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/.

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/.

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 shows users to how to get w2 from a previous employer.

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/

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/

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/

Finding out your tax bracket is of great importance as it helps determine how much of your income is taxed. Taxpayers who find it difficult to determine what tax bracket they fall under will find a new post on National Tax Report worth reading. The post reveals the IRS tax bracket rates for singles, head of households and married couples filing together. It also reveals how taxpayers can determine what tax bracket they fall under using a tax bracket calculator.

Tax brackets are based on one’s entire income which includes income from salaries to earnings from investments or even profit from selling a property. It is also not a standard percentage as taxpayers are not required to pay a definite tax rate on their entire income. This is because only part of a taxable income that falls into a higher tax bracket threshold is taxed at a higher rate. The part that falls below the threshold is taxed at the lower rate.

For single taxpayers, the IRS tax brackets for the 2018 tax filing season are as follows:

• $9,525 or under means you will be taxed at 12%.
• Up to $38,700 and you will be taxed at a rate of $9525, in addition to a 12% tax rate of your income that falls solely in this threshold.
• Up to $82,500 and you’ll see a tax rate of 22%. This is $4,453 on top of this.
• Up to $157,500 is a rate of 24%. But that’s $14,089.50, on top of that.
• Anything up to $200,000 is a rate of 32%, plus $32,089.50

If you are ready to determine your tax bracket, National Tax report recommends that you use the TurboTax tax calculator today. The calculator only requires that you enter some basic information about your taxable income and filing status and you will find out exactly which tax bracket you will fall into.

To find out the IRS tax bracket rates for head of households, married couples filing together and self-employed people, please read the original post on National Tax Report here, https://nationaltaxreports.com/find-tax-bracket-calculator/

The Earned Income Credit was passed in 1975 and is today one of the most successful tools in helping working families with a low to moderate income fight poverty. But recent research by an independent tax policy research Organization, The National Tax Report has shown that nearly one in four Americans who are eligible for this tax credit do not know they can claim it. To help curb this development and encourage more low to moderate income families claim The Earned Income Credit (EIC), The National Tax Report has just published the Earned income tax credit table on its website.

The purpose of the table is to help individuals calculate the amount of earned income credit they can claim in the tax year 2018. The table provides in clear detail how much credit each individual can earn based on the number of dependents they have and their total gross income. The credit will increase as the number of dependents claimed on the tax return increase but will reduce as the total gross earned income of the filer increase. There is also more information on the site detailing who qualifies for the Earned Income Credit and what set of individuals can benefit the most from it.

The EIC provides support for low and moderate-income working parents (with qualifying children) in the form of tax credits. As depicted on the table, the tax credit is not as beneficial for individuals without children as it is for those having children but not having children is no reason not to claim the EIC.

Individuals who qualify for the EIC can claim it using Form 1040 which is a percentage of the individual’s earnings up to a certain maximum limit.

For more information and to see how much credit you can claim on your tax return, please visit https://nationaltaxreports.com/earned-income-credit-eic-table

As we gradually approach tax season, National Tax report, an independent tax policy research organization has just recently published a post on its website detailing the two best W-2 form finders online. The post highlights the TurboTax W2 finder and the H&R Block W2 finder as the best W-2 form finders online.

Businesses or employers are required by the IRS to furnish their employees or contract staffs with the W2 form. As it is where the income earned by an individual employee and the taxes already paid are recorded. Wages, commissions, tips, and other withholdings such as federal, state, or social security taxes are also recorded on the W2 form. As such, it can be used to calculate how much each citizen owes the IRS and their state department of revenue making the W2 form an indispensable tool during the tax season.

To simplify and automate the W-2 distribution process, there are now third-party companies that offer the form for free online. This makes me it very easy for employees to file their tax returns without having to wait for their employers or endlessly checking their mailbox.

According to the National Tax Report, the TurboTax W2 finder and the H&R Block W2 finder are two of the best services available online. With any of the services, individuals can easily retrieve their W-2 information automatically and import them into their tax return or download them to their computer system. Employees looking to file their tax return on time can also use any of the services to look up their company information or use their Employer Identification Number to find their W2 form.

The Internal Revenue Service deadline for employers to send out the W2 form is January 31. With the TurboTax W2 finder or the H&R Block W2 finder, employees can now file their tax return a lot sooner. For more information and to see how you can get your W2 online, please visit https://nationaltaxreports.com/how-to-get-your-w-2-form-faster-online/

Great News For Taxpayers In The Low Income Level To Get A Better Tax Refund

National Tax Reports, a reliable online Tax Information Company is pleased to bring to the awareness of taxpayers the Earned Income Credit (EIC) table. The company which prides itself in providing one-of-a-kind tax information service is pleased to bring back information on the EIC tax credit which was passed by the US government in 1975 is designed to assist people in the lower income levels to save on their tax and have a better tax refund.

There is a lot of tax relief potential for parents under low and moderate-income working class, and National Tax Reports wishes to remind and raise the awareness of parents about the EIC. The support provided for parents under the EIC lies in the form of tax credits, and it’s more favorable for parents with qualifying children. However, parents without children are not disqualified from the credit. The EIC is available for all classes of working individual but more benefits for parents with children.

To be qualified for the Earned Income Credit, all members of the family must have as a prerequisite a social security number, have less than $3,400 investment income for the tax year, and more. Earned Income refers to the income a person receives for working for an employer or for being self-employed. They allow people with families to save more money and take care of their families and other vital needs.

Turbo Tax financial experts and analysts are professionally qualified to help qualified personnel claim their Earned Income Credit with their Federal Individual Income Tax Return form 1040A or 1040. Turbo Tax has been in the business of taxation for many years and assists anyone to claim their Earned Income Tax Credit. The EIC are refundable credits which come with lots of benefits such as returning the additional refund where the tax credit is larger than the tax liability.

For more information visit, http://nationaltaxreports.com/earned-income-credit-eic-table

The Protecting Americans From Tax Hikes Act (PATH Act) from 2015 was introduced with the sole aim of reducing the amount of tax fraud in the United States. It was becoming somewhat of a disturbing trend for identity thieves to file very early into the tax season so they could receive refunds from the IRS before any data can be verified from the employers involved. In order to combat this trend, the IRS has accelerated the filing deadlines for the 1099s and W-2 forms as part of new changes to the PATH Act. Internet Tax Connection sheds more light on what the new accelerated filing deadlines are and what impact it has on taxpayers filing form 1099s and W-2s.

For the W-2 form, the new due date for paper copy A, which is sent to the Social Security Administration is now January 31. This new due date also applies to the electronic version which used to be due by March 31. Also, the due filing date for the 1099-MISC forms has been accelerated to the 31st of January regardless of whether they are filed on paper or electronically.

This implies that there is now no time to file corrections before the due date. As a result, the PATH Act has implemented a safe harbor rule. For minor changes, there’s no penalty for filing an error and it can be corrected later on.

The tax blog also notes that there are now new penalties for taxpayers who file late or fail to file at all. Taxpayers who file up to 30 days late will now have to pay a $50 fine per form while those that file later than 30 days will pay a $100 fine per form. Defaulters or filers that submit their forms after August 1st will pay the heaviest fine and will be subjected to a $260 fine per form.

In order to avoid incurring such penalties, taxpayers should make note of the new due dates immediately and ensure that they send their forms for tax filing with the SSA or IRS on or before January 31.

For additional information about the new Accelerated Filing Deadlines for 1099s and W-2s please visit, https://internettaxconnection.com/filing-deadlines-for-1099s-w-2s/