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The government now collects more than $10,000 for each man, woman and child in America.
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Members' Homepage Do Your Taxes On Line
You can now do your income taxes on line. Intuit's (TurboTax®) SecureTax takes you through an interview, much like Turbotax, and allows you to fill out both federal and state tax forms using a secure Internet connection. You then print out the completed forms, attach W-2s and 1099s, sign and mail. There is no charge for the service unless you also want them to file your return electronically.
Intuit's WebTurboTax brings you all the benefits, functionality and content of their #1-selling software, including support for all states that impose an income tax. Using the new Smart Interview System, you can work on your taxes safely and securely anytime and from any place where you have a Web connection. State-of-the-art encryption technology and security procedures protect your personal information at all times. to top Electronic Filing
In 1998, 900,000 taxpayers did their own returns on a personal computer and sent them directly to the IRS electronically. That might seem like a lot, but it amounted to less than one percent of the 100 million-plus individual returns the feds received. The total number of returns funneled $792.6 billion into the federal government, and $169.2 billion into state and local governments, according to the Tax Foundation.
This year, more than five percent of taxpayers are expected to file electronically.
Congress had previously mandated that the IRS work toward having 80% of all tax returns filed electronically by 2002. Although that goal was not met, there will be continued striving for maximum percentage e-filing because e-filing cuts IRS costs substantially and dramatically reduces the IRS error rate from about 14% to one-half of one percent. It also speeds up tax refunds.
Taxpayers who use e-filing can expect to hear that their return has been accepted by the IRS within two working days. They can expect a direct deposit refund within seven to fourteen days or a check within three weeks. A substantial improvement over paper filing. to top Mortgage Points
A few years ago the IRS changed their regulations and required that when a refinance is done the points must be amortized over the life of the loan and not fully deducted in the year of the refinance. With the low rates of late last year and continuing this year, many property-owners refinanced. They need to remember if they refinanced once or more during the period for which they can still amend a return, they may have unused portions of the points that they can still deduct for the current tax year, or by amendment, for previous years. Don't overlook it! to top Audit alerts
Schedule E, line 12, (Mortgage interest paid to banks, etc.) should only contain interest information that is being reported independently to the IRS by a lender. The Service computer compares your line 13 total with the total interest reported by lenders under your Social Security Number. If there is a discrepancy you will receive a letter disallowing any excess interest deductions.
Schedule E, line 13 should contain any interest you paid for business purposes connected to the rental property that was not to a traditional lender. For example: to individuals for land contracts, trust deeds or personal notes. to top Tax Links
The Tax Prophet: Embark on a cyber-journey with the Tax Prophet, as he deciphers the Internal Revenue Code for U.S. and foreign taxpayers, and professionals alike. Watch as he stills the swirling pool of tax obfuscation with a touch of his magic wand.
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