National Tax Reports Reviews How Trump’s Taxation Plan Will Change Things For Taxpayers

Expert Review What Is In The Offing For Taxpayers As Trump’s New Tax Act Comes Into Effect.

National Tax Reports, a reputable Tax Information Company is pleased to announce the release of its new financial analysis on President Trump’s Tax Plan: The Tax Cuts and Jobs Act which became effective following the signing of the Act by President Trump. The reason why the company is looking critically at the ongoing development is because the new Act lowers the corporate tax rate from 35% to 21% just at the turn of the 2018 financial year.

Going by this latest taxation plan by Trump, every tax-liable individual and/or company needs to be aware of what the future holds in store for everyone. For instance, a TurboTax analytical review discovered that for big income earners, the highest tax bracket is now 37%. The new law and its ongoing application also means that the rates of income taxes are being cut, while doubling the rate of deductions from standard to higher level rates. It also includes the cutting of some personal exemptions.

However, one other thing that taxpayers must understand is that apart from the corporate tax cut, every other thing will expire in the year, 2025. Given this consideration, it becomes mandatory for every American taxpayer to know the length at which this latest change will affect their taxpaying responsibilities.

There are also changes with personal deductions and standard deductions relating to married and joint taxpayers, as well as the effect of these deductions at the states and local levels, and more.

For instance, there is already an expanded deduction for both 2017 and 2018 in the healthcare sector. Here, taxpayers are free to take deductions if their payment exceeds 7.5% of their income.

For more information visit,https://nationaltaxreports.com/how-trumps-tax-plan-will-change-things/

The IRS Tax Form 1040A for 2018, 2019 – Who and How to File

The Internal Revenue Service (IRS) in a bid to simplify the tax filing process offers different Individual Income Tax return files to taxpayers. Depending on the type of income and the deductions they seek on their tax return, most taxpayers have the option to use any of Form 1040, 1040A and 1040EZ. While all these tax forms are actually similar, the only real difference between them is in the amount of information requested. Anyone can decide to fill out Form 1040, but the 1040A and the 1040EZ have more specific requirements.

Simply put, the Form 1040A is a simplified version for the Form 1040 but not as simplified as the 1040EZ. It is available for people whose taxable income is less than $100,000 and who do not plan to itemize their deductions. When using Form 1040A, taxpayers can claim certain tax credits but are not allowed to itemize their deductions, like for mortgage interest. While many taxpayers qualify to file Form 1040A, it may be of more benefit to them if they chose to file Form 1040 because of the restrictions available on Form 1040A. It is better advised that taxpayers, whose itemized deductions are greater than their standard deduction, should rather fill a Form 1040.

The IRS offers the traditional paper filing method for the Form 1040A but it is recommended to utilize any of the TurboTax free edition software or the H&R Block free tax software to fill the Form 1040A

To find out if you qualify to file for the Form 1040A for your annual individual income tax year, please visit https://nationaltaxreports.com/what-is-irs-tax-form-1040a/ for a complete list of the criteria that must be met.

 

Opportunity Knocks on Every Tax Payer’s Door as Best Tax Refund Releases New Tips & Tricks for Tax Refunds

Best Tax Refund Releases New Article Tagged “Tax Form Arrival Dates” That Guide Taxpayers On How To Make Timely Payment Of Taxes And Avoid Sanctions

Best Tax Refund, a leading Tax Information website is pleased to announce the release of another informative tax article titled “Tax Forms Arrival Dates.” The article is designed as a guide to assist all taxpayers to access their tax forms easily and make due payment quickly. The article describes all that is there to know about tax forms arrival dates.

Best Tax Refund understands that tax forms arrival dates are critical for taxpayers in meeting their tax payment obligations, such as w-2 and 1099, as well as complying with all guidelines of the IRS. Provided the form is mailed on the due date, it is considered on time. However, Best Tax Refund understands that taxpayers are often stressed out if the proper tax forms didn’t get them on time. Thus, the tax experts at Best Tax Refund has put together catchy tips on how taxpayers can find their tax forms easily and get the best refund on taxes.

Among the tips provided in this new article for taxpayers to successfully access and pay off their tax forms in time includes checking of personal emails, looking into electronic email inbox, and the spam filters (assuming the taxpayer is operating electronic version of tax forms delivery such as the W2 and 1099), directly contacting the issuer, and making all attempts to get in touch with the employer by every means necessary. If any of the forms still can’t be found, or there are inherent mistakes within the content of the tax forms, it becomes mandatory to contact the IRS. The IRS will usually give a waiting time while they process the query.

All due tax forms arrival dates can be found listed here in the article at Best Tax Refund website, https://bestirstaxrefund.com/tax-form-arrival-dates

TAX PAYMENT MADE EASY AND CONVENIENT FOR TAXPAYERS IN THE US WITH 1040EZ TAX FORM

Frank Ellis, a Traverse City Tax Preparation Planner and published author who is recognised for his high-flying deeds in the field of tax and finance related articles proudly announces the new article that is now available on their website. The article sheds light to all the important information about 1040EZ tax form.

Every US taxpayer is required to file an annual US Individual Income Tax return to comply and report all earnings and tax liability with the Internal Revenue Service (IRS). 1040EZ is much shorter to fill out and can be e-filed or a printable version can be prepared and mailed to the IRS.

The article further describes what 1040EZ tax form is all about. IRS offers three different forms: Form 1040, Form 1040A and Form 1040EZ for taxpayers to file their Individual Income Tax Return. The Form A is a hybrid of the Form 1040 and Form 1040EZ while Form 1040EZ is a very simplified version of the tax return and the Form 1040A allows for additional adjustments to income and credits available.

In addition, the article establishes the conditions a taxpayer must meet in order to qualify to file the Form 1040EZ. Some of the condition includes that the taxpayers filing status must be single or married filing jointly, the taxpayer cannot claim any dependents, the taxpayer must be under age 65 and must not be blind at the end of the tax year, the taxpayer’s taxable income (line 6 of Form 1040EZ) must be less than $100,000 and several other conditions.

How to get a 1040ez form online is also made simplified, different software that makes the task easy are explained in the article. For instance, a taxpayer can also use TurboTax; a software by Intuit, one of the leaders in tax software. TurboTax software is free and very easy to use and available to any who qualifies to file a Form 1040EZ. Anyone that qualifies to file form 1040EZ can make use of the TurboTax Federal Free software to prepare and file return.

As complex as the US tax brackets can be, the Form 1040EZ is one method of simplifying tax returns for middle to low class individuals giving them a great relief in time and money.

To learn more about the 1040EZ tax form, go to http://nationaltaxreports.com/what-is-irs-1040ez-tax-form/

Tax Preparer Reveals the Tax Benefits of Dependents

The tax preparation expert and author lists the various benefits of claiming children and dependents on tax returns, in an article published at Do It Yourself Online.

Traverse City Tax Preparation Planner Frank Ellis discusses the tax benefits of dependents in a Do It Yourself Online article. The author explains that kids can be a plus during tax time. He then details several exemptions and tax credits that taxpayers can take advantage of.

Ellis first mentions the Dependency Exemption. This reduces the income subject to federal taxes. The actual amount reduced depends on the tax bracket one is in. A couple of these are identified in the article. The Child Tax Credit, which reduces taxes dollar for dollar, is listed next. The value of the credit and how married couples can benefit are mentioned.

Also, the author talks about the Child and Dependent Care Credit. He explains who qualifies and how much of one’s expenses can be claimed as a reduction of taxes. The percentage of expenses reduced also depends on income levels. Taxpayers with children in daycare, private kindergarten, and nursery school and other situations qualify.

A few points about the Earned Income Tax Credit are explained and listed. Both W-2 employees and self-employed individuals qualify for this. Depending on the tax situation, the threshold varies. Those who file for this credit must make less than a specific amount for that tax year.

After listing the few items that can help parents, the author provides a link to TurboTax software, so they can identify tax credits that apply to them by answering questions. He also reveals a satisfaction guarantee and the ability to get the largest refund possible. Software options and means to file state and federal tax returns are mentioned too.

To learn more about the tax benefits of having children and dependents, go to http://easydiyonline.webs.com/dependents-tax-benefits.

 

Tax Preparer Answers 5 Common Questions at Internettaxconnection.com

An article now available on Internettaxconnection.com reveals answers to five tax-related questions. Written and published by tax preparation planner Frank Ellis, the article covers important topics every taxpayer needs to know as tax season approaches. These topics also represent key matters people need to be aware of when filing their taxes.

The first question covers the documents needed for filing. These include the W-2 form from employers and a 1099-INT form from a bank. Documents with social security numbers are needed as well. Receipts are another necessity. Also, the author reveals how important it is to file taxes even if one did not have a lot of earnings. Even if income is below the IRS’s filing requirement, the author says, filing is still recommended. After all, it is the only way to get a tax refund. Some insight into tax credits is provided here as well.

Many taxpayers ask who they can claim as a dependent. Ellis also explains who else can be claimed, and how much can be deducted as a result. Deductions and credits for parents are a hot topic, and the author also answers the question of what is available to parents. The child and dependent care tax credit, child tax credit, and earned income tax credit are listed in this section.

Next, tax benefits for college students are explained. Relief options offered by the IRS include the American Opportunity Tax Credit, Lifetime Learning Credit, and deductions for tuition and fees. These are explained for those who might not be fully aware of the options.

After answering the five key questions, the author talks about the benefits of filing taxes online. One can immediately find out if they qualify for deductions by answering the questions on H&R Block or TurboTax. Ellis mentions how W-2 information can be automatically imported. He also notes the availability of a tax refund calculator that can be of great help.

To find answers to important tax filing questions and more, go to the article at http://internettaxconnection.com/five-common-tax-questions/.

Nationaltaxreports.com Posts Guide on 2017 IRS 1040EZ Form

One of three individual tax forms, 1040EZ is the simplest, but must be properly filed. Tax expert Frank Ellis now provides a detailed guide on how to fill it out in 2018.

In a new Nationaltaxreports.com article, tax preparation planner Frank Ellis explains what is IRS Form 1040EZ for filing taxes in 2018. He explains it is the quickest and easiest of three main forms to fill out. The form is used by taxpayers who do not have to itemize deductions or have dependents.

After comparing it to 1040A, a longer, more involved form, Ellis explains the limits for 1040EZ related to health care. The author says the form cannot be used once someone purchases a health insurance plan from the federal marketplace. Premium tax credits for helping people pay for their insurance plan are explained, along with how this applies when filing taxes. Ellis also states what happens if the advance is not enough or if taxpayers still have a balance to pay. IRS Form 8962 should be filed with 1040/1040A to see whether advanced funds were distributed correctly.

The article also explains how filing a 1040EZ form can cost a taxpayer money. This is especially so if one doesn’t claim credits and deductions they apply for. Ellis also says the form doesn’t allow student loan interest to be deducted, or have space to claim an Individual Retirement Account to reduce taxable income.

Frank Ellis does, however, explain how filing other forms can put one into a lower tax bracket. Standard deductions and personal exemptions further reduce taxable income. Other forms also support education credits and Ellis talks about how one credit, the Lifetime Learning credit, can work for a taxpayer.

For more detailed information about the advantages of filing IRS Form 1040EZ over other forms, and when different tax forms should be used, go to http://nationaltaxreports.com/2017-irs-1040ez-tax-return-form-guide/.

Tax Payment Made Easy As Taxpayers Can Now Import Their W2 Form Using Turbo Tax 2018/2019

Turbo Tax Simplifies And Organize The Tax Payment System For Tax Payers Through W2 Form Importation

August 13, 2018 – Turbo Tax, a reliable online Tax Information Company has officially announced the release and continuous use of its W2 Form Importation—a new tax form documentation system that enables taxpayers to import their W2 form directly from their employers and straight into their tax return. TurboTax has been offering this service on a regular basis.

To successfully import the W2 Form, a taxpayer must ensure that the employer had already installed the Turbo Tax Import Partner. Turbo Tax made it possible for taxpayers to enter their EIN – Employer Identification Number – into the system, and the process will automatically be determined. Turbo Tax also provides another alternative which allows the taxpayer to use the Turbo Tax Mobile App to take a photo of the W2 or simply enter the EIN directly should it be that the EIN wasn’t recognized.

Importing the W2 Form is very easy and quick. The TurboTax W2 importation process starts by signing in into the Turbo Tax platform, and this is followed by clicking the “take me to my return button.”The search feature is located at the upper right and there the user can type in the code ‘W-2’, which should be in lowercase letters. Then press ‘Jump to’ for the search result to appear. After that, the Turbo Tax Import system will open the W2 form screen from where the user can make any changes to the current W-2, as well adding a new one to the platform.

The unique thing about the TurboTax W-2 Import Platform is that it is not just a full, fledged online digitized system, but one that also allows users to manually enter their W-2 Forms. This means skipping the importation process and continuing on with the last step without entering the EIN. This process will take the user to the W-2 screen where lies the option of entering the information in manual mode.

For More Information on using Turbo Tax Import Platform visit,

https://internettaxconnection.com/how-to-import-w2-form-with-turbotax/

Tax Author Explains Federal Income Tax Form 1040A

In a new article, Frank Ellis explains Federal Income Tax Form 1040A and various facts most people may not be aware of.

October 27, 2016 – Frank Ellis, a tax professional and Examiner.com author, has published an article with details about Federal Income Tax Form 1040A, the most commonly used form by the IRS. Used to report taxpayer income, the form helps determine refund amounts or how much someone has to pay. The author begins by explaining which form to use, as 1040A is is suited for people who want to claim deductions and tax credits.

Many people choose 1040EZ, but 1040A lets taxpayers claim student loan interest, IRA deductions, and other things according to the author. Frank Ellis outlines the benefits of the form. First of all, it is short. It can be completed quickly so one can get a deduction sooner.

In addition, the article lays out the six conditions which must be met. There are various income and claims limitations to qualify a person to use the form. College tuition and fees or classroom expenses are possible adjustments which can be claimed. Taxpayers also must earn below a certain amount for the year, have no stock options, and claim specified credits owed to them.

The author of the article also addresses those who may be uncertain which form to use. An alternate option is to use software such as TurboTax. Guiding users through the process, it can help pick the right form and assist with filling it out. Additionally, a video is provided with the article and outlines and narrates the same points. Viewers can therefore get a closer look at how to fill out each line of the form, do so correctly, and get all the tax refunds entitled to them.

As the tax regulations change every year, using the most up-to-date information is beneficial in many ways. The article provides the most current insight for this tax season. It also links to relevant resources. Taxpayers can therefore avoid unnecessary stress and hassle when filing their tax returns to the IRS.

For more details, go to, http://filemytaxesonline.org/irs-federal-income-tax-form-1040a/

What are the IRS Mileage Rate Tax Deductions

The IRS Mileage Rate Tax Deduction is available for taxpayers who use their vehicles for business, charitable activities, and medical purposes. In a recent post, the American Tax Service takes a look at the types of mileage that are tax deductible, the current standard mileage rates and how to claim the tax deduction.

Taxpayers looking forward to claiming a tax deduction for mileage can either use the standard mileage rate or their actual expenses. Using actual expenses will consider things like oil and tire changes, as well as vehicle depreciation. It is more suited for taxpayers whose primary business expense is their car as it is in the case of Uber drivers.  It, however, requires more paperwork but it is generally the best option for taxpayers who drive their car for business a lot. For people who seldom use their personal vehicle for business reasons, it’s better to stick to the standard mileage rate.

The standard mileage rate is regularly updated to keep up with inflation and the rates are slightly increased for the 2018 tax season. The rates are now set at 54.5 cents for every business mile driven, 18 cents per miles for every medical mile driven and 13 cents per mile driven for charity work.

H&R Block online tax filing can help determine whether taxpayers can claim the Mileage Rate Tax Deduction via the standard mileage deduction or through actual expenses. All they need is have a complete record of their mileage for business purposes and the H&R Block will use this information to calculate how much of a deduction and what credits they can get. Taxpayers who file using the H&R Block online are guaranteed the accuracy of their return.

For more information about the IRS Mileage Rate Tax Deduction, please visit, https://americantaxservice.org/irs-mileage-rate-tax-deduction/