2015 Tax Changes for the 2014 Tax Season

The Internal Revenue Service announced on 30th October, 2014 that there was an annual inflation in the United States of America and they made more than 40 adjustments on the tax provisions. The following tax changes have been outlined on the Revenue Procedure 2014-61. If you unsure how to file your taxes with these new changes, consider using a tax program like TaxAct 2014.

According to the Internal Revenue Service, 39.6% of the new tax rate affects unmarried individuals whose income is more than $413,200 as well as married couples whose income exceeds $413,200. In addition to this, the standard deduction for the unmarried will rise to $6,300 while for the married couples whose returns are not the same will rise to $12,600. On the other hand, standard deduction for married couples who fill the same returns will have their standard deduction rise from $6,200 to $12,400. On the same note, each household head will have his/her standard deduction increased from $9.250 to $9,100.

When it comes to personal exemption, as compared to $3,950 that was for the year 2014 it will be expected that in 2015 this will rise to $4,000. However, this will not be realized at once and it will be subjected to a number of phases starting from $258,250 for the unmarried and $309,900 for married couples who fill the same tax returns. The last phase will be $380,750 for the unmarried and $432,400 for couples who are married and they fill the same tax returns.

In terms of the Alternative Minimum Tax exemption, it will be $53,600 for the unmarried and $83,400 for married couples filling the same tax returns for the year 2015. This shows that there is a significant increase as compared to 2014 which was $52,800 for the unmarried and $82,100 for the married couples filling the same tax returns. The Alternative Maximum Earned Income Credit for the year 2015 will be $6,242 for tax payers with more than three children. This is a significant increase as compared to the year 2014 whereby the Alternative Maximum Earned Income Credit was $6,143 for taxpayers with more than three children.

2015 Tax Changes photo
Photo by DonkeyHotey

Furthermore as compared to 2014 whereby Estates of Decedents who died were given a basic exclusion of $5,340,000 this basic exclusion for Estates of Decedents who will die in 2014 fiscal year will be increased to $5,430,000. In addition to this, the exclusion from tax on a gift for non-US spouse will be increased from $145,000 (2014) to $147,000 in the year 2015. In addition to this, $99,200 foreign earned income exclusion for the year 2014 will rise significantly in 2015 to $100,800. Furthermore, the maximum credit will be phased out depending on the number of full-time employees. Lastly, the annual dollar limit of employee contribution to Flexible Spending Arrangements will rise from $50 to $2,550 in 2015 fiscal year.

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Easy Tax Filing With TaxAct

The trademarked TaxAct Express allows taxpayers to enjoy the maximum guaranteed refund when they e-file their 2014 taxes.

TaxAct Express, an app for smart phones, also offers free federal and state tax filing, the first company to do so. Everything required to file a straightforward tax return is included in the app, including the standard forms such as the 1040 and 1040EZ.

Other scenarios affecting your 2014 or 2015 taxes are also included and covered in the TaxAct app, including unemployment and dividend income, interest and deductions for families on a lower income, education and dependents. The app asks a series of simple questions and as these are answered, the amount due or owed will update itself, along with a summary allowing users to see in detail how that figure was arrived at. TaxAct double checks the accuracy of the information and looks for mistakes once the questions have all been answered.

IOS and Android users can take advantage of TaxAct to file their 2014 taxes and when completed, a tablet, desktop or smart phone can be used to submit your tax return.

Taxpayers can potentially receive their refund by early February, as TaxAct will start to submit 2014 tax returns to the IRS as early as the 20th January.

TaxAct Express also allows filers to track the status of their return and guarantees a maximum refund, price lock and IRS accuracy. Go to www.taxact.com/apps for more information.

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Essential Information About TaxAct and TurboTax Programs

2014 is gone and being a new year; you should begin thinking about preparing and filing your federal taxes. Tax preparation and filing can consume a lot of your time if you have no experience doing so. However, if you get the right tax programs such as TaxAct and TurboTax, then you are ready because you will file the taxes in the shortest time possible. Besides, you will have no worries since the programs will guide you all through the process.

There are a few changes in the tax code, but these tax programs have been adjusted to suit the new system. Currently, TurboTax has a limited-time discount for the simple filers; 1040EZ/A filers that are,you are capable of filing your federal and state taxes free of charge. Isn’t that good enough for simple filers? There is no promotion or discount codes required to enjoy the offer. You simply need to file your taxes with the TurboTax Federal Free Edition. It is not clear when the promotion will end hence it would be prudent to be among the first people and enjoy the benefits.

TaxACT Logo (Photo credit: Wikipedia)

It’s wise to understand some changes that TurboTax has made in its packages though. The sections for filing Schedule C, D and E are now excluded from TurboTax Delux package. The Schedule C includes self-employment income and expenses; Schedule D is investments filing, and Schedule E entails the partnership and rental income filings. The Schedule D and E are now found in the Turbo Premier and other higher packages while on the contrary the Schedule E is found in Home and Business edition only.Irrespective of the significant changes, TurboTax is very reliable and intuitive. The software is simple to use and you can use it for complex filings both for professionals and independent users. In addition, it imports information, offer quick calculations, and give you audit risk and refund.

TaxAct is very affordable yet its features are just effective as other programs. It offers even learning materials and mini-alerts that identify errors that can help you in audit risk identification and give the best recommendations to take. By this, you are sure of accuracy of your tax filling even with the simple process. Just like TurboTax, TaxAct offers superior value and is suitable for both simple and complex tax returns for individual users and institutions.

These tax programs enable you file your taxes online, and they bring you many benefits. For instance, you can save money that you might have paid an accountant to do the job for you. Secondly, you save time when you use for example TurboTax company because you can take even 30 minutes only to finish your tax filing. In addition, you don’t have to leave the comfort of your home since you don’t have to book an appointment with an accountant. In addition, the process enhances your financial situation awareness because you can observe your income, expenditures and assets that you have had for the whole year.

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Customer The Ultimate Winner In Battle Royale Between H&R Block & Turbo Tax

A full-fledged war is never a good thing, except when two corporations are battling it out. H&R Block attempts to poach users of TurboTax and the latter’s attempt to retain its clientele has led to a pleasant surprise— lots of freebies for customers including you.

The battle began when the TurboTax Deluxe 2014 edition received around 500 one-star reviews on Amazon from irate customers who felt cheated upon discovering that the 2014 Deluxe edition did not allow users to file Schedule C and D forms used to report investment and small business income. Customers were annoyed that they were indirectly being forced to upgrade to a costlier version of TurboTax.

Tax prep giant H&R Block decided to fish in troubled waters by promising to give their Deluxe tax prep software for free to all those individuals who have bought the Basic or Deluxe edition of TurboTax 2014. Curiously, H&R Block has avoided making this promise on its website and has preferred to spread the word through the media.

All H&R Block asks for is proof that the individual had indeed purchased the Basic or Deluxe version of TurboTax. A quick email to [email protected] along with name, address, contact number, OS specs—Mac or Windows, and a scan or email indicating purchase of TurboTax is enough for you to enjoy the unabridged version of H&R Block’s Deluxe edition.

Stung by the virulent criticism and H&R Block’s attempt to poach its customers, the VP of TurboTax, Bob Meighan reiterated that the company plans to do all it takes to retain its customers. The company is indicating that it is open to providing a free upgrade to Deluxe customers who feel cheated after having purchased the software.

TurboTax has sought to quickly counter H&R Block’s strategy because tax software customers rarely consider switching after getting used to a particular brand. Even if the functions are similar, customers often develop a psychological block about using a new program after getting used to a particular brand.

Yet, this is probably the best opportunity for TurboTax users to take a peek at what H&R Block is all about. Even those who spent $20 on TurboTax Basic will end up receiving free access to H&R Block’s Deluxe version, which costs around $55. Cost benefits apart, the customer will also enjoy access to a new user experience.

With average value of a tax refund hovering around $3000 and the cost of tax software deductible for those who itemize their deductions, this battle between two tax prep software companies is turning out to be a win-win situation for the customer.

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Turbo Tax Offers Free Preparation And Filing Services For Basic Filers

Absolutely No Fees or Costs Associated with TurboTax

Nothing owed to Federal; Nothing owed to State, Nothing Owed to File Return Available to Sixty Million United States Citizens!

Americans receive the best tax break making use of “TurboTax”. Starting tomorrow, sixty-million residents of the United States who work hard for their money may prepare and file basic state and federal returns for free. There is no cost involved whatsoever. Not one thin dime is owed. The reason for the tremendous break is because TurboTax is taking away the laboriousness of preparing taxes in order that its customer base acknowledges there is not a return preparation and filing service offering such a tremendous value in filing 2014 Taxes! Customers may rest assured their 2014 Taxes are prepared and filed completely free of charge.

It is the very first time, U.S. citizens may file the Federal 1040EZ return, and 1040A return, along with state tax returns for zero cost using TurboTax for 2014 Taxes. The edition of TurboTax for 2014 Taxes is a no-cost Edition. Persons using TurboTax for their respective 2014 Taxes do not pay additional monies in order to stay within compliance of new Health Care legislation either. They also do not pay extra using Turbo Tax for 2014 Taxes when claiming the Earned Income Tax Credit. The edition named Absolute Zero from TurboTax for 2014 Taxes allows users using another tax preparation method or service to easily transition to Turbo Tax for 2014 Taxes. The free promotion is designed to attract new customers to TurboTax. If anyone wants to transition to TurboTax for 2014 Taxes now is the best time to do it, especially since the edition allows the user to pay no fees.
TurboTax is a well recognized and leading provider of tax preparation services. The trusted TurboTax service is responsible for preparation of more Federal Tax returns; over any other tax preparation service. The edition of TurboTax Absolute Zero for 2014 Taxes is useful to the sixty percent of individuals who only need to file basic returns; and who file early during the year in order to attain a refund in an expedient manner. A good many persons within the sixty percent basic return category receive a refund which averages approximately two-thousand seven hundred dollars. The sizable check for 2014 Taxes is frequently the largest amount of money the individual, within the sixty percent category, receives on an annual basis.

Sasan Goodarzi, General Manager of the Intuit Consumer Tax Group acknowledges the basic need of many individuals requiring an early tax refund. Goodarzi made it clear that TurboTax also recognized individuals were seeking value with regard to the money they earned. TurboTax believes the free filing service is useful in recognizing the fact that hard-working Americans everywhere are seeking the best value possible in way of filing their respective tax returns and attaining a refund within a relatively short period of time.

Persons wishing to get ahead of the game in way of attaining a tax refund for their respective 2014 Taxes are wise to file using the zero cost edition of Turbo Tax now. The return is safely held and then properly submitted to the Internal Revenue Service once e-filing starts taking place on January 20th for 2014 Taxes.

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