We overpaid the tax man by an estimated 10bn last year, according to IFA Promotion (IFAP) and this simply through tax return payers not having the right tax codes, not maximizing personal tax allowance, not claiming tax credits, not maximizing their pension investment or saving allowances, and by not understanding exactly what the individual tax payer can do to save themselves money.Visit their official blog posted at http://www.americanconveyor.net/online-tax-preparation-and-tax-filing-quickly-e-file-your-tax-return/
If you are one of the estimated 30 million taxpayers in the country about to submit your tax return this October then there are a few things you should know before filing that could help you to be more tax efficient and save money.
1. Check your tax code and ensure you haven’t been paying too much tax. If you’re over 65 ascertain if you have been awarded the higher personal allowance. The threshold in this tax year is $6,475, but if you are over 65 this rises to $9,490. Check your tax allowance has been upgraded.
2. Get your tax returns in early! The deadline is 31 October for paper returns and a penalty of 100 plus interest and surcharges awaits those who don’t. Online returns can be submitted on the 31 January 2010 giving you more time, security and a written acknowledgment of receipt. Be smart and register for online returns.
3. Married couples. Remember that if your spouse is paying tax on a lower level the higher earner can …
It is little confusing how to prepare and file taxes when tax return season closes quickly, because you have to complete your task before the deadline to avoid late file penalties. So, you have to quickly make up your mind whether you will be able to prepare your return by yourself or you will need a CPA to do the task for you.
Do you think that you have some of the basic skills required to prepare and file your return? Because of advanced Internet technology and software, now most people are doing online tax preparation and electronic or online tax filing because it is easy, fast and convenient. If you are good at calculations and are accustomed to online banking facilities, you can do it yourself.
Some people are comfortable with preparing and filing tax returns themselves, whereas others have a tough time doing it. You will have a complicated tax return if you are self-employed or you own company. So, in such cases, you will find it a little difficult to prepare your return and you may need to consult an accountant. On the contrary, if you have one job and no assets, then your preparing income tax returns will be easy for you.
Now, you do not have to go through the last-minute tax return preparation and filing hassle. You have online software and e-filing service provides that can help you do your task easily, accurately, quickly. …