I don’t have to pay. What resources are good?

  15. Modesto September 27, 2013 at 5:39 am Reply

    I recently received my tax preparation certification and I was wondering is there any software in particular that would be a good ideal to do other’s taxes. In the past for friends and family, I used the software on the net. Just wondering if there is any recommendations for tax professionals.

    Thanks for your time!

  16. Karly October 1, 2013 at 1:38 am Reply

    I’m currently working for a tax service (2nd year) but, I would like to start my own business.

  17. Delmar October 15, 2013 at 7:19 am Reply

    My fiancee has the higher gross income. We have 2 children together and we are trying to figure out the most beneficial way to file our taxes for 2006. It looks like the best way is for me to claim our 2 children, even though he has the higher adjusted gross income. With me claiming the children and using H&R Block online tax software I get a substantial amount more money back than he would. Therefore, am I permitted to claim the 2 children instead of him and claim them for the EIC? I just want to make sure that we file everything correctly. Thanks for any help in advance.
    PS: We even used the IRS EIC Assistant to figure out the EIC information for us too and it matched the H&R Block software results fairly accurately. It looks like it should be fine to file this way but I just want to be safe that we are filing properly to ensure maximum benefits.
    We live together and have for a number of years and both of the children live with us all year as well. Therefore, I am under the assumption that we can pick and choose which one of us can claim the children. Is this thinking correct? Does the person who makes more money have to claim the children?

  18. Herman October 26, 2013 at 1:10 am Reply

    Federal is Free. I get that.
    State, however, costs $19.99, or something.
    But it keeps getting bounced back to me saying that its been rejected and I may need to file paper via mail.
    If so, will I get my $19.99 returned from Turbo Tax?

  19. Morgan October 28, 2013 at 6:17 pm Reply

    Is there any way to become a Tax Preparer and Bookkeeper for free with online training? I was Googling and found a site called Universal Accounting but I think it costs to much. I have been out of work for so long that I don’t have any money. I thought that there was a way to learn tax preparation and bookkeeping totally free and all online. Could someone please tell me where to look and not the IRS website tried that as well. I trying to get a job for the tax season with H&R Block and finding a job as an Accounting Clerk or something in that field.

  20. Jody November 29, 2013 at 7:14 pm Reply

    I’m taking a class on Individual Income Taxes. I need to complete a very complicated tax return.

    Can you recommend a good tax preparation software that doesn’t cost a small fortune.

    Thank you for your assistance.

    I appreciate it.

  21. Caleb December 5, 2013 at 9:20 pm Reply

    I want to learn more about tax preparation and to find a website where I can calculate my W2’s and other people’s. Is it illegal for me to charge 5 dollars or so to complete other people’s taxes that I know. I need a website that is easy to follow. I don’t want to do hard tax returns, just learn the basics and to be able to charge people for my services in getting them sent in. Any information will be helpful.

  22. Masako December 21, 2013 at 10:03 pm Reply

    i have filed an online tax return through the turbo tax software as I have in past years, however, unlike in past years, they do not instruct you to mail w-2 forms through the u.s. mail. Is this no longer a requirement for filing online?

  23. Kip December 23, 2013 at 3:13 am Reply

    I know about the pros and cons overall in terms of business. But specifically which is best for a tax preparation business?

  24. Cordell December 24, 2013 at 5:14 am Reply

    In my printed w-2 form, the following fields are left blank

    1 Wages, tips, other compensation
    2 Federal Income tax withheld
    3 Social security wages
    4 Social security tax withheld
    5 Medicare wages and tips
    6 Medicare tax withheld
    7 Social security tips
    8 Allocated tips
    9 —
    10 Dependent care benefits
    11 Nonqualified plans
    13 Statutory Employee Retirement plan Third-Party Sick pay
    14 Other
    15 State Employer’s state ID
    16 State wages, tips, etc.
    17 State income tax
    18 Local wages, tips, etc
    19 Local income tax
    20 Locality name
    The tax software I use says that I need to put 0 for the values left as blank in my printed W-2 form. If I try to do that, I get an error message
    This is my first time tax filing. I cannot understand why these fields are all blank on my W-2 form. Is it any wrong with my W-2 form? Do I have to calculate all these and fill on my own or only it should be given by employer. As the deadlines are approaching soon, it puts so much stress on mind. Any help on this would be appreciated. Thanks a lot.
    Yes, Except the below fields
    a) Employee’s SSA number
    b) Employer’s FED ID number
    c) Employer’s name, address, and ZIP code
    d) Control number
    e) 12a See instructions for box 12
    All fields are blank.

  25. Sidney December 31, 2013 at 4:44 pm Reply

    1) All of my grants, loans and scholarships never actually touched my hands. I applied for them, accepted them and then the money provider gave the money directly to my college to be applied to my balance.

    2) The only money I paid directly out of my own pocket for the Spring 2012 semester, was paid in December 2011. I accepted my financial aid package (scholarships, loans, etc.) in the summer of 2011, but they did not disburse it until January 2012. At this time the money went straight from the providers to the college.

    3) For now I put them all in (I’m using tax software which prompted me for this sort of information) but it made my estimated return go down, so I’d love to have been able to leave it off. Almost all of my last semester (spring 2012) was covered through these grants, loans and scholarships.
    I was talking to an accountant about this and it sounds like the answer is that it all has to be listed because “unqualified” expenses (room and board, meal plans, etc) are taxable so some of the grants and loans may be taxed as income. Others, the qualified expenses (tuition, required fees, etc) are not taxable and can be applied toward the educational credit.
    To the person who made the comment about “cheating” taxes because of my statement “but it made my estimated return go down”: If I intended on cheating, then I wouldn’t need to ask this question in the first place. I was just saying that since it made my return go down while I filled out a section on “education credits” (which implies it should go up) I wanted to make sure I wasn’t screwing something up and paying more than I had to. It makes sense that if your doing your taxes and one part causes a large change (up or down) from what you are used to, that you’d want to really double check that it is correct.

  26. Britt January 1, 2014 at 3:56 pm Reply

    I’m in need of a laptop for running Tally ERP,a few tax software.Besides I long for good processor speed.I feel Core 2 duo with 2 gb DDR2 RAM along with 500 gb HD will be enough for me.Kindly suggest me the best configuration I should opt for along with the brand.

  27. Guadalupe January 1, 2014 at 5:46 pm Reply

    When I was estimating my tax rebate on 2 different sites, they both asked me for the amount of my stimulus check which was 600. Then according to both sites, Im getting about 700 less back than what I normally do? Am I paying taxes on the stimulus check or is it just getting taken off the top of my refund or does it not affect it at all?

  28. Masako January 2, 2014 at 7:35 pm Reply

    Can me & my friend split the cost and buy one HR tax software from retail store or download from HR block website and use both of us to file our taxes ?

    Or is the HR tax software should only be used by ONE person ?

  29. Cherilyn January 7, 2014 at 7:11 am Reply

    Im starting my home tax preparation business, and I wanted to know what software’s were best for small businesses? I also wanted a software that could calculate and take the fees out for preparation. Are there software’s that have that also?

  30. Ryan January 8, 2014 at 9:29 am Reply

    Im going to be filing taxes this year (for others) I want to know if there are tax companies that file without software such as intuit or drake? If so, what are the cheapest, most affordable software’s? And in terms of insurance and other things I might need or already have what else will I need? This is my first year as a sole proprietor and I don’t want to mess up. Thank you.

  31. Norberto January 11, 2014 at 2:46 am Reply

    I filed my Federal taxes for 2010 electronically but can i file my state income taxes on a different software from the one i used for my federal? I have two W-2’s and filed as single. I live in the state of Arkansas. Will the IRS make a big deal about it? Or was i supposed to file them together at the same time? Thanks for any suggestions!

  32. Leonor January 12, 2014 at 6:16 pm Reply

    Also, I am open to a software recommendation. One that is the most user friendly. It has to offer both state and federal tax preparation. The software does not have to free. I know it will be a great investment. Thank you.
    The irs site says that Free File allows taxpayers with a 2008 adjusted gross income of $56,000 or less to both prepare and e-file their federal tax returns for free, but mine was above that.

  33. Jody January 23, 2014 at 3:30 pm Reply

    EA is IRS Enrolled Agent. What are tax attorneys looking for in paralegals who have little or no experience? Research skills? Tax preparation skills? EA skills? Also, if someone files bankruptcy, can he sit for the EA exam and become an EA?

  34. Ted February 6, 2014 at 4:50 am Reply

    Hey All,

    This is my first year filling my own taxes (without parents doing them) without anyone claming me as a dependent. I had 2 jobs in 2006 and paid a lot in student loan interest (upwards of $2500). I was wondering which tax software do you think will be my best bet.

    Thanks!!!

  35. Tonie February 6, 2014 at 4:52 am Reply

    what is central sales tax in India for inter state sale of customised software to enduser without producing ‘C’ Form

  36. Lynnette February 6, 2014 at 6:16 pm Reply

    Hello I am looking to track my income, expenses, and loans. What is the best software to do this. I am currently a student. I have looked at quickbooks and quicken any suggestions?

  37. Larry February 12, 2014 at 5:24 pm Reply

    Im married but filing separately. I make about 22,000 a year. Not even enough to get by. I did my taxes and put in for a standard deduction… put in all the normal stuff from my w2. I also posted that I recieved 600 dollars in that stimulus check (My wife didnt recieve none).

    Out of 22000 I paid about $1100 in Federal taxes, SSwithheld 1369, Medicare withheld 320.23.

    How do I owe them? I always got a tax refund. I aint rich FAR FROM IT. I cant afford 500 dollars.

  38. Alfredo February 21, 2014 at 11:35 pm Reply

    Are there free tax preparation websites that do not ask for SSN and credit card info?

    If yes, which of such websites don’t ask me to enter my SSN and my credit card info?

  39. Dominick February 22, 2014 at 1:17 am Reply

    I am a recent graduate, my father is an CPA, I am trying to learn the Pro Series program so I can help my dad during tax season…Any suggestions on how to go about learning this software. I live in new york and cant find a class that will teach it to me…Any suggestions would be great.Tanks.
    Tyler

  40. Allyn February 22, 2014 at 1:25 am Reply

    What tax software do you use, if any?

  41. Lynnette February 22, 2014 at 1:26 am Reply

    So I just want to be sure I can get the most out of my return when I do my 2009 taxes. I know its early but last year I ended up owing quite a bit so I just want to minimize it if it happens again.

    So I heard that you can deduct the taxes you paid for this year that was owed for 2008 when they were filed. Like when i filed my 2008 taxes it said I owed like 500 Fed and 50 State and so I paid them; can that be a deduction as long as I can document them being paid off? I also heard that you can deduct the cost of paying a professional or even buying software to get your taxes done in 2009.

    Also if I do use these as deductions will it help or harm me? Like will it make it so that I may owe more or make it so that I get a bigger refund?

    All this tax stuff has always been confusing to me.

  42. Shelton February 22, 2014 at 1:31 am Reply

    1. Is tamilnadu sales tax applicable for software development.
    2. Is sales tax applicable for packaged software
    3. Is sales tax applicable for Copyrighted software

  43. Nickolas February 22, 2014 at 3:32 am Reply

    What is the best tax preparation software – TurboTax or TaxCut? Anyone used both before and can share their thoughts/reviews?

  44. Lance February 22, 2014 at 3:32 am Reply

    I and my sister want to prepare tax for people. We know how to do paper returns but we haven’t touched efile yet (she knows how but not me lol). Here is what we need.

    1) Individual returns such as 1040 (federal and all states)
    2) Business Income like Schedule C, SE, & ect
    3) Partnership Income like 1120.
    We don’t want to touch corporation tax.

    What tax software do you recommend and how much does it cost? We like to do unlimited returns with efiles also. Any software that can save us time. Example) easy return do it in 5-7 minutes. I appreciate your help.

  45. Charlyn February 22, 2014 at 4:38 am Reply

    I started working for a company as an independent contractor a few months ago, so I’ll need to start paying quarterly estimated taxes. Can anyone recomend some good tax software that does estimated taxes? I didn’t pay on the April 17th quarterly deadline this year, so I’ll need software that also takes into account the penalty payment as well.
    Thanks

  46. Blaine February 22, 2014 at 4:55 am Reply

    Which field is better to find the job? Account or Tax preparation in Bay Area?

  47. Abbey February 22, 2014 at 7:40 am Reply

    Hello,
    I am filing my tax’s this year for the first time and I was wondering how much a place like H&R bock would charge me for this service? And or if I did a e-file would it be faster or just as fast as the company above? And I was reading about a earned income tax credit for people whom made less then 15,000 for the year of 2008. And I fall in that category and was trying to figure out if I can apply for that tax credit. Or what the qualifications are? And also noticed that there is a extra kick if you didn’t get the full 600 dollars last year for the stimulus and they are giving you extra now? If so do I ask H&R bock about this service or ect? Thank you for all the information.
    Also
    I am single live on my own no kids.
    And I may consider other options too as
    liberty tax’s ect.. to do my return.

  48. Will February 22, 2014 at 8:05 am Reply

    I have two W-2 and one college 1098-T, also some donations, which one should i pick and have max return? thanks

  49. Kathryn February 25, 2014 at 10:39 am Reply

    Since I received my first paycheck as a 16 year old, I got a lot of questions regarding income taxes and so far, I’ve asked Yahoo twice. I got both questions answered so I’m nearing to the end of my “journey” (lol). Before I ask my last questions, I wanna say thanks to those who might come back to answering the same person’s questions. I could spend a lot of time researching my own, but I am lazy and so those who answer my questions, I wanna say thanks. I love answers.yahoo.com 😀

    My last questions:
    I learned that FICA tax must be paid no matter what. But Federal income tax, I can control.
    So my question is “How do I, like basically, get back the money I paid for Federal income tax?”
    Here are two people’s response’s that seems relevant to that question.

    1) “There is something called a “standard deduction” that amount is $5950 for 2012. If you earn less than this you do not owe federal income tax for the year and can file “exempt”. This means no federal income tax is withheld”

    2) “You can’t control the amount of Social Security or Medicare, but you can control the amount of Federal Tax being held out. If you earn a small annual amount you will will probably get back everything you paid in, so fill out a W-4 with 3 exemptions. That way, they won’t hold anything out. That makes it easy when you file your income tax, and you won’t be getting a refund.

    If you want to get a refund when you file your taxes at the end of the year, then fill out the W-4 with 0 exemptions. They will take money out of each check for Federal Tax and you will get a refund when you file”

    Can you help me clarify those responses even more? If my employer already deducts and pays my Federal income tax and FICA (and it goes to the Withholding?), how do I “file my income tax at the end of the year” like it said in response 2? Do I get some paperwork about taxes?
    And my mom told me that I have to deal with W-2 form? But then what about W-4 form? Also, the only way to get a tax refund for the Federal income tax is to make an income less than the $5950? And so what does all that “exempts on the W-4” mean?

    Lol I am having a tough time making my questions. Again, I really appreciate your guy’s help. Thanks.

  50. Florencia February 25, 2014 at 12:33 pm Reply

    this is how much I was charged altogether..and before you rude commenters start….DON’T! i have no experience in filing taxes but now everyone is telling me it’s too much, PLUS there were errors throughout the return( don’t tell me I should’ve reviewed before signing it wasn’t possible the way she presented it..she kept adding things and threw me off..) so, how can sort this out? or am I pretty much screwed? lesson learned right? clearly!
    thanks you all! no I don’t own a business..yes there was some self employment but yes this is just a local tax office that’s advertising a different company..ill try to see if I can find the manager and complain but they don’t even have a site where they’re listed for me to complain 🙁

  51. Sidney February 25, 2014 at 12:55 pm Reply

    I have done taxes for the past 2 years, however I have worked for H&R Block. I have prepared taxes seperately but just used the free online software. I am now opening my own mobile tax service and would like to know which professional software is the best and inexpensive? I have looked up Drake and others but everything is about $1000 i was hoping to spend about $200-$400 on the software. Can someone out there please help me find the best software for my budget.

  52. Irwin February 25, 2014 at 1:47 pm Reply

    if i am self employed with 2 different jobs how do i file taxes. in the winter i do snow plowing and during the rest of the year i do online sales. do i file these seperately or as one

  53. Marlyn March 1, 2014 at 8:44 am Reply

    I was in 2 states NM and OR in 2008
    Jan 2008 i was in NMand rest of the year i was in OR
    Say ( i wish ) my wages was 120K
    I was thinking that 10K will be NM taxable income( jan month income( , 110K will be OR income (rest of the year ).
    But when you use the tax products ( turbo tax ) it said my taxable income in NM is 120K – and i owe nothing and no refund.
    What is my NM taxable income in this case.

  54. Etta March 4, 2014 at 12:38 am Reply

    I’m daring to do my own taxes this year since my accountant retired. I have a normal 40 hour per week job, but also have self employment income as well. I am also a home owner. Most friends have recommended TurboTax Home & Business, which runs at $74.95. I did some checking and H&R Block and Jackson Hewitt have comparable programs, but for a good amount less, around $49.95. Anyone have any advice?? Thanks!

  55. Everett March 5, 2014 at 9:08 pm Reply

    What is tentative tax? I was filing my tax return couple of days ago, and as soon I entered my income, the federal return box ballooned to $1,263! in red, saying I owe the IRS with that money.
    I looked at my form 1040ez, and it’s on my tentative tax.

    anyone know what this is?

  56. Elisabeth March 16, 2014 at 1:19 am Reply

    So I’m guessing you have to go to tax school first

    so after tax school will I have the job? I mean why would they register me for tax school

  57. Perry March 16, 2014 at 1:20 am Reply

    Hi there! Have a few questions to ask. about taxation.
    Im using the program called “Profiles”.

    1) For housing costs such as: Hydro, Insurance, Mortage interest, mortage life insurance premiums.
    What form would I put that under, is it tax credits, if so i’ve looked at and am confused. (The Alberta one)

    2) For paying $800 for the care and feeding of a child’s eye-seeing dog (blind child) how is that taxed?

    3) For purchasing a new computer and software that will be used solely in a home office, for employment usage. How would both be taxed?

    Thanks alot in advance, really appreciate the help!

  58. Mary March 18, 2014 at 7:42 am Reply

    I am married with 2 kids. My wife and I make just about the same amount each year. Mid to upper $30’s. She claims both kids on her W-4 form at work. So she claims married and 2 and I claim married and claim 0 at my job. When we do our taxes we file married and jointly. Is this the best way to do it? Should I be claiming 1 at work, claiming myself? Would that mean less taxes out of each check but probably mean a less amount from our tax return? We use TurboTax every year and outside of claiming our 2 kids and some clothes and mileage reimbusemnet on our jobs, we also have the mortagage interest and property taxes on our home as deductions or write offs. Is there something we maybe missing that we could claim. It seems to us that we make too much combined to qualify for anything other than what I spoke about earlier. Any advice or info would be greatly appreciated!! Thanks Jeff n Kim

  59. Gayle March 28, 2014 at 11:45 am Reply

    1-how to get e-file software?.
    2-I start working on june 2005 till dec.2006 ,how to file tax return,i did not file tax for 2005 on 2006 because i was overseas for military support and i have travile order from US Army in Iraq,what should i do and which form shold i used?.
    3- i got married on 2006 and wife is not US citizen nor allien,how to file here, and how to file the marriage expenses,i spent $10,000 .
    4-i have a disable who live with me in the states in my condiminum,he get assistant from the government,should i file him with me and get credit ,i could rent my condiminum up to $1200,but i decide to keep my disable freind.

  60. Mechelle March 28, 2014 at 3:35 pm Reply

    I have started a new business and cannot get a good answer on paying taxes. I have an EIN. I am a sole proprietorship. I started this business in mid August of 2012. I do mobile rock chip repairs on vehicles. No employees.

    Do I wait until I file my regular tax return (I have always been employed by another company until now (early August 2012)) so I have never had to worry about calculating my own taxes before.

    How do I start filing taxes quarterly (it keeps telling me to base it off of last years profits but this is a brand new company).

    How much total should I withhold to be able to pay the federal and self employment taxes?

    I use Intuit Quickbooks, but I am also not sure how to make sure to keep accurate track of how much I pay myself (owner withdrawals) from the business account. With the IRS just trust me in how much I keep track of or should I get a software program for this to make up a W-2-like document?

    I am brand new at starting a business, no college experience in this, but with this economy I have figured this is the best choice for myself. I have researched this for many many hours and have not been able to come up with a good answer/information. I have went to a SBA office locally and they handed me a DVD that did not really help me. Basically, should I wait until I file my yearly tax return (like I have been for years as an employee of a company) or should I be worried about paying taxes sooner, and how much should I withhold from my profit and my personal income from my business? I have a separate account for my business and personal checking.

    Any help or links to more info would be greatly appreciated! Thanks!
    So should I wait until I file my regular tax return to worry about this or should I be worrying about this now?

  61. Frederick March 31, 2014 at 9:07 pm Reply

    If we had a Flat Tax would the Rich or the Wealthy still pay more of their Income in Taxes than the Poor and the Middle Class ?

    On My Mind
    A Kinder, Gentler Flat Tax
    John C. Goodman, 09.29.05, 12:07 PM ET

    How to reform our tax system–and satisfy both the left and the right.

    http://www.forbes.com/forbes/2005/1017/042.html

  62. Terrell April 3, 2014 at 1:42 am Reply

    Salaries Nil
    Taxable interest from bank fdrs 210,000
    Tax free Interest from bonds,ppf 25,000
    STCG from shares STT paid 25,000
    Tax free Dividends from shares 9,500
    Total Income 269,500
    Deposit in PPF for tax rebates 35,000
    Thanks.

  63. Karleen April 4, 2014 at 9:32 pm Reply

    I have T4, T4E, T5 and recently received student loans.

  64. Bula April 14, 2014 at 9:48 am Reply

    My husband’s exemptions were 0, mine were 2. He makes more than I do. We had no 10-99’s or anything like that. I’m wondering if there’s a typo on one of our w2s. Also, can the box 12 ruin your refund if you are working with an online tax software. I’m so confused. I’ve tried two different softwares.

  65. Tory April 22, 2014 at 5:20 am Reply

    I am a resident of California, but I work in Minnesota due to school. I had worked in California last year for a few months, so I have W2’s from CA and MN. How much are my state wages when I file a California Resident Income Tax Return? Do I just add my CA W2’s up or do I also add in my MN income?

    Thanks!

  66. Galen April 23, 2014 at 4:14 pm Reply

    Our lawyer asked us to get him our 2010 tax return. What exactly does a 2010 tax return look like? If anyone can give me a link for a picture of what it looks like, or explain it to the point where I’ll know, I’d appreciate it.

    Thanks.

  67. Dorie May 8, 2014 at 12:02 am Reply

    I’m an accounting major, and I just moved to a different borough of NYC so I tried to switch colleges. Things didn’t work out, I missed the deadline for the Student Loans, so I have to pay 500 upfront to validate my classes. Not gonna happen.

    So I have to do something with myself while I wait for the next semester or I’m going to go insane. Also, I’m trying to pay off some debts, so I became interested in the H&R block tax course.

    Now, the course costs 275.00 in my area, and there is a disclaimer that says enrollment or completion of this course does not guarantee employment. Given the current economic situation, and your own personal experience if you or you know someone who has worked at H&R block as a tax preparer, what do you think my chances are of landing a position at tax season? (I’m aware this will cause a schedule overlap between the next semester of school, and working at H&R block, just thinking things through at this point).

    Also, if you have the information, what is the going pay rate for a beginning tax preparer. I thought that this would give me some valuable job experience and perhaps extra money to get out of debt during my down time. What do you think?

  68. Maria May 23, 2014 at 2:34 am Reply

    It will be required this coming tax season for all E-filers to send W-2 as PDF along with the 1040. The irs website says its required but does not explain how to do it. Can someone explain how its done?
    http://www.irs.gov/faqs/faq/0,,id=199687,00.html

    Here ya go

  69. Justin June 6, 2014 at 5:24 am Reply

    I’m trying to file my 2008 IRS returns in turbotax. I realize I’m going to pay a penality for filign late. Anyways…. where the heck are the 2008 1040 forms to report my income? In previous years when I went to an accountant he filled out for me a Individual Income Tax Return on a 1040 since i’m self employed. For example my 2006 income was $4,426.00. I paid like $600 to the IRS.

    Right now in turbotax I put my income in as $7000 (before a few expenses), but my federal amount due is only like $126.

    Where and how do I pay my social security? I thought self employment busnesses have to pay 15% or something for social security. I’m LOST. Please help me. If you have yahoo messenger, IM me at gerry020304.

  70. Johana June 6, 2014 at 8:26 am Reply

    I filed both federal and state returns (e-file) on 2/2/13 and federal was approved right away but it is now 2/5/13 and the status on state still says pending. Anyone else experience this? How long does it take ny state to accept return?
    * I meant federal return was accepted right away. state has been pending.

  71. Carman June 21, 2014 at 3:04 am Reply

    This last year I started doing contract work that will be considered self employment. I’m currently using Microsoft Excel to track my mileage, expenses, and income. It’s simple but it occurred to me they probably have accounting/tax software specifically designed for this purpose. I’m not looking to spend a lot of money or get tied to yearly subscription based software.

    If any can suggest software and explain its advantages over my current method, I’d like to keep an open mind to better methods. I’m vaguely aware of software like Quickbooks, Turbotax, and Microsoft Money (I might own a copy of this.)

    I’m looking to start paying quarterly and how to properly estimate my income. I can’t simple divide my previous year because this year a greater percentage of income is self employment. My gross is around 18k. I think I’ve read you pay 15% of Net income? Does one do that for both fed and state? 30% seems a bit high? I’ve tried looking at the IRS site but my eyes glaze over reading their publications. I’m not looking for perfection, just to roughly pay enough to keep myself out of penalty trouble on April 15th.
    Most of my income comes from working as an independent contractor for one company. I’m really like an employee but they would only pay me 1099-misc as an independent contractor to save themselves taxes. It’s not right but I need the job so I’m not going to complain.

  72. Agustin June 21, 2014 at 9:28 pm Reply

    I’m a full-time student with a par-time job. I earned about $18,000 last year and claim 1 on my paycheck. What would the best software to purchase in order to get the best possible rebate from State and Federal taxes?

  73. Ryan June 22, 2014 at 12:00 pm Reply

    Any ideas about the best software for printing out invoices for customers in my shop?

    I need to be able to transfer my current stock into the software ( this is currently stored as a windows Excel file ) and I also need two VAT options – otherwsie thats it 🙂

    help!
    ps – PLEASE nothing too complicated – im BLONDE 🙂

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