TurboTax 2014 Online
Tax Preparation Software
Turbo Tax 2014 Tax
Some significant 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
Itemized deductions may be limited
and capped, hurting charitable
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,
No more “wealth” tax for the middle
Child-care, low-income and American
Opportunity tax credits may be
Tax Hikes Coming in 2014
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
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
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
TurboTax 2014 Tax Calculator (TaxCaster)
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
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.
TurboTax 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!