Hope all of you do great financially this coming difficult year.
Source: This is just what I have learned to keep things simple while preparing taxes. I help raise four grand-daughters, and need to be organized as possible.
By Phyllis from Wisconsin
By Jodi from Horse Shoe, NC
By jwmn from Hendersonville, NC
Here are some things to remember about filing extensions:
If your return is completed but you are unable to pay the tax due, do not request an extension. File your return on time and pay as much as you can. The IRS will send you a bill or notice for the balance due. To apply online for a payment agreement, go to IRS.gov, use the pull-down menu under "I need to ..." and select "Set Up a Payment Plan."
To obtain a copy of Form 4868 or other forms and publications use Efile tax preparation software, download them from IRS.gov or visit your local IRS office. Note that forms and publications can be ordered by calling 800-TAX-Form (800-829-3676). However, telephone requests normally take 10 days to fill and may not arrive before the tax deadline of April 17.
The IRS representative we spoke to said to make sure to keep the returns as identical as possible from year to year. I guess their computers are not as advanced as you might think. We filed as early as possible and were excited to receive our return quickly but now have to wait! Hopefully, this advice will help someone avoid the same delay.
TurboTax Freedom Edition Qualifying Criteria
Intuit offers TurboTax Freedom Edition via the Free File Alliance for taxpayers who either:
Note: The qualifying criteria is subject to change.
Source: Part of this is from the turbointuit.com website
By Ann from Munfordville, KY
The law does require you to file a tax return if your income is above a certain level. Check the instructions for Form 1040, 1040A or 1040EZ (under "filing requirements") for specific details that may affect your need to file a tax return with IRS this year.
Here are some general guidelines for anyone under age 65. Remember, these guidelines may change based on your particular situation. In general, once you have the following gross income amounts, the law requires you to file a federal tax return with the IRS:
Generally, a person who is self-employed must file a tax return if his or her net earnings from self-employment for the year exceed $400.
Even individuals who don't earn enough to be required to file a tax return may be eligible for an earned income credit up to $2,604 for a taxpayer with one qualifying child and $4,300 for a taxpayer with two or more qualifying children. Some individuals who do not have a qualifying child may be eligible for a credit of up to $390. However, you must file a return to receive the Earned Income Tax Credit. You must also file a return if you received any advance payments of this credit while you worked during the year.
Links (will go to IRS website):
Forms and Publications
Earned Income Tax Credit
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The Free File program is a free (U.S.) federal tax preparation and electronic filing program for eligible taxpayers developed through a partnership between the Internal Revenue Service (IRS) and the Free File Alliance LLC, a group of private sector tax software companies.
Since Free File's debut in 2003, more than 15.4 million returns have been prepared and e-filed through the program. Free File allows taxpayers with an Adjusted Gross Income (AGI) of $52,000 or less in 2006 to e-file their federal tax returns for free. That means 70 percent of all taxpayers - 95 million taxpayers can take advantage of the Free File program.