Will my tax refund not be direct deposited now?
February 5, 2009 by Tax Forum
Filed under Questions & Answers
I efiled using HR BLOCK’s free federal preparation and opted for direct deposit, but into my fiancee’s account since I don’t have one. Now I read that the IRS generally won’t do that unless its a joint return or other reasons and I am wondering what will happen now. Will they send me a check or some kind of letter saying it couldn’t be deposited into an account that is not my own? CRAP! And how much longer of a wait are we talking here?
Okay so we went and added me to his it should be all gravy and hopefully I will get it Friday since supposedly they only do DD’S on that day and I am supposed to have it by Feb 6th, which is this coming Tuesday
Thanks allHas anyone received their tax refund?
February 4, 2009 by Tax Forum
Filed under Questions & Answers
I efiled my return through HR block and chose the smart or simple pay(I can’t remember exactly what they called it) option where they take the fees out of the return and deposit the remainder into your bank, and when I checked on the IRS page, it said my refund is scheduled to be deposited on 1/25. Will choosing that option cause a delay?
H&R Block’s TaxCut
January 30, 2009 by Tax Blog
Filed under Federal Tax, Softwares, State Tax
TaxCut Free Federal Edition + E-file, TaxCut Basic + E-file and TaxCut Premium + E-file all make filing your taxes easy by taking you through a simple, step-by-step tax interview. TaxCut Free Federal Edition + E-file is best for people with very simple tax situations. If you’d like to import your prior year personal and tax data, TaxCut Basic + E-file would be best for you. Or, if you’re looking for extra tax help and guidance with a Schedule C, home mortgage, rental property, home office, business expenses or asset depreciation, TaxCut Premium + E-file would be best for you. With TaxCut Premium + E-file, you’ll also receive 1 free tax consultation with an H&R Block tax professional at no additional cost.
In addition H&R Block offers TaxCut Signature if you prefer to do your own taxes, but want the added reassurance of having a tax professional review your return and then sign and e-file it with the IRS for you. Signature makes completing your taxes easy by taking you through the simple, step-by-step tax interview of TaxCut® Premium + E-file. Then, at the end of the interview, you’ll be able to choose to send your return to a tax professional who will complete the process for you. And, it includes the TaxCut Premium + E-file’s extra tax help and guidance for filers with a Schedule C, home mortgage, rental property, home office, business expenses or asset depreciation.
- An easy interview process that helps you complete your return before submitting it to your tax professional for review
- Automatic double-checking of your return for errors
- Easy access to IRS publications
- Imports data from TaxCut® online and software, H&R Block Offices, and TurboTax® software
- Advice for getting key tax benefits as your life changes (marriage, home buying, career changes and more)
- Store your return on H&R Block’s secure servers for 3 years
- Built-in multimedia video tax guidance
- Guidance to maximize tax savings associated with home ownership, education and more
- Additional assistance on investment income and stock options
- Business Expense Assistant
- Extensive help for the self-employed on home office and business expense deductions
- Guidance for rental property income and expenses
- Federal e-file included free
- Only from H&R Block: Unlimited year-round tax advice from a live H&R Block tax professional
H&R Block, founded in 1955, is not only the world’s largest tax services provider but also a fully-integrated financial services company that partners with its clients, helping them save for retirement, buy a home, pay for college, manage a business and much more.
H&R Block operates more than 12,000 offices in the U.S. and more than 1,300 locations in Canada, Australia. We have prepared 400 million tax returns since 1955. But it takes a team to serve our clients, whether it’s in the office or via the Internet.
Today, our focus is on delivering outstanding customer service and helping our clients reach their financial goals. As we see it, their success is a key measure of our success, now and in the days to come.
Supported Forms:
Federal Tax Forms Supported Varies by product:
Free Federal Edition
Basic Federal Edition
Premium Federal Edition
Signature Federal Edition
State Tax Forms Supported
All States Plus DC
Pricing:
Pricing Chart
Free Federal Edition + E-file
- A simple return excludes self-employment income (Schedule C), rental and royalty income (Schedule E), farm income (Schedule F) and shareholder/partnership income or loss (Schedule K-1)
Basic + E-file - $14.95
- Only from H&R Block: Worry-free Audit Support®
Worry-free Audit Support is available for clients who purchase and use H&R Block tax software or online tax preparation solutions to prepare and successfully file (via e-file or print and mail) their 2008 individual income tax returns (federal or state). It does not provide for reimbursement of any taxes, penalties or interest imposed by taxing authorities. Additional terms and restrictions apply.
Premium + E-file - $39.95
- Only from H&R Block: Worry-free Audit Support® offers guidance plus an H&R Block enrolled agent to represent you in the event of an audit
- Only from H&R Block: With 1 included Ask a Tax Advisor session, an H&R Block tax professional can help answer your tax question via
1-on-1 phone or e-mail consultation (a $19.95 value)
Signature - $79.95
- All the benefits of TaxCut® Premium + E-file and more
- Only from H&R Block: Unlimited live tax advice from an H&R Block tax professional, during tax preparation and year-round
- Only from H&R Block: An H&R Block tax professional can review, edit, sign and e-file your return for you
- Only from H&R Block: Worry-free Audit Support® and the H&R Block Guarantee assures that you’ll have support of an H&R Block enrolled agent if the IRS audits your return
State (base price) - $29.95
Free federal online tax preparation and e-file if your adjusted gross income is $56,000 or less and you are age 50 or younger. Includes Form 982 (Mortgage Forgiveness Debt Relief).
Reviews:
H&R Block and Intuit are the two leading Tax Service Providers. H&R Block offers a full suite of product and service to help you with your tax needs. They offer online tax software, desktop software, and over 1300 local offices. At this point, it’s only a matter of preferences for not picking H&R Block.
Their interview style tax preparation is very easy to follow. What impresses me the most is the abundance of information and assistance available to users while they are preparing their return. TaxCut provides assistance in the following forms:
Granted, some of these assistance do not come free. However, it’s nice to know that you can get help whenever you needed. Different versions of TaxCut is designed based on the level of complexity of your tax return. For people with more complicated returns, the Premium Edition and Signature Edition both provides tax professional assistance for a very reasonable cost.
The only downside is that State E-File is expensive at $29.95. Once you have completed your federal tax return, the state tax return more or less simply imports data from your federal tax return. I suppose this is their marketing strategy where since you have spent all your time preparing your federal tax return, you would go somewhere else to do your state return.
Screenshots:
W2 Form
Federal Deductions
How soon can I get an advance on my tax refund?
January 30, 2009 by Tax Forum
Filed under Questions & Answers
I was thinking of going to HR Block. I need emergency cash for a car and since I’m a newer grad with bad credit, I can’t get a loan.
WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’
January 27, 2009 by THE WANDERING TAX PRO
Filed under Articles
* Fellow twit, and fellow tax blogger, Michael Rozbruch “turned me on” to an article from the Washington Post titled, “Don’t Wait for Obama to Cut Your Taxes”. It provides some good advice and resources.
* The TAXGIRL does not take week-ends off (actually none of “us” do this time of the year). Last Saturday she provided a good answer to a common question in “Ask the taxgirl: 1099 for Closed Business”.
* Kelly answers another oft asked question in “Ask the taxgirl: Running As Fast As I Can”. Her correct answer points up another inequity in the Tax Code – another instance where the taxpayer must bend over. Income is reported on Page 1, increasing AGI, but related deductions claimed on Schedule A (lost to non-itemizers) as “miscellaneous” subject to the 2% of AGI exclusion. To be fair only excess hobby income should be reported on Page 1.
* From the “I couldn’t have said it better” file – Kay Bell said it all when she pointed out “From the get-go, the lack of oversight in administering the Troubled Asset Relief Program (TARP) has made every bailout handout a very unfunny, and egregiously costly, joke. And since Congress opened up the bailout door so wide, then who’s to stop any legal business form seeking relief?” in her post “Next In Bailout Line: Porn” at DON’T MESS WITH TAXES.
* Kay has also provides a good basic overview of the many educational tax benefits that are available in her post “Rags, Riches and College Costs”
* TAXPROF Paul Caron quotes from the Wall Street Journal to tell us “Obama Plans to Keep Estate Tax” -
“President-elect Barack Obama and congressional leaders plan to move soon to block the estate tax from disappearing in 2010.
Under the Obama plan detailed during the campaign, the estate tax would be locked in permanently at the rate and exemption levels that took effect this year. That would exempt estates of $3.5 million — $7 million for couples — from any taxation.”
*Jeff Rose provides a good answer to ”Reader Question #4- Can I Take a Tax Loss on My Kids 529 Plans?” over at GOOD FINANCIAL CENTS (Helping you make “cents” of your investments).
Jeff smartly ends his answer with, “be sure to speak with your tax advisor just to make sure”.
* An AccountantsWorld.com article reports “Americans Failing Taxes 101”.
A survey by of all people The Tax Institute at H&R Block indicates that “most can’t answer even the most basic tax questions correctly . . . the majority doesn’t know a credit from a deduction”. Duh! Hey – it seems that many Americans have something in common with H+R Block tax preparers!
*WebCPA reports that “IRS May Expand Enforcement During Tax Processing” and pay closer attention to returns claiming the Child and Dependent Care Credit and Earned Income Credit while in the course of the initial processing of returns.
* The weekly NATP member email newsletter reports-
“The IRS has announced that victims of the severe storms and flooding on December 10, 2008, in the city and county of Honolulu, have more time to make tax payments and file returns. As a result, the IRS is postponing certain deadlines for taxpayers who reside or have a business in the disaster area until February 9, 2009. The postponement applies to return filing, tax payment, and certain other time-sensitive acts otherwise due between December 10, 2008, and February 9, 2009.”
* We have a winner – actually two. Peter Pappas of THE TAX LAWYER’S BLOG reports the results of his online poll in “Worst Tax Cheat Poll Results Final: Kiss Your Sister, We Have a Tie”.
* It appears that BO’s proposed economic “stimulus” package will include some individual tax breaks - Among them, according to the press release by Charles Rangel for the House Ways & Means Committee, the following:
· refundable tax credit of $500 per worker/$1000 per couple (up to $200,000 income)
· expansion of EITC
· expansion of child tax credit
· simplification of education credits and making the credit partially refundable
· turning the $7,500 loan for first time home buyers during 2008 into a subsidy (no repayment requirement)
· increased expensing for businesses
· increased bonus depreciation for businesses
· increased (5-year) carryback of net operating losses for businesses
· “prospective” repeal of Treasury’s illegal section 382 ruling (Notice 2008-83).
· annual one-year AMT fix {I added this to list – rdf}
More and expanded refundable credits – great! The mouths of tax-fraud scammers are most certainly watering.
I will provide more information when available.
TTFN
This post is from THE WANDERING TAX PRO
What tax websites seem to give back the best refunds?
January 25, 2009 by Tax Blog
Filed under Questions & Answers
I input my taxes into HR Block and Citizen Tax, and got back two different quotes—with an over $1000 dollar difference.There’s a multitude of tax sites that give free service if your income is under $52,000 (I think). I am curious to hear of personal experiences/bad experiences with the different sites out there!
What are the tax filing requirements - life events?
January 23, 2009 by Tax Blog
Filed under Questions & Answers
Are there special tax filing requirements for a friend of mine who over the course of last year lost her husband and moved to another state? She had been listed as a dependent on her husband’s taxes. Does she have to file taxes on her deceased husband’s behalf? Would software such as Turbotax handle her situation or would she be better off having taxes done by a person such as HR Block or a CPA?
Thx.
Thanks to everyone for their answers to my question. It helped clarify things and also generated some questions too. I decided to put your answers up for voting and will post a followup question under the heading What are the tax filing requirements for a final return?. Feel free to answer that one too. Thx.
1040NOW.NET
January 19, 2009 by Tax Blog
Filed under Federal Tax, Softwares, State Tax
FREE online tax preparation. No download. 1040Now Online Tax Prep and E-Filing is a breeze to use. E-Filing is only $14.95 for 1040-EZ and $19.95 for 1040-A and 1040 return. There will be no charge for our service until you e-file your tax return. E-Filing programs are available for all states. Free Online Support.
Supported Forms:
Federal Tax Forms Supported (Form 1040, 1040A, 1040EZ…)
State Tax Forms Supported (All States Plus DC)
Pricing:
Pricing Chart
- 1040EZ - $14.95
- 1040A - $19.95
- 1040 (Long Form) - $19.95
- State Tax Return - $17.95
FREE federal tax preparation & e-file if your AGI is $54,000 or less and you are age 72 or under and you live in AL, AR, AZ, CA, CO, CT, DC, DE, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NJ, NM, NY, OH, OK, OR, PA, RI, SC, UT, VA, VT, WI, or WV.
Reviews:
BBB Ratings
The BBB Ratings for 1040NOW is quite bad. My initial impression of their website is that it’s still got a long way to go to compete with the big boys such as TurboTax, H&R Block, or TaxAct. The User Interface is very primitive. It’s looks more like an outdated accounting entry system. There is no structured flow to the tax preparation process. The only upside is that they seem to support a very comprehensive list of federal tax forms.
One interesting thing I noticed about their pricing is that they charge $19.95 to restore tax return/user account deleted by user. What this tells me is that they actually do not delete any data from their system even if a users specifically asked them to. I am a little uncomfortable with that design, considering all of my private information (SSN, wage, employer,…) are contained in my tax return.
Screenshots:
W2 Form
Schedule C
2009 IRS Federal Free E-File Options
January 18, 2009 by Tax Blog
Filed under Federal Tax, Softwares
The 2009 Free E-File Season is already started. For those of you interested in getting your rebate early, this is a great service provided by IRS early to allow people prepare and electronic file their return for free.
YOU MUST GO TO OFFICIAL IRS PAGE TO QUALIFY FOR FREE E-FILE. The official terms specified in this page may have changed without notice. Please visit the IRS page for latest information.
Important notes before you begin and things you should consider before choosing a Free File Company
- If the amount is not specified, Free File online tax preparation and e-file services
are limited to taxpayers with an Adjusted Gross Income of $56,000 or less. - Companies are not required to support all forms and schedules to participate in Free File so you should check the
company’s website to determine which forms are available. - For more details about the Free File online tax preparation and e-file service companies, access the company’s website.
1040NOW.NET: Free federal tax preparation and e-file if your AGI is between $5,000 and $56,000 and you live in the following states: AL, AR, AZ, CA, CO, CT, DC, DE, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NJ, NM, NY, OH, OK, OR, PA, RI, SC, UT, VA, VT, WI, or WV. Includes Form 982 (Mortgage Forgiveness Debt Relief).
TaxSlayer.com: Free federal tax return preparation and e-file if your AGI is $10,000 or less or you are age 25 or younger or 65 and older, or if you are Active Military or you qualify for Earned Income Tax Credit. Includes Form 982 (Mortgage Forgiveness Debt Relief).
FileYourTaxes.com: Free federal tax preparation if your Adjusted Gross Income is $56,000 or less and you are aged 17 to 60 and you live in the following states: AL, AR, AZ, CA, CO, DE, FL, GA, IA, ID, IL, IN, KS, KY, LA, MD, MI, MN, MO, MS, NC, NE, NJ, NM, NV, NY, OH, OK, OR, TX, UT, VA, WA, or WI. Includes Form 982 (Mortgage Forgiveness Debt Relief).
H&R Block’s TaxCut Free File: Free federal online tax preparation and e-file if your adjusted gross income is $56,000 or less and you are age 50 or younger. Includes Form 982 (Mortgage Forgiveness Debt Relief).
TurboTax® Freedom Edition: Free federal tax preparation and e-file if your Adjusted Gross Income is $30,000 or less or you are active military or you qualify for Earned Income Tax Credit. Includes Form 982 (Mortgage Forgiveness Debt Relief).
I-CAN!® Free File: Free federal tax preparation and e-file if your adjusted gross income is $30,000 or less or you qualify for the Earned Income Tax Credit. En Español.
CompleteTax: Free federal tax preparation and e-file if your Adjusted Gross Income is $31,000 or less.
EfileTaxReturns.net: Free federal preparation and e-file if your adjusted gross income is between $5,000 and $56,000, and you live in the following states: AL, AR, AZ, CA, CO, CT, DE, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NY, OH, OK, OR, PA, RI, SC, SD, UT, VA, VT, WI or WV.
123Easytaxfiling: Free federal tax preparation and e-file if your adjusted gross income is $56,000 or less and you live in the following states: AL, AR, AZ, CA, CO, CT, GA, IA, IL, IN, KS, KY, LA, MA, MD, MI, MN, MO, NC, NE, NJ, NY, OH, OK, OR, PA, SC, VA, WI, or WV.
Free TaxACT: Free federal online tax preparation and e-file if your adjusted gross income is $56,000 or less and you are age 19 through 55 years old. Includes Form 982 (Mortgage Forgiveness Debt Relief).
ISECURETAX: Free federal tax return preparation and e-file if your adjusted gross income is between $11,000 and $56,000. Includes Form 982 (Mortgage Forgiveness Debt Relief).
FREE TAX RETURN: Free federal tax preparation and e-file if your adjusted gross income is $56,000 or less and you live in the following states: AK, AZ, CA, CO, DC, DE, HI, GA, IA, ID, IL, IN, KS, KY, LA, MA, MI, MN, MT, NC, ND, NE, NH, NM, NV, NY, OH, OR, PA, RI, SC, SD, TN, UT, VA, VT, WI, WV, or WY.
FreeTaxUSA.com: Free federal tax preparation and e-file if your adjusted gross income is $56,000 or less and you live in the following states: AL, AZ, CA, CO, CT, DE, GA, IA, ID, IL, IN, KS, KY, LA, MD, MI, MO, MS, NC, NE, NJ, NM, NY, OH, OK, OR, PA, SC, UT, VA, or WV. Includes Form 982 (Mortgage Forgiveness Debt Relief).
CitizenTaxFree: Free federal online preparation if your adjusted gross income is $56,000 or less, you are age 50 or younger and live in the following states: AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NJ, NM, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, VT, WI or WV.
OnLine Taxes @ OLT.com: Free federal tax preparation and e-file if your adjusted gross income is $56,000 or less and you are age 50 or younger. Includes Form 982 (Mortgage Forgiveness Debt Relief).
Free1040TaxReturn.com: Free federal tax preparation and e-file if your adjusted gross income is $56,000 or less and you are age 55 or younger and you live in following states: AL, AR, AZ, CA, CO, DC, DE, GA, IA, IL, IN, KS, KY, LA, MA, MD, MI, MN, MO, NC, NE, NJ, NM, NY, OH, OK, OR, PA, SD, UT, VA, WI, WV.
OnlineTaxPros.com: Free federal tax preparation and e-file if your adjusted gross income is between $11,000 to $56,000. En Español.
TAX$IMPLE Ultimate Version: Free federal tax preparation and e-file if you are age 66 or less and you live in the following states: AL, AR, AZ, CA, CO, CT, DC, DE, HI, GA, IA, ID, IL, IN, KS, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NY, OH, OK, OR, PA, RI, SC, SD, TN, UT, VA, VT, WI, WV, or WY. Includes Form 982 (Mortgage Forgiveness Debt Relief).
ezTaxReturn.com: Free Federal tax preparation and e-file if your Adjusted Gross Income is $56,000 or less and you live in the following states AL, AR, AZ, CA, GA, IL, LA, MA, MI, MS, NC, NJ, NY, OH, PA, VA, or WI.
eSmartTax From Liberty Tax Service: Free Federal online tax preparation and e-File if your adjusted gross income is $56,000 or less, and you are age 50 or younger. Includes Form 982 (Mortgage Forgiveness Debt Relief). En Español.
H&R Block Block Poll
Tax poll questions to vote on and get immediate results.