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The IRS announced that it will provide penalty relief to taxpayers impacted by the storms who were not able to file or pay taxes due until after the April 15th tax deadline.

If you were impacted by the storms, you may qualify for relief of the late-filing penalty of 5% per month and the late-payment penalty of 0.5 percent per month as long as there is reasonable cause and you file your tax return or pay the taxes due within a reasonable time after the power outages and transportation problems are resolved.

If you receive a penalty notice from the IRS and you were impacted by the storms, the IRS will remove the late-filing and late-payment penalty.

Don’t forget, if you suffer a casualty loss from a federally declared disaster, you may be able to deduct the casualty loss on your tax return for the previous tax year or amended tax return for the preceding year.

The IRS announced today that on February 14, they will begin processing tax returns that contain form 8863 with Education Credits.  Form 8863 is used to claim two higher education credits — the American Opportunity Tax Credit and the Lifetime Learning Credit.

They also announced that on February 10, they will begin processing tax returns that contain Form 4562, Depreciation and Amortization.

The IRS will begin accepting all other tax forms that are not yet being accepted due to late tax law changes the first week in March.  We will update the blog with the exact date as soon as the IRS announces what date that will be. Not sure if your file one of these forms?  Here is the full list of the forms that will be accepted the first week of March.

TurboTax is up to date with all tax law changes, so you can file today and feel confident that your will get every deduction and credit you deserve.  And remember, if you have any questions, only TurboTax lets you talk to CPAs, enrolled agents and tax attorneys as often as you like while you prepare your return, free.

You can read the IRS full announcement here.

2014 is the first year the health care reform law requires you to have health insurance coverage. Most individuals who do not have health insurance will owe a penalty, to be collected by the IRS via your tax return. The penalty starts at $95 in 2014 and increases to $325 in 2015 and to $695 per person by 2016.

On the bright side, individuals who purchase insurance through a health insurance Exchange will be eligible for a tax credit claimed on their 2014 taxes. In order to receive the tax credit for purchasing health insurance from an exchange, you must file a 2014 tax return.

People who have insurance provided by their employer may see that information reported on their W-2 in box 12. If your 2012 W-2 includes this information, don’t worry.  This is for reporting purposes only and does not impact your taxes.

Health insurance exchanges and employers will report information about health insurance coverage to the IRS, so you won’t have to worry about it. In 2014, this reporting requirement will help the IRS figure out if you are eligible for the tax credit in 2014.

You can be sure that TurboTax will be up-to-date with all these healthcare law changes. We’ll let you know what you need to do in the future to help you keep more of your hard earned money.

And if you have questions, call us and an experienced TurboTax tax pro will answer your questions and help you get started on your return. Only TurboTax lets you talk to CPAs, enrolled agents and tax attorneys while you prepare your return, free.

At TurboTax, we’re here for you every step of the way so we’ve got the basic facts that you need to know.

What is health care reform?

Today, there are an estimated 48 million Americans without health care coverage. The Affordable Care Act, or health care reform, is designed to provide cost-effective health insurance to those who are uninsured.

Health care reform includes a new tax credit for an estimated 20 million low-to-middle income Americans. The tax credit will help people purchase affordable health care who otherwise would be unable to afford it.

Here’s what you need to know right now:

• The requirement to purchase healthcare does not impact your 2012 tax return. Phew! You don’t need to do anything right now.

• But you should know that your 2012 tax return will help determine your eligibility for an insurance subsidy from the government, which will help you purchase health insurance under the health care law..

• When you file your 2013 tax return you still don’t need to do anything.  The requirement to purchase healthcare does not impact your 2013 tax return.

• Beginning in Oct. 2013, uninsured Americans will be able to enroll in a health plan through state and federal exchanges.

• In 2014 everyone, except for a few, will be required to purchase health insurance or face a tax penalty.

There are a few groups of people who will not be required to get health care coverage or pay a penalty. This includes those with income below the IRS requirements for filing taxes, those who qualify for religious exemptions, and members of Indian tribes.

You can rest assured that TurboTax is always up-to-date with the latest tax laws. We’ll let you know what you need to do in the future to help you keep more of your hard earned money.

And if you have questions, call us and an experienced TurboTax tax pro will take care of you. Only TurboTax lets you talk to CPAs, enrolled agents and tax attorneys while you prepare your tax return, free.

Disaster Relief

In the aftermath of Hurricane Sandy, the president signed disaster declarations for taxpayers impacted by Hurricane Sandy yesterday.  Today it was announced that the IRS is giving relief to those who file payroll and excise tax returns and make payments normally due on Wednesday.  The deadline for payroll and excise tax returns was extended one week and is now November 7th.

The IRS says additional filing and payment relief will be granted as the Federal Management Agency (FEMA) makes further disaster declarations.

Per the IRS, no action is required by impacted taxpayers, as the relief is automatic.  For more information on disaster relief, check out the IRS newsroom announcement.

Hurricane

Here are 4 easy steps to help you in the event of a natural disaster:

1.  Create an Electronic Backup Set of Records

• Always keep an extra set of electronic backup records in a safe place away from your originals.
• One advantage of preparing your own taxes with tax software is you have control over saving your own copies of tax files.  Always save your tax return as a PDF file and back it up on a flash drive or CD.
• Email yourself a copy of your PDF file(s) so even if your computer is inaccessible, you can access your emailed PDF file from any computer.
• Banks and financial institutions can provide electronic copies of important documents.  Don’t forget you can access that information online.

2.  Order Transcripts or Copies From the IRS

• If you still can’t access your tax records you can request backup copies of previously filed tax returns and all attachments by filing Form 4506.
• You can also request transcripts by filing Form 4506-T.  Transcripts show most line items including your adjusted gross income.  Transcripts can also be ordered online or by calling (800)908-9946.

3.  Document Valuables

• Always photograph or videotape contents of your home to help prove market value of items for insurance and casualty loss claims.
• Store photographs and videos outside your home.
• Snap pictures of valuables on your cell phone and email the pictures to yourself or a trusted friend or relative so you can access them from any computer.

4.  Check the IRS Tax Relief Site

• IRS provides relief to individuals and businesses who live in areas that have been declared a major natural disaster by the federal government.
• Relief can be in the form of postponement of tax filing and payment deadlines.
• Recent victims of Hurricane Isaac have an extended tax filing and tax payment deadline of January 11, 2013 for their 2011 taxes.
• If you are affected by disaster, you can also call (866)562-5227 to speak to a specialist trained to handle disaster related issues.
• For additional information regarding assistance in the event of a disaster, check the IRS Disaster Losses Kit for Individuals.

* The President has signed disaster declarations for individuals impacted by Hurricane Sandy in New York and New Jersey.  Find out how to claim casualty losses if you are a victim of National Disaster in an area federally declared as a disaster.

How do you save your important documents?  Do you have any helpful tips to share?

Tax Filing After Deadline

I missed the tax deadline. Should I still file?

Yes, you should still file your taxes as soon as possible.

How should I file my taxes?

IRS e-file is now closed, but there is good news.  You can still file using our downloaded TurboTax software and mailing in your tax return.

Will the IRS charge penalties for not filing by October 15th?

If you have a tax refund coming, there is no penalty for filing late.  Penalties are calculated based on amounts due.

If I owe money, will I be charged penalties and interest?

Unfortunately, you will receive three separate penalties on balances due on late tax returns as follows:

• Failure-to-file penalty
• Failure-to-pay penalty
• Interest

The failure-to-file penalty can be the most steep, as it starts out at 5% for each month the tax return is not filed, up to a total penalty of 25% of your balance due, which is why you should file your taxes as soon as possible.  Even if you owe money and can’t pay it you should still file to eliminate this penalty.  In addition, you may be eligible for other payment options under the IRS Fresh Start Initiative.

If I have a hardship will I still have to pay penalties?

If you show the IRS reasonable cause for not filing on time, you may not have to pay penalties.

In addition, 2011 tax deadlines for individuals and businesses impacted by Hurricane Isaac have been extended to 1/11/2013.

Hopefully this puts your mind at ease and moves you closer to filing your taxes. Just because you didn’t make the tax deadline doesn’t mean you should forget about filing altogether.  Who knows?  You may be missing out on a tax refund.

Natural Disaster

Here are helpful tips to help you safeguard your records:

Create an Electronic Backup Set of Records

• You should keep an extra set of electronic backup records in a safe place away from your original set.
• One advantage of preparing your own taxes with tax software is you can have control over saving your own copies of tax files.  Always save your tax return as a PDF file and back it up on a flash drive or CD.
• I always suggest that you email yourself a copy of your PDF file(s) so even if your computer is inaccessible, you can access your emailed PDF file from any computer.
• Banks and financial institutions can provide electronic copies of important documents.  Don’t forget you can access that information online.

Order Transcripts or Copies From the IRS

• If you still can’t access your tax records you can request backup copies of previously filed tax returns and all attachments by filing Form 4506.
• You can also request transcripts by filing Form 4506-T.  Transcripts show most line items including your adjusted gross income.  Transcripts can also be ordered online or by calling (800)908-9946.
• Special tax law provisions may help taxpayers and businesses recover financially from the impact of disaster especially when the federal government declares their location to be a major disaster area.  Click on IRS’ s Disaster Assistance and Emergency Relief for Individuals and Businesses for more information.
• If you are affected by disaster, you can also call (866)562-5227 to speak to a specialist trained to handle disaster related issues.
• For additional information regarding assistance in the event of a disaster, check the IRS Disaster Losses Kit for Individuals.

Document Valuables

• Always photograph or videotape contents of your home to help prove market value of items for insurance and casualty loss claims.
• Store photographs and videos outside your home.
• Snap pictures of valuables on your cell phone and email the pictures to yourself or a trusted friend or relative so you can access them from any computer.

Following these tips will give you less to worry about in the event of a disaster.  What plans have you made to safeguard your important documents?  Do you have any special tips to share?

Not too much since Americans have until 2014 to take action if they do not have health insurance and those who have insurance will not be impacted at all.

Affordable Care Act

To make things more clear for you and relieve any angst you may have about the ruling and how it relates to taxes, I have outlined the mandate’s two key provisions:

• One provision requires most Americans to obtain minimum health insurance coverage by 2014 or pay a penalty when tax year 2014 taxes are filed.
• The other provision is a Medicaid expansion, which gives funds to states who provide specified healthcare to all citizens whose income falls below certain limits.

Many other provisions have already gone into effect such as reductions in seniors’ prescription drug costs, help for children and some adults with preexisting conditions, and allowing children up to age 26 to remain on their parents’ health insurance.

So far there aren’t any other new details regarding the health care mandate, but rest assured you don’t have to worry about including anything related to this ruling on your 2012 or even 2013 taxes and we will continue to keep you informed and up to date with all of the latest information on this topic.

Facebook

Well, I would be excited too. Many of the employees became instant millionaires as a result of Facebook going public since as part of the company’s incentive plan, they were given Restricted Stock Units.

What Does This Mean for Overnight Millionaires and Their Taxes?

If you are ever so lucky to receive Restricted Stock Units, they are a promise to grant shares of stock, which are granted on a vesting schedule or meeting of certain milestones by you or company.  When vesting occurs, the value of the stock is included in your income as ordinary income and the employer is required to withhold taxes as soon as the RSU is vested whether you sell your shares or not.  If you later sell the shares, the change in value is a capital gain or capital loss.

Employee Stock Purchase Plans, on the other hand, are shares that you buy at a discount so you don’t have to pay taxes until you sell the stock.  When you sell the stock, the discount you received when you bought the stock is generally considered additional compensation to you and will be taxed as regular income.  If you sell your stock in less than one year, your gains will be considered compensation and taxed as ordinary income.  If however, you sell your shares after one year, your profit will be taxed at the lower capital gains rate.

If you are lucky enough to become an instant millionaire and you receive Restricted Stock Units you may be subject to higher taxes than under an Employee Stock Purchase Plan. Either way cha-ching. I really don’t think this would be a bad problem to have.  Stock options give you a chance to make more than your salary and they also give you a sense of ownership in the company.

Have you ever received employee stock options?  What type were they?

Tax Extension

Common Misconceptions

The reasons taxpayers file extensions vary, but one of the common misconceptions regarding extensions is that they are extensions to pay tax liability.   If you are planning to file an extension because you owe money (or think you do), think again.  Filing an extension won’t help you forgo those extra penalties and interest, because an extension is an extension of time to file and not an extension to pay.  If you file an extension, you still need to pay (within 90 percent accuracy) by April 17 to avoid late penalties.

File by the Tax Deadline

Even if you owe money and are unable to pay your liability, file your taxes on time since an extension will not rescue you from any additional penalties and interest.  If possible pay as much as you can with your tax return and then you can apply online for an online payment agreement or send an Installment Agreement Request, with your tax return for the balance.

TurboTax makes it easy for you to quickly file your tax return and if you still have questions you can get them answered from our experienced tax experts for free so you can accurately finish your tax return by the April 17^th deadline.  And who knows? Once you take advantage of all those tax deductions and credits, you may be getting a tax refund instead of owing money.

Still Need More Time?

If you just have to file an extension, you will get an extra 6 months to file your taxes, but not pay your tax liability.  You can file it for free online in minutes with TurboTax Easy Tax Extension.  Keep in mind you still have to estimate your tax liability to enter on the form and include any taxes you already paid.  On the go?  TurboTax also has easy extension available from the App Store.

So what are you waiting for?  You don’t want to delay filing your taxes since an extension won’t extend your time to pay any tax liability and you may even get a tax refund.  Plus you can quickly and easily file your taxes before the tax deadline so you can possibly enjoy the extra days given to file taxes doing something else.

Tax Deadline

According to the IRS, 28% of Americans wait until these last few weeks to file.  However, you may want to think twice about procrastinating any longer. A TurboTax study conducted by Harris Interactive found that 60% of Americans say someone is more attractive if they don’t procrastinate in financial matters, including filing their taxes.*

Need a reason to stop procrastinating on filing your taxes?  That’s what we are here for.  Did you know that about ¾ of taxpayers get a tax refund and the average refund is almost $3,000? That’s a lot of money, and more than half (57%) of U.S. adults who receive a tax refund agree that the day their refund arrives is as exciting as a holiday or their birthday!  So why wait…

Here are a few last minute tax tips to help get you started:

• Contribute to an IRA – Even procrastinators can save money on their taxes. You have until the April 17 deadline to contribute to an IRA and get a deduction.

• Remember charitable contributions – Donations such as clothing, electronics and toys you may have donated can also add up to tax savings if you itemize.  Even mileage to and from volunteering could be tax deductible.

• Go online – Taxpayers can go online to TurboTax and prepare and e-file taxes up to the last minute – it’s fast, easy and convenient.  Plus you can file from virtually anywhere using your mobile devices. TurboTax has mobile apps for Android phones and tablets, including Kindle Fire, as well as iPhone and iPad, make filing on the go a breeze. Now you have no excuses, even when you’re on the go.

• Need answers? – Ready to file, but have a few questions you need answered first.  Don’t worry, you don’t have to pay an arm and a leg to speak with a tax expert, you can get answers free of charge from a highly qualified tax expert.  TurboTax has tax experts (100% CPAs, EAs or tax attorneys) standing by to answer your tax questions by phone or chat – for free!

• Need more time? – Taxpayers can get an extra six months to file, until Oct. 15, by filing a tax extension with TurboTax for free. But remember, an extension to file is not an extension to pay taxes. If you file for an extension, you still need to pay (within 90 percent accuracy) by April 17 to avoid late penalties.

• Can’t pay? – You’re not alone. Taxpayers who can’t pay their full bill can request a streamlined installment plan. You may qualify for a streamlined plan as long as you don’t owe more than $50,000, have an income of more than $100,000, and you must be able to pay your tax bill off within six years.

• E-file for a faster return submission – TurboTax offers free federal e-filing, plus e-filing of your state for an additional charge. Not only will you get your refund faster with e-filing, you’ll also get to avoid the crazy lines at the post office.

So stop procrastinating and file today!

* Among those providing a response

Abbreviated Methodology

The survey was conducted online within the United States by Harris Interactive on behalf of TurboTax from March 16-20, 2012 among 2,185 adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact Laura Schmidt (415) 392-8282

Idea Exchange

TurboTax has that influential community, the TurboTax Inner Circle, and today TurboTax announced its Inner Circle reached its 100th customer-driven product enhancement.

You may be wondering:

What is the TurboTax Inner Circle?

The TurboTax Inner Circle Community is comprised of 20,000 influential customers that provide product feedback and innovations that are instrumental in making enhancements, from making TurboTax even easier to use to making it easier for customers to understand if they qualify for tax deductions and credits.  Through the TurboTax Idea Exchange, anyone can review and contribute ideas to improve the end-to-end customer experience.

What Are Some of the Customer-Driven Enhancements Implemented?

The 100th contribution being celebrated today and made by Inner Circle members make it even easier for TurboTax customers like you to understand whether you qualify for one of the most missed tax credits, the Earned Income Tax Credit (EITC), which may give you a tax credit up to $5,700.

Other successes implemented after feedback from the TurboTax Inner Circle Community include everything from the popular book-marking feature in the product to an enhanced user experience through the personal info and dependent section of the TurboTax interview.

What Are the Benefits of Being an Inner Circle Member?

The benefits of being an Inner Circle member are:

• You can join an influential community of 20,000 customers to participate in surveys, alpha and beta tests, exclusive feedback sessions, town halls, and ‘sneak peak’ product previews.
• Opportunity to work along side our developers, product managers, and marketers to enhance the TurboTax product experience.
• You can give your opinion and have your voice heard.
• You can see your feedback influence a product that helps millions of other customers.
• It’s free and available to anyone
• Every idea is reviewed and considered when product enhancements are developed.

How Can I Join the Inner Circle?

Want to share your feedback and impact change?   Join the TurboTax Inner Circle.

Still want to learn more about the Inner Circle?  Check out this video highlighting some of our Inner Circle members and managers.

payroll tax holiday

The law maintains the lower payroll tax rate which reduced the social security tax taken out of your paycheck from 6.2% to 4.2% on income up to $110,100.  In addition, if you are self-employed, you will continue to pay the reduced social security tax rate of 10.4% instead of 12.4%.  The law also extends federal unemployment benefits and prevents doctors who accept medicare from taking a 27.4 percent reimbursement cut.

The payroll tax holiday extension also increases the amount new federal hires and those with less than five years as a government employee have to contribute to their pension plans in order to fund the payroll tax holiday extension and unemployment benefits.

What Does This Mean for You?

The extended payroll tax holiday prevents a tax hike that would impact 160 million working Americans and keeps an extra $1,000 per year in your pocket if you earn $50,000 per year($50,000 x 2%).

For 2012, your maximum savings will be up to $2,202($110,100 x 2%).  If you are married and each of you earn at least $110,100, that is a savings of $4,404!  That’s more money for you and your family.

How will that savings help you this year?

Where's My Refund

Now we are able to receive confirmation that our tax returns were accepted and receive tax refunds quicker than we did in the days of paper filing, despite IRS processing delays.  Although the IRS has a refund cycle chart with estimates of when your tax refund may be deposited or mailed, per the IRS those dates are strictly estimates based on normal  processing.

You may have heard that the IRS is experiencing some processing delays. TurboTax has been working hard to get an update from the IRS on e-filed tax returns so we can give you the latest information regarding IRS delays.

We just received the following update from the IRS and we wanted to make sure you received the most up to date information.

Some taxpayers who filed electronically and received an acknowledgment from the IRS are concerned when they visit “Where’s My Refund” and are told that IRS has no information regarding their tax return.

The IRS informed us on February 10 that this is a temporary situation and it should be resolved in several days.  At that time, you will be able to get an expected refund date when you visit “Where’s My Refund.”

This is an IRS issue that impacts tax returns regardless of who sends them to the IRS. This is not a TurboTax issue.

If you have received an acknowledgment of your tax return from the IRS, then the IRS assures us they have received your tax return and are processing it.

Information on the status of your tax refund will be updated in “Where’s My Refund” once your tax return processes. This is a temporary situation, and the IRS expects to resolve the matter in a few days.

IRS expects the vast majority of tax refunds to continue to be issued
within the historical range of 10 to 21 days.

The IRS also updated its’ Where’s My Refund site with additional information in a FAQ that may help answer your questions.

We want to quickly share any updates we receive from IRS because we know some of you may be waiting for  your tax refund status and estimated direct deposit date.  We will continue to keep you up to date on any more additional information from the IRS.

Interactive by joshritchie

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Even if you had a chance to catch our commercials highlighting our professionals, here’s a chance find out more about one of our stars, Joy Shaw, CPA.

Joy Shaw, CPA

What is your area of expertise and how long have you been an expert in that area?

“I am a tax professional with over 30 years experience in tax and accounting.  I received my Bachelors in Accounting from the University of Illinois and passed the CPA exam in 1980.  I worked in public accounting at Coopers and Lybrand for 12 years (10 years in tax) specializing in high net worth individuals, banking, and consolidated tax filings.”

“I have been at intuit for over 18 years, where I have done tax technical training, worked as a Tax Analyst Programmer, Tax Development Manager for Small Business products, Federal Individual and State Individual products, and Electronic Filing Import.  I presently work as a Tax and Customer Experience leader for the Tax Review Board.”

What do you like about being a Tax Expert for TurboTax?

“I love being a tax expert for TurboTax, because we get to help 20 million taxpayers get their taxes done.  We also are able to stay abreast of tax laws and hear about tax changes before many tax preparers in the industry.  I also love being able to contribute to making the tax law changes easier for the general public to understand.”

What do you like to do in your spare time?

“I like running, aerobics, dancing, reading good mysteries, Sudoku, puzzles, and spending time with my husband and 3 children.”

What is the top tax question that you hear and what is your answer?

“The most common question I get asked is how to save money so you don’t have to pay as much in taxes.  My answer is to contribute to your retirement funds, either 401K or IRAs, take advantage of all your eligible tax credits like education, child care, and earned income credit.”

Our TurboTax professionals have a wealth of experience.  Check back soon to find out about more of our Super Stars!