With tax season upon a us, I wanted to go ahead and share how we take care of our own. We’ve been using TurboTax to handle our family’s tax needs for the last couple of years and we’ve been very happy with them.
When we started our taxes this year, I noticed that there have been quite a few upgrades and updates with the system. It’s made the process much easier and the Home Base is a handy way to have a snapshot of everything. For those who are still confused about The Affordable Care Act, TurboTax has created a guide to help them see their numbers.
Getting Started with TurboTax
Since we’ve used TurboTax before, when we logged into our account to get started, the program already had much of our basic information (such as name, address, and jobs) entered, savings us time. As part of their update, when we logged in TurboTax checked to make sure our browser was compatible, even providing links to give us the latest installation.
Between my husband’s work, my business, and our savings and investments, we usually accumulate a small stack of paperwork. To keep things manageable, I enter into the system as we get them through the mail, including:
W-2s from your job(s)
1099-INT: Interest Income
1099-MISC: Miscellaneous Income
Once we complete our federal, TurboTax can easily transfer our information from the federal tax return to our state’s return.
Finding Tax Deductions and Credits with TurboTax
Tax deductions and credits are the most wonderful things. Tax deductions help lower your taxable income while credits lower your actual bill. TurboTax really combs through the all the possible deductions and credits for your return including your house, family, cars, charitable donations, medical expenses, college and education, and more.
Which Turbo Tax Edition Fits You?
While Home & Business is the best fit for us, it isn’t the only online edition TurboTax has available. There are several different editions that you can choose from based on your family’s particular needs.
Free Edition: If you’re one of the almost 60 million Americans who qualify for a 1040EZ/A, TurboTax’s free edition is a wonderful options as they’ve made the filing process even easier.
Deluxe: Many people will find this a suitable option to take care of their tax deductions and credits for families and homeowners.
Premier: This edition is designed for those who have numerous investments or if you own rental properties.
Home & Business: Entrepreneurs with either sole proprietor, consultant, contractor or single-owner LLC business will find this edition more than capable of handling their business.
Business: If you have a corporation, partnership or multi-member LLC, TurboTax can help you optimize your tax return.
We’ve been happy with TurboTax and how easy it is for us to file using their services. Find out which edition of TurboTax is right for you.
TurboTax Giveaway- File Your Federally Taxes for Free!
Now to the best part – Couple Money, My Financial Reviews, and TurboTax would like you to file your federal taxes for free. I am giving away codes for TurboTax’s premier edition for interested readers. To enter, it’s simple – just let me know what you plan to do with either your tax refund if you’re expecting one or how you plan on saving on your taxes this upcoming year.
You can either leave a comment below, tweet me, or share your plans on Facebook. I’ll compile the entries and pick winners this upcoming Monday (February 3, 2014) so you can get your taxes filed and done as soon as possible. If you know someone who would love a chance to get their federal taxes filed for free, please send them a link to the giveaway through email or share this on Facebook and Twitter. Thank you again for being a part of the Couple Money Community!
Since TurboTax has been kind enough to sponsor the prizes, please feel free to send them a tweet if you win 😉
Thoughts on Filing Taxes Online
How are you filing your taxes this year? Are you expecting a refund or do you owe taxes?
Disclaimer: I’m also a contributing blogger at TurboTax, so please check them out to see if they can help you with your taxes this year.
It’s a beautiful morning and I’m in my home office double checking the numbers. What fun! Seriously I’m spending an hour out of my day to make sure my estimated taxes for the first quarter in 2013 are paid for both North Carolina and federal government.
If you haven’t already sent in your payments you have until next week to get them submitted.
Why Pay Estimated Taxes?
While paying taxes isn’t my idea of fun, it’s a responsibility that I have as a self-employed person. According the IRS:
Estimated tax is used to pay both income tax and self-employment tax, as well as other taxes and amounts reported on your tax return. If you do not pay enough through withholding or estimated tax payments, you may be charged a penalty. If you do not pay enough by the due date of each payment period you may be charged a penalty even if you are due a refund when you file your tax return.
Since I don’t have an employer that withholds my income from work, I have do this myself. Fortunately paying my taxes is a fairly quick process once I’ve done the math. I pay online through Electronic Federal Tax Payment System and North Carolina’s own site.
While they are sometimes referred to as quarterly taxes, the due dates don’t always line up as such. In general estimated taxes are due 4 times a year:
January 15th – for the previous year’s 4th quarter
Looking at the calender for 2013, the upcoming due dates are:
Monday April 15th
Monday June 17th
Monday September 16th
Wednesday January 15th, 2014
Payment Methods for Estimated Taxes
If this is the first time, you’re paying your estimated taxes, there are several ways to handle it.
Mail- Check the IRS to see which location is correct one for you.
Phone – Electronic Federal Tax Payment System has phone lines to take your payments