TurboTax 2014 Online Tax Preparation Software
Turbo Tax 2014 Tax Software Review
tax changes are part of the 2014 Obama proposal but nothing
is finalized until congress votes.
Trust TurboTax 2014 to keep you on top and prepared for any changes that become law.
Possible changes for 2014 include:
Bush tax cuts could expire. If they do, then individuals making $200,000 and families making $250,000 will be affected. Top marginal tax rates will be moving up making the 33% rate 36%; what is 35% will shoot up to 39.6%.
Other changes could include:
Long term capital gains taxes could rise from 15% to 20%.
A bunch of personal exemptions could expire.
Itemized deductions may be limited and capped, hurting charitable giving?
Investment fund managers may have their profits taxed.
Possible estate tax changes to $3.5 million, with the top rate on taxable assets being 45%.
Capital gains taxes on small business stock may be eliminated.
Tax cuts for lower and middle income households could be made permanent, yea!
No more “wealth” tax for the middle class.
Child-care, low-income and American Opportunity tax credits may be extended.
Tax Hikes Coming
Congress is all but certain to increase taxes for both businesses and individuals - and not just singles making more than $200,000 a year and married couples over $250,000 a year.
Figure on tax increases taking effect in 2014, assuming the economy is growing steadily. At that point, reducing the deficit will no doubt be the top priority.
Here’s what’s rising to the top of the list of probable hikes for individuals:
Boosts in top marginal rates from 33% and 35% to 36% and 39.6%.
A higher rate on capital gains and dividends for top bracket earners.
Caps on itemized deductions for top earners.
No repeal of estate taxes, but count on an exemption of at least $3.5 million, and it could be set as high as $5 million if the Senate prevails. Estate tax legislation will include spousal transfers, making the exemption $7 million or more for couples.
The estate tax rate will be capped at 45%, as it is now.
Easing for the alternative minimum tax, but no repeal.
For Turbo Tax 2014, staying on top of longer term tax hikes continues. It's likely they will go even further and hit more people and businesses. The only other option is deep cuts in spending, including Social Security, Medicare and defense. Anyone making more than $100,000 a year will be at risk for higher taxes. The most likely option is to raise the cap on income subject to payroll taxes which now stands at $106,800.
Using (TaxCaster), TurboTax 2014 Tax Calculator
Paying the correct
amount of income tax payments throughout the year is very important
to all Americans. If a tax filer is not paying enough tax they
can get in trouble with the state and federal government which
could include penalties and interest charges. If someone
is not paying enough income tax they are tying up money they
could be using for other purposes.
The TurboTax tax calculator for 2014 is a free tool that can help a person calculate the correct amount of income tax payments that they are responsible for paying. This includes determining how much your employer should be withholding from your paycheck for taxes.
Tax calculator use requires a person has to first enter their filing status and tax year being filed. To do this you need to determine if you are are filing as a single person, married filing together with your spouse, or married and filing your tax return separately. A tax filer can also choose to file as head of household.
Other entries include
the number of dependent you plan to claim and number of exemptions.
Then your total wages from W2 forms or self employment are entered
as well as any capital gains or losses you may have experienced
during the year from sources like a separate business, real
estate investment, or farm income. Other income from social
security or unemployment is also entered to fill in the income
and expense data.
Then you will factor in any deductions that you will be claiming on your tax return. This includes charitable donations, alimony, mortgage interest, real estate taxes, and other taxes that have been paid during the year.
TaxCaster Calculator for 2014 will require you to enter
how much federal income tax was withheld along with your earned
income tax credits, and child care dedications. After this information
is entered the calculator will give you an estimated amount
of taxes that you should be paying in order to come close to
your final amount of taxes that will be due in the tax year.
Some calculators will even show the difference in taxes that
a person owes from one year to the next. This product will determine
if you will owe more tax in the upcoming year or if you are
going to be paying less income taxes.
The TurboTax 2014 tax calculator gives you a very good estimate of tax liability you will face based on the data you input into the tax calculator. Then you can take steps to prepare for paying the IRS to keep up on your taxes.
For 2014 TurboTax Tax Software the goal and promise is the same as every year. To get you the biggest refund possible, Guaranteed!