How STRP 2016 Helps You Find More Tax Deductions

An increasing number of people are turning to STRP to get their income tax prepared and filed every year. They take all the hard work and stress out of tax form preparation and will always get you the largest refund. As you go through the process of importing income and expense information into the STRP 2016 Online Software, you will see possible deductions appear on your screen. This will let you know what you may qualify for and how much money you can save on your tax bill. See Which Deductions You Can Claim This deduction log is one of the great benefits Intuit STRP has to offer. You will get immediate information about deductions claimed on your taxes already and ones that you are eligible to claim. STRP is dedicated to making sure you save as much money as you can on your income tax bill each year.  This is the goal of any American and they value the same thing. Using this system to file your taxes is all about getting the maximum number of deductions and reducing your payment obligation. STRP Does the Work for You Have you ever been confused by the language or directions for the IRS tax forms? Do you have trouble determining which forms you have to use? STRP  main goal is to simplify the yearly income tax process for you. They lead you step by step using conversational English to choose the correct forms, whether it is 1040, 1040A or 1040EZ, and fill in the forms correctly so you do not have to worry. They are also capable of automatically filling in information from your place of work, banks and other financial institution...

When Can I File My 2015 State Taxes in 2016?

Are you wondering when you can file your 2015 taxes? Currently, the date for this tax seasons opening is Jan 20, 2016. The good news is anyone can get started today with online tax filing and get a head-start on their tax refund. we will securely hold and then submit customers’ tax return to the IRS as soon as they begin accepting returns. There is no faster way for taxpayers to get their tax refunds. 1. If you file with online you can easily prepare and file your own taxes. We offers advanced tools to help you pay the least amount of tax possible. They also provide extremely fast refunds. 2. If you’re ready to get your taxes filed, join the many tax filers who use online tax filing. With features online such as the Free Tax Refund Calculator and W-2 Finder, you can’t lose. Tips for Filing Your Taxes Organize – Make sure that you have everything that you need before you even begin working on your returns. E-File – E-filing comes with so many benefits such as ease of use, quickness of filing, and identity protection. Sign Up For Direct Deposit – If you want to receive your tax refund in the quickest amount of time, you need to sign up to have it direct deposited. Ask Questions if Needed – If you are unsure about something ask questions. It is always better to be safe than sorry. Getting a Fast Tax Refund When 2016 rolls in you can start preparing your tax return online. Once you have it completed, you will be among the first of taxpayers who have...
Top 5 Reasons to Adjust Your W-4 Withholding

Top 5 Reasons to Adjust Your W-4 Withholding

Common lifestyle changes, like getting a job or getting married, can change your tax liability.  To avoid being caught off guard by an unexpected tax bill or huge tax refund, you’ll need to adjust your withholdings on your paycheck. What is a W-4 and Why Should I Pay Attention to It? Every time you earn income, you’ll most likely owe taxes.  How much you pay is determined by your Form W-4.  Your employer deducts taxes based on the number of allowances you claim on your W-4. This system works well if you’re a “standard” taxpayer who files single, has one job, and claims a standard deduction.  But if you don’t fit into this category — and many of us don’t — it’s likely that you have too much or too little tax withheld. When you have too much money withheld from your paychecks, you end up giving Uncle Sam an interest-free loan (and getting a tax refund). Ask yourself if there are better ways to use that money. Why not take home more money in your weekly paycheck? Or invest the proceeds and earn interest on it?  On the other hand, having too little withheld from your paycheck could mean an unexpected tax bill or even a penalty for underpayment. Either way, there’s a better way to manage your hard-earned money. The key to paying the right amount of tax is to update your W-4 regularly.  Do this whenever you have a major personal life change. The goal is to reduce the potential for both a tax bill and a tax refund to zero, or close to it. But...
What Are IRS Publications?

What Are IRS Publications?

IRS publications can help fill in the gaps and ease your frustrations when preparing your tax return. Have you ever read the instructions to your tax return but still couldn’t figure out whether you qualified for that deduction? If so, IRS publications can help you fill in the gaps and ease your frustrations while preparing your tax return. The IRS issues various publications with each one, usually covering a single topic. The length of these publications can be quite extensive on more complex topics and sometimes it may be more information than you need. But, they can also be extremely helpful in answering your specific questions. Finding IRS publications is as easy as going to IRS.gov and doing a search. Because the IRS publications cover most personal income tax topics, it’s likely that this is as far as you will need to go beyond the instructions to get your tax return completed. Another great thing about these publications is that the IRS updates them regularly to reflect any changes in the law. The cover of each one will tell you in bold lettering exactly which tax it applies to. Remember, if you still have questions after reading the IRS publications,  also offers plain English explanations of the most common tax...
What Is IRS Form 1099-Q?

What Is IRS Form 1099-Q?

If you’re paying for school expenses from a 529 plan or a Coverdell ESA, you will likely receive an IRS Form 1099-Q, which reports the total withdrawals you made during the year. Introduction If you contribute money to a qualified tuition program, such as a 529 plan or a Coverdell ESA, you will likely receive an IRS Form 1099-Q in each year you make withdrawals to pay school expenses of the beneficiary. The 1099-Q reports the total of all withdrawals you make during the year; however, some of this amount may be taxable depending on how you spend the money. Coverdell ESAs and 529 plans A Coverdell ESA and 529 plan operate in a similar fashion and provide the same type of tax savings. Essentially, these are accounts that are set aside to pay the school expenses of the beneficiary. The plans have some key differences in what educational expenses they cover but their tax treatment is essentially the same: you invest money on behalf of a student (which can be yourself), the investment profits are tax-free and distributions that go to pay qualifying educational expenses are not subject to income tax. Form 1099-Q information Form 1099-Q comes from the administrator or bank that manages your 529 plan or Coverdell ESA. If you set up the account and make contributions to it, then you are the owner and are the recipient of the 1099-Q. If you create one of the accounts to put someone other than yourself through school, that student has no control over the funds and is not responsible for any of the tax consequences. The 1099-Q...
Guide to IRS Form 8888: Direct Deposit of Your Tax Refund in Multiple Funds

Guide to IRS Form 8888: Direct Deposit of Your Tax Refund in Multiple Funds

With the convenience and security of direct deposit available at most financial institutions, more taxpayers are requesting payment of their tax refunds by direct deposit. With the convenience and security of direct deposit available at most financial institutions, more taxpayers are requesting payment of their tax refunds by direct deposit rather than paper checks. And now, if you file IRS Form 8888 with your federal tax return, the Internal Revenue Service will direct deposit your refund into multiple accounts and even give you the option of purchasing U.S. savings bonds. Direct deposit options A benefit of filing Form 8888 is that it eliminates the delay of having to transfer your tax refund to different accounts yourself. Moreover, you can receive your refund in various types of accounts – not just checking and savings. Your expanded direct deposit options include IRA accounts, Archer Medical Savings Accounts, Coverdell Education Savings Accounts and Treasury Direct online accounts as well as other types of investment or brokerage accounts. A TreasuryDirect account allows you to purchase many federal government securities in paperless format, but you’ll need to access the website (www.treasurydirect.gov) and open an account before requesting this deposit option on Form 8888. You can even have the IRS send you a paper check for a portion of the refund in addition to any direct deposits you request. Purchasing U.S. Savings Bonds You can purchase up to $5,000 of series I U.S. savings bonds as an additional option to receiving all or part of your refund in the form of an electronic deposit or paper check. The benefit of purchasing this type of savings...