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Get Fast Tax Refund from your Smartphone.
Whether you are a start up business or a long time player in your industry, saving money is as important as ever and with the continued growth in the use of smartphone devices, most employers will be pleased to hear that the time has finally come for businesses to get a tax refund on their mobile phones.
In the past, mobile phones were considered a bit too “smart” to be considered real phones for whatever reason, but times have changed. This tax refund is not only for this year, but the past four years as well. The HMRC may actually owe you money at this point. If you are curious whether you are eligible, then you may want to ask your employer about it and if you find out that you are, then they can fill out a form for you to get your tax return. You can enter the information into a tax calculator if you want to make the calculations yourself.
Whether you have used your first work phone for personal reasons, you can still get a tax refund on it and will not have to pay taxes on it in the future. This does however, only count toward smart phones that are made for voice communication. This would not work if you had a smart device that needed an internet connection in order to use an online phone service. This also only applies to one of the workers phones and not to any extras that they may have received. If your company has supplied you with a tablet, e-book, game system, iPod, or other handheld device that was not made to be a phone, then they do not qualify for a tax refund and still remain taxable. This is still a good opportunity to take advantage of for those of you that have gotten a smart phone from your company and have paid taxes on it.
Of course, we do live in an era where smart phones are a huge part of everyday life that it would be natural there are a number of iphone, blackberry and android apps that are created to help you make your tax refund process a lot more simple to complete. SO what are you waiting for? If you've been using a mobile phone for work and think you may be owed a refund, contact your local tax office to find out what steps you need to be taking next.
This post was provided by the small business advice and support network, Smarta.com.
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Fast Tax Refund.
Don’t wait around for a paper check. Have your federal taxrefund deposited directly into your bank account. Choosing Direct Deposit is a secure and convenient way to get your money in your pocket faster.
Here are the main reasons 66 million taxpayers chose Direct Deposit in 2008:
1. Direct Deposit is secure. There is no chance for a check to get lost in the mail. Thousands of checks are returned to the IRS by the US Post Office every year as undeliverable mail. Direct Deposit eliminates the possibility you won’t receive your check and prevents your refund from being stolen.
2. Direct Deposit is convenient. The money goes directly into your bank account. You won’t have to make a special trip to the bank to deposit the money yourself.
3. Direct Deposit is easy. When you’re preparing your return, simply follow the instructions for “refund” on your return. Just make sure you entered the correct bank account and bank routing numbers on your tax form and you’ll receive your refund quicker than ever.
4. Direct Deposit offers options. You can also electronically direct your refund to multiple accounts. With the "split refund" option, taxpayers can divide their refunds among as many as three checking or savings accounts and three different U.S. financial institutions. A word of caution — some financial institutions do not allow a joint refund to be deposited into an individual account. Check with your bank or other financial institution to make sure your direct deposit will be accepted.
IRS Presents: Top Ten Tax Time Tips
1. Gather your records…now! It’s never too early to start getting together any documents or forms you’ll need when filing your taxes: receipts, canceled checks, and other documents that support an item of income or a deduction you’re taking on your return. Also, be on the lookout for W-2s and 1099s, coming soon from your employer.
2. Find your forms. Whether you file a 1040 or 1040-EZ, you can download all IRS forms and publications on our Web site, IRS.gov.
3. Do a little research. Check out Publication 17 on IRS.gov. It’s a comprehensive collection of information for taxpayers highlighting everything you’ll need to know when do taxes. Review Pub 17 to ensure you’re taking all credits and deductions for which you’re eligible.
4. Think ahead to how you’ll file. Will you prepare your return yourself or go to a preparer? Do you qualify to file at no cost using Free File on IRS.gov? Are you eligible for free help at an IRS office or volunteer site? Will you purchase tax preparation software or file online? There are many things to consider. So, give yourself time to weigh them all and find the option that best suits your needs.
5. Take your time. Rushing to get your return filed increases the chance you will make a mistake and not catch it.
6. Double-check your return. Mistakes will slow down the processing of your return. In particular, make sure all the Social Security Numbers and math calculations are correct as these are the most common errors made by taxpayers.
7. Consider e-file. When you file electronically, the computer will handle the math calculations for you, and you will get your refund in about half the time it takes when you file a paper return.
8. Think about Direct Deposit. If you elect to have your refund directly deposited into your bank account, you’ll receive it faster than waiting for a check by mail.
9. Visit IRS.gov often. The official IRS Web site is a great place to find everything you’ll need to file your tax return: forms, tips, FAQs and updates on tax law changes.
10. Relax. There’s no need to panic. If you run into a problem, remember the IRS is here to help.
What to do With a Tax Refund
If you've already looked at you list of things to do with your tax refund, and scratched out donating it to me, then let's discuss some of the other things you could do with it.
Depending on where you are in the Financial Freedom Steps that we teach, you may put most or all of it towards your debt-snowball, or you may set it aside in a savings or money market account and designate it as part of your emergency fund.
If you've met with me before, you know that I'm not a big fan of car payments. A car is the most expensive purchase any of us will ever make that goes down in value. Not only is it losing its value, but by making car payments, you're also losing money in interest payments. If you know you'll be needing a car in the next few months or years, how about setting some money aside for it now, and maybe even adding more each month.
But, what I get truly excited about is finding someone who is very unhappy with their job. I know that doesn't sound right, but think about this; why go through your entire life working at a job you hate? What if you used some of the money from your Tax Returns to start a business doing something you truly enjoy, and even love?!?
I have a tremendous love for small business as well as entrepreneurs. It is not as hard to start a small business as most people think it is. If you're interested in finding out more about starting a business, click here to see how we can help you.
Make Those Tax Refunds Work for You
Your tax refund can have a real impact on your personal finances and well being. Whether it's $100, $1,000 or $10,000, it's your money and now is the time to put it to good use.
Pay off your bills. Catch up on your regular monthly bills if you have fallen behind. Prioritize all non-tax deductible debts and pay off the ones with the highest interest rates first. You can essentially add a 10-18% or more to the value of your return by paying down a credit bill, not to mention all the interest you save by paying down some of the principle.
Plan for the New Year. Set up an emergency fund to get you through small emergencies, like car and home repairs or unemployment. You should work towards having 3-6 months worth of income set aside in an emergency fund. Set aside money for occasional expenses and be ready for those big bills that come infrequently but cause huge problems. You could even get a head start on your holiday shopping fund.
Save for the long term. Your taxrefunds can help you make progress towards your long-term goals. Take your take refund and make an IRA contributions. Even small amounts will add up. For example, $500 added to your retirement fund earning a 9% return over 30 years will be worth $68,100.
Increase tax savings. Investing in a retirement plan may also pay off for the next year by providing tax credits. Home improvements, such as replacing a water heater, storm windows and doors, qualify for additional tax credits. Most importantly, revisit your W4 withholdings at work so you will receive a smaller refund next year and more money in your regular take home pay.
With a little time and planning you can make your 2008 Tax Refund work for you!
An Income Tax Refund Estimator Can Get You a Larger Refund
Which tax form should you file to get the largest tax refund, the 1040EZ short form or the 1040A long form? Well, that depends. Let's take a closer look.
When it comes to filling out tax forms the 104EZ is the easiest to complete, but it doesn't offer you as many chances to use tax deductions and credits to cut your tax bill. When you use the form 1040A you have more opportunities to increase your tax refund amount.
Everybody wants to get their taxes done as easy and fast as possible, but you could be missing out on valuable tax credits and deductions. Taking the EZ route might save a little time, but you'll probably end up paying more taxes than you have to.
Here is one way you can use an income tax refund estimator to decide whether you should file a 1040EZ short form or a 1040A long form.
When you decide to prepare and file your taxes online you usually have the option of figuring your taxes both ways, 1040A or 1040EZ. This option allows the computer to make the calculations both ways, to see which one results in a lower tax bill for you. This in effect becomes your personal income tax refund estimator.
Whichever you decide, taking the time to look at your taxes both ways can really help to give you a bigger tax refund this year. The computer will do all calculations and the paperwork, so, you have nothing to lose, and everything to gain.
IRS reports increased tax refunds, more electronic filing
WASHINGTON (AP) - Federal tax refunds have jumped an average $200 for early filers.
The Internal Revenue Service reported Wednesday that the average refund grew to $2,436 for tax returns filed through last Friday. That’s a 9% increase from the average $2,230 check sent to early filers last year.
The IRS also said it’s seen an uptick in tax returns filed electronically, with strong growth among individuals using tax software to file from home.
The nation’s tax collectors estimate that, for the first time, more than half the tax returns filed by individual and family tax returns will arrive electronically.
“It’s fast, easy and you get refunds in half the time,” said IRS Commissioner Mark Everson.
Tax refunds tend to be higher during the early part of the filing season, as individuals expecting a check act quickly to claim their money.
This year’s growing refunds can be partly pegged to tax changes that took effect last year, which increased tax benefits for low-income families, said Kathy Burlison, director of tax implementation at H&R Block.
Those changes include an increase in the amount of child tax credit that can be claimed as a tax refund. The old law let families claim 10% of their earned income over $10,500, but a change now lets families claim 15% of earned income over $10,750.
Low-income families also benefited from a small increase in the earned income tax credit, a benefit aimed at lifting low-wage workers out of poverty.
“That’s certainly meaning bigger refunds,” she said.
Burlison said other tax law changes could be contributing to the trend. Taxpayers who live in states without income taxes got a new deduction for state sales taxes, and parents and students saw a deduction for tuition and fees increase.
A tax refund in the spring means a taxpayer overpaid throughout the previous year. Financial planners counsel taxpayers who get big refunds to make adjustments that let them get that money sooner.
“In general, it’s not a good idea to make an interest free loan to the government or to anybody else,” said Alan Straus, an attorney and certified public accountant in Manhattan.
“Most people would do better off adjusting their withholdings so that they take home more every week and don’t wind up with a huge refund at the end of the year.”
For others, waiting to get that tax refund in the spring might be the best way to save money.
“Everybody has different levels of discipline,” said Peggy Cabaniss, a certified financial planner in Orinda, Calif.
Taxpayers who got a big refund or a big bill who want to get closer to their true tax liability next year can change the amount of taxes withheld from their paychecks to either increase or decrease the amount withheld from their paychecks.
Constantly changing tax laws can make it difficult to anticipate what next year’s tax return will look like, Cabaniss said. She recommended taxpayers ask their tax professionals to get a forecast for the coming year.
“The tax laws are changing every year,” she said. “All of our finances and our taxes are getting more and more complicated, so it’s requiring more preplanning and more work,” she said.
Tax refunds aren't as hefty as expected
As tax season draws to a close, many taxpayers are discovering that predictions of a refund windfall were overblown.
Through April 9, the average refund was up $102 to $2,090, an increase of about 5% from refunds during the same period last year, the IRS says. Economists and tax analysts had earlier predicted the Bush administration's $350 billion tax-cut package would boost refunds by more than 25%. The administration estimated the average refund would increase $300.
Economists are puzzled by the smaller-than-expected refunds. "It's a bit of a mystery," says Goldman Sachs senior economist Jan Hatzius.
Cynthia Latta, principal U.S. economist at Global Insight, says lower refunds could be caused by a stronger-than-expected stock market last year, which has led to higher capital gains payments. And households might have adjusted their withholding last year to account for the reduced taxes, she says. Other possible factors:
•The alternative minimum tax. The AMT, originally designed to prevent the rich from avoiding taxes, will affect an estimated 3 million taxpayers this year. The AMT vaporizes many deductions and credits, reducing or eliminating the benefits of last year's tax cut. Among this year's AMT victims: Vice President Cheney.
•Late filers. Some taxpayers who may be eligible for a big refund had to postpone filing their returns because of confusion over taxes on investment income.
Leslie Hershey, 42, of Armonk, N.Y., who does her family's taxes using TurboTax software, delayed filing until this week because she wasn't sure how much she owed on stock dividends. One of her financial institutions sent three corrections to her 1099s, the forms that report interest and dividends.
•The economy. Many taxpayers were unemployed or worked fewer hours last year, resulting in lower incomes and smaller refunds, says Mark Ernst, chief executive officer of H&R Block, the USA's largest tax preparer. Refunds for Block customers are averaging about 5% higher this year than last.
Conversely, the Bush administration says an increase in some taxpayers' incomes could have reduced refunds. "That would be great news for the economy, and it would mean benefits from tax cuts were even larger than expected," says Treasury spokeswoman Tara Bradshaw.
While economists and the administration had been banking on higher refunds to provide a big stimulus to the economy in the first half of 2004, the economy appears to be doing fine without them. The government said Tuesday that March retail sales rose 1.8%, the best gain in a year.
Efile Taxes Online - Get Maximum Income Tax Refund
Efile Your Income Tax Online Today
Once you’re ready to start your taxes, you should consider the Efile taxes option available to you today. Since you’re here searching for information, may have already made up your mind. If you haven’t, I can tell you that I have done my taxes online for three years, and I am really happy with the results, especially with how fast I get my return.
The bottom line is making sure that you are paying the right taxes. This means that you should get all the refund to which you are entitled or pay the right amount to the government. Sometimes, when doing your return alone at the dining room table, you may gyp yourself. How many of us can guarantee that we understand all of the instructions and know all of the changes in tax laws? Not many.
Efile Taxes AdvantagesOne of the great advantages to filing your taxes online is speed. Almost as soon as you finish your return it will be forwarded directly to the IRS. They will confirm receipt within a day or so. After that, if you are due a refund, it will come in days rather than weeks. Another advantage of filing online is that you can use the direct deposit option for a faster return. Do Taxes Online is a Best way to file taxes.
You should also consider the fact that online tax programs will help you to determine which form or forms to use. They will then walk you through the process step-by-step. Because of the way the programs are structured to ask you every important question, you may discover deductions that you might have missed. The end result is a far simpler process and far fewer headaches!
What is a Federal Income Tax Refund?
“You’re getting an income tax refund”! Those are the words that every taxpayer would love to hear. A federal income tax refund occurs if the tax you owe is less than the sum of the total amount of refundable tax credits claimed and the total amount of withholding paid. For many individual taxpayers those federal tax refunds can be obtained through Earned Income credit, a real refund of overpayment of tax, or through an overpayment from previous years. Some people really believe that getting a large income tax refund is not the greatest thing. Instead they feel that the tax refund represents a loan paid back by the government interest free. Others use their IRS tax refund as a “simple savings plan” where they are surprised to get money back each year. Always remember that it is still better to get an IRS tax refund than to owe money to the government.
Once you determine you’re receiving a tax refund, there are several options for actually putting that money in the taxpayer’s hands. Standard paper filing, electronic filing with direct deposit, rapid refunds.
Since the advent of the computer age, and the great invention of the internet, the Internal Revenue Service (IRS) has been fairly quick to react to the benefit of electronic filing. The income tax returns are filed much faster, tax refunds are made faster, and money due the IRS can be obtained faster. Let’s take a minute to look at the different IRS refund options, and what each offers the individual taxpayer.
The standard paper filing, although many are more familiar with this method of filing, is slowing reaching obsolescence. There will soon come a time that the old system of paper tax filing will be entirely eliminated and replaced by the Online Tax Filing methods. If you are still one of the dying numbers of Americans who files a paper tax return, you should anticipate receiving a tax refund in about six weeks; today, thanks to the great use of the internet, six weeks to receive a tax refund, seems like an extremely long time.
The rapid tax refund, that is rapidly replacing the standard paper filing, is an electronic method used for filing your federal income tax return, and allowing you to receive your refund in about 10-14 days. Much faster than the six weeks it used to take. There are usually no excess fees attached to this type of filing, and returns may be filed for free through many local, public access facilities.
Get Rapid Refunds with Electronic Filing.
There are no Rapid Tax Refund when you mail your return. In fact, one of the most frustrating things about paper filing your taxes is the interminable wait for your refund. The more you need it, the longer it seems to take. If you can't file before the end of January, it can take six or seven weeks or more to get it. Even with the direct deposit option, it still takes far longer than you want to wait. Of course, there is the option of taking your return to a tax preparer and obtaining a loan against your refund. The problem with a loan is the fact that you'll have to pay either a set fee or a percentage of your return for the privilege of getting your fast refund money. If you've ever tried this process, you already know that the fee or percentage is far more than you would pay for just about any other loan.
Rapid Tax Refund Online
While advertising a rapid refund has become commonplace, you will find that some of the local tax preparation companies you can choose may not mean what you think they mean. In some cases, what you're getting is a loan against the expected amount of your tax refund. In addition to paying for the services of the tax preparer, you will also pay a fee for the loan. This can get pretty costly and may not get you your refund as fast as possible. You do have another option. When you file your taxes online, there is no loan involved. That means that, when you pay for the tax preparation services, that's all you pay. (This does not include taxes you may owe to the Federal government or to your state.) There are no hidden charges with online Tax Filling. You will get your return much faster, but you will be getting it directly from the IRS.
Federal Income Tax Refund
If you think you have a Federal income tax refund coming, you should definitely try out the latest filing method--efiling. The reasons are simple. If you prepare your 1040EZ online, you'll discover that it is much easier and faster than doing it on paper has ever been. This is because the program will ask all the right questions. Your part is simply to provide the answers. So the process is easier. Doing it in your own home means that you can get up and go find missing documents without making a second visit to your accountant or professional tax preparer. You also have a much better chance of getting your return done right than you would if you were doing it on paper. You even have two filing options including printing and mailing your return or filing it online using an electronic signature.
One great thing about doing your taxes online is that you will have much more knowledge and support than you would have doing it on the dining room table surrounded by receipts and forms. The program will ask you questions and you will fill in the answers. In addition, the program will take a look at your completed return to see if there are any glaring errors, and it will help you to find legitimate ways to get rapid tax refund. When you finish your return, you will be asked whether you want to file electronically or to send a paper copy. If you choose to file electronically, you will be asked to enter the data from a specific line of your previous year's tax return. Then the return will be sent to the IRS and you will receive a confirmation of receipt within a day or so. If you have elected the direct deposit option, you'll be surprised at how quickly your refund will be in your account!
So if you have federal income Tax Refunds this year, Do your taxes online and Get Rapid Tax Refund.
How Long Should It Take To Receive my Tax Refund?
Are you expecting a tax refund from the Internal Revenue Service this year? If you file a complete and accurate paper tax return, your refund should be issued in about six to eight weeks from the date the IRS receives your return. If you file your tax return electronically, your refund should be issued in about half that time, and even faster when you have chooses direct deposit.
Get Fast Tax Refund with Direct Deposit.
Want your tax refund faster? Have it deposited directly into your bank account. Many US taxpayers are chossing direct deposit options as the way to receive Fast Tax Refund. More than 52 million people had their tax refunds deposited directly into their bank accounts in 2005. It’s a fast, easy, secure and convenient way to done your taxes online to get rapid tax refund.
A word of caution — some financial institutions do not allow a joint refund to be deposited into an individual account. Check with your bank or other financial institution to make sure your direct deposit will be accepted. Also, make sure you have the correct nine-digit routing number and your account number when selecting direct deposit.
Conventional Way for Tax Filing
The easiest and quickest way to file a return and obtain a refund, is to do this electronically--a practice already used by more than half of all taxpayers. The conventional way of filing taxes with the IRS has been opposed by online tax filing systems in recent times. Filing online will allow you to get your tax refund in as little as 10 days.
The process of filing taxes online is simple and trouble free. The customer first prepares his tax papers personally or approaches professional tax consultants to do so on his behalf. After the tax papers have been prepared they can be effortlessly filed through an IRS e-file provider. Filing can be done online as well, but if an individual is not sure about the mechanics, it is better to seek professional guidance. Usually most tax experts will be licensed IRS e-file providers. The relevant documents are signed and retained by the customer for future reference. The IRS e-file provider then files the returns electronically on the behalf of the customers. Next, the IRS e-file provider sends the customer an acknowledgement mentioning the current status of the filing process.
Online filing eliminates the need for going through tiring steps of rushing to the local IRS offices and post offices and waiting in never ending queues to post the papers before the due date. Office hopping has been completely eliminated. The only thing required is a reliable computer and Internet connection. Mistakes and errors can be corrected online in comparatively less time. Online tax filing has reduced the time gap prior to receiving tax refunds and papers can be printed to maintain precise records for future reference. Online tax filing also facilitates tax payments using credit cards. It has reduced back office processing time considerably.
Join the millions of people who have discovered how easy, online tax filing can be. The cost will be much less, your tax forms will get to the IRS with no hand-written errors, and you'll get your tax refund in as little as 10 days.
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