Tax Preparation Has Become Simpler With Intuit Tax
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Tax Preparation Has Become Simpler With Intuit Tax

For the taxes preparation and filing the taxes returns, Intuit developed software for businesses and enterprises to let them manage taxes returns efficiently. There are millions of users globally who operate their taxation with Intuit tax software solution. Intuit is world’s no.1 cloud taxation software solution. The software is a suite of accounting solutions and ERP for making the taxes returns quicker. With the help of taxation softwares, the process of taxes return has become simpler and easier. The easy application makes quick filing of the taxes and reduces the manual process of paper based filing. The manual process of taxes filing needs paperwork to be done which requires more time by users to make the taxes filing. The manual taxes filing was complex task which accountants had to work overtime to make taxes filing for multiple customers and businesses. Tax software has lot of features that makes the application efficient for small and medium enterprises. ProSeries is the best solution of tax filing for personal and professional purpose. Users or firms can file the taxes returns for federal, state or local tax submission for any number of times in a year.

Intuit Tax software:

Intuit offers free trial version of tax application to learn the application before using the system. It can be installed on any device and users can learn the product anytime. The trial version allows less knowledged users to become a good learner of the application. The trial is free for 30 days from the date of installation so users should get most benefit of learning while webinars, video portals are running all the time online that can be accessed anytime. The tax software is compatible solution to most devices so users have freedom to install on any system such as smartphone, laptop, tablet and computer. It’s quick and simple to install the free software application on any preferred device and get access to learning the application. Multiple users can collaborate on the real time tax application to make the tax solution simplified. All users of the firm can collaborate on the hosted solution and make tax return executed. Intuit Tax is easy, quick and fast processing software which makes easy filing of the taxes and on time. Company owners have no burdens of tax preparation and they can rest assured when they have tax solution with them. Customer can purchase the license from Intuit and get discount as new customer on new product.

Along with the license purchase, customers also get free expert tips to easily file the tax returns. The hosting of Intuit tax software on cloud and desktop are two options which customers can select to make the tax return process done. Tax solution on cloud hosting is a new solution hosted online on remote servers. Desktop hosting of the application is traditional approach that lets users prepare the tax. Cloud hosting is a low cost solution offered by hosting providers on subscriptions. The subscription feature is easy on cash management and customers get security, backups and support services.

I am Jim Colson, a professional Content writer in Sagenext Infotech LLC. I have penoptic experience in writing about Intuit Tax Online , Tax Software Hosting , and Drake Cloud .

Tax Updates For 2010
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Tax Updates For 2010

There are many laws constantly changing with the IRS. At Online Tax Pros we stay up to date with the latest tax changes so we can relay them to you, The Public. Here are some of the most recent tax updates for 2010:

Earned Income Credit

The maximum amount of the credit has increased. The most you can receive for 2010 is: –

$3,050 with one qualifying child –

$5,036 with two qualifying children –

$5,666 with three or more qualifying children –

$457 if you do not have a qualifying child

Earned income amount increased. The maximum amount of income you can ear & still receive the cedit has increased also. You may qualify for this credit if: –

You have three or more qualifying children & you earn less than $43,352 ($48,362 if married filing jointly) –

You have two qualifying children & earn less than $40,363 ($45,373 if married filing jointly) –

You have one qualifying child and you earn less than $35,535 ($40,545 if married filing jointly) –

You do not have a qualifying child & you earn less than $13,460 ($18,470 if married filing jointly)

The maximum amount of investment income you can have and still receive the credit remains at $3,100 for 2010. If you get the advance payments of the credit from your employer with you pay, the total advance payments you get during 2010 can be as much as $1,830

Economic Recovery Payment

If you receive any economic recovery payment during 2010 it is not taxable. These $250 payments were made in 2010 to people who: –

Received social security benefits, supplements security income (SSI), railroad retirement benefits, or veterans disability compensation or pension benefits in November 2008, December 2008, or January 2009. –

Live in the U.S. States, the District of Columbia, Puerto Rico, Guam, the U.S. Virgin Islands, American Samoa, or the Northern Mariana Islands –

did not receive an economic recovery payment in 2009

If your married an you and your spouse both meet these requirements, each of you may get a $250 payment. If you are entitled to a payment, you will automatically receive it, you do not apply for it. However, any payment you receive will reduce your making work payment credit.

Residential Energy Credits

Nonbusiness energy property credit. This credit, which expired after 2007, has been reinstated. You may be able to claim a nonbusiness energy property credit of 30% of the cost of certain energy-efficient property or improvements you placed in service in 2010. This property can include high-efficiency heat pumps, air conditioners, & water heaters. It also may include energy-efficient windows, doors, insulation materials, and certain roofs. The credit has expanded to include certain asphalt roofs and stoves that burn biomass fuel.

Limitation. The total amount of credit you can claim is limited to $1,500.

Residential energy efficient property credit. Beginning in 2009, there is no limitation on the credit amount for qualified solar electric property costs, qualified solar water heating property costs, qualified small wind energy property costs, & qualified geothermal heat pump property costs. The limitation on the credit amount for qualified fuel cell property costs remains the same.

Itemized Deductions

The limit on Itemized deductions expired in 2010. However, under current law, the limit on itemized deductions will resume in 2011 at pre-2006 levels.

Sandi Lattin Online Tax Pros Russellville, Arkansas http://onlinetaxpros.com

Use a Tax Organizer to Estimate Quarterly Taxes (1)
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Use a Tax Organizer to Estimate Quarterly Taxes (1)

For many taxpayers, a tax organizer is a critical component of keeping Uncle Sam happy. A reputable tax service provider works with you to customize an organizer to perfectly suit your needs and goals. Estimated taxes — also known as quarterly taxes — are a good idea for many and a requirement for some. If you do not have enough taxable income withheld throughout the year from an employer, you may need to send quarterly payments to the IRS. If you do not have enough withheld (or any at all) and you do not pay enough estimated/quarterly taxes throughout 2016, the IRS may penalize you next April.

How can you figure out if you are withholding enough? Your CPA can tell you. It depends on many factors, including your tax bracket. You may also need to pay an additional amount for state taxes (rates vary by state, with some boasting zero income tax) and/or county taxes.

No Such Thing as a Free �Ц

While income is generally thought of as revenue from working, owning your own business, etc., taxes must also be paid on interest, rent, prizes, dividends, alimony and more. For business owners, your estimated tax payment can cover both income and self-employment taxes. Different taxpayers have to use different forms to file their estimated taxes, which are due in April, June, September and January. Sole proprietors, self-employed people and S corporation shareholders must use Form 1040-ES, Estimated Tax for Individuals. Corporations must use Form 1120-W, Estimated Tax for Corporations. It can be hard to tell whether you will get dinged with an IRS penalty for not paying estimated taxes (or enough in estimated taxes), but a tax professional can tell you that if you anticipate owing more than $1,000 in taxes each year, it is best to pay estimated taxes. For corporations, that figure drops down to $500. Farmers and fishermen fall under a different category, which is outlined in IRS Publication 505.

Paying it Forward

You can best estimate how much you should pay in quarterly taxes in two ways: Ask your CPA, or use the Form 1040-ES worksheet. A lot of guessing is involved, but you can use last year’s income information as a foundation (if you have similar income year after year). However, if you’re off, do not worry. If you pay too much, you will get a refund, and if you do not pay quite enough, you can pay the remaining balance in April. Bear in mind that it is important to post your estimated payments on time. The easiest solution is using the Electronic Federal Tax Payment System, or mail in your payment via snail mail. Via the online system, you can make payments as often as you wish — daily, weekly, monthly, etc. All that matters is that by the time your quarterly payment is due, the full amount has been sent. Alternatively, you can also pay via electronic check over the phone. Some taxpayers have been assessed a penalty for failing to make payments on time, even if they ultimately paid appropriate quarterly taxes, so keep an eye on the calendar. Your strongest secret weapon is your CPA. With tax laws, benefits and credits constantly changing, you deserve an expert in your corner. Using a tax organizer is the best way to keep track of your income and expenses and will make your CPA’s job easier, so you won’t have any surprises when tax day rolls around next year.

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Use QuickBooks ProConnect & Self-Employed Tax Tool to Simplify Your Bookkeeping (1)
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Use QuickBooks ProConnect & Self-Employed Tax Tool to Simplify Your Bookkeeping (1)

QuickBooks Online Comes Powered by ProConnect Tax Online to Ensure Efficiency in Taxation
Taking a step further, Intuit has integrated ProConnect™ Tax Online (PTO) into its QuickBooks Online to give a new edge to the overall business accounting. It has brought in a unified platform for the businesses to practice all the key elements such as bookkeeping, taxes, income & expenditure management, and many more. With estimated more than 2 million QuickBooks Online (QBO) subscribers in the coming years, Intuit is quite excited to provide its customer with a unified platform that can establish a reliable accounting mechanism for a better and more accurate bookkeeping practice.

When it comes to meeting taxation requirement, the accounting professionals try to draw on a system that can help them handle all the complexities and technical elements accurately and efficiently. You may experience some sorts of difficulties if you have insufficient accounting system – but Intuit, with the newly integration with ProConnect Tax Online system, ensures a simplified dashboard and execution level that you can utilize to maintain the workflow all the time. Read more at https://www.linkedin.com/pulse/quickbooks-online-comes-powered-proconnect-tax-ensure-alvin-johnson?published=t

2. QuickBooks Enterprise Self-Employed Tax Tool: A Smarter Way to Untangle Your Business Books

Taking the bookkeeping professionals by surprise, Intuit birthed a new smarter tool for the small businesses, termed as QuickBooks Self-Employed, which they can use to simplify the tax calculation and deductions. It is being termed to a driving force behind the way how the professionals handle and manage their finance. Unlike Turbo Tax, the new tax calculation software is quietly intended to streamline both the business and personal finances. Most of the small business owners mingle their personal banking transactions with the business books – which lastly cause inconveniences in the way how the bookkeeping is executed properly.

Presently, the software has been advanced with some powerful estimated tax quarterly calculator that provides the enterprise users with a widespread opportunity to manage their business expenses and calculating taxes. It combines some new tools such as deduction tracker, invoicing, tax calculator, reports, and other related documents. Read more at https://technicalsupportquickbooks.com/quickbooks-enterprise-self-employed-tax-tool/

You can also find relevant technical support links on QuickBooks by visiting www.technicalsupportquickbooks.com or get direct technical support from official website for QuickBooks.

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