While deductions are getting reigned in by the IRS, you can still benefit by taking advantage of any opportunity to qualify for them. The TurboTax 2018 editions are your best friend when it comes to making sure you are applying every opportunity you can to to lower your tax bill. With top notch GPS guidance you don't need to be a tax wiz to get your biggest refund.
Why TurboTax 2018 is the right choice for your online tax preparation and filing for both federal and state online income tax filing needs.
TurboTax 2018 offers an intuitive approach to your tax preparation process by analyzing your data through an interview process. It then searches through thousands of deduction opportunities to find any that can be applied to you and your occupation industry. This insures your taking every deduction, credit, and benefit to lower your tax liability.
File online electronically with TurboTax 2018 for the fastest refund.
Filing electronically by efile is the smartest choice if you are expecting a tax refund. The federal government (IRS) processes electronic filed returns faster than ones file on paper. You can rest assured that the IRS received your electronic filing with their confirmation email, a much more relaxing process than hoping they received your return by postal mail. No confirmation...
With electronic filing you can expect to receive your refund considerably quicker with direct deposit into your checking or savings account, or your IRA. e-filling is a snap with any of the TurboTax 2018 Online tax preparation editions. These editions include:
- TurboTax Free Edition for simple tax filing, the most basic package.
- TurboTax Basic Edition with added extra guidance and import capabilities.
- TurboTax Deluxe Edition includes extra support for maximizing deductions.
- TurboTax Premier Edition adds in investment and rental property tax management.
- TurboTax Home and Business Edition gives you the best of both worlds in one package for all your tax filing needs, personal and business.
While there are many reasons to oppose Obama care, it is important to
remember that Obamacare is an Individual Mandate Excise Tax. Starting in
2018, anyone not buying “qualifying” health insurance must pay an income
New Employer Mandate Tax: As of Jan 2018, if an employer does not offer health coverage, and at least one employee qualifies for the health tax credit, these employers will be required to pay an additional non-deductible tax of $2000 for all full-time employees.
This provision is applicable to any employer with 50 or more employees. If any employee does receive coverage through the exchange, the employers penalty for that employee raises to $3000. If the employer requires a waiting period of 30-60 days for the employee to enroll for coverage, there is a $400 tax per employee ($600 if the period is longer than 60 days).
There is no doubt that TurboTax 2018 tax software editions will be loaded up with the new tax law changes involving health care reform. With that said, I know TurboTax is always a few steps ahead of the game when it comes to providing comprehensive full service tax software that you can count on.
TurboTax and Adjustments with Tax Credits in 2018
When enrollment in the Health Insurance Marketplace starts in October 2018 for the Affordable Care Act Tax Provisions, tax payers may be eligible for a new kind of tax credit that you will be able to use right away to lower what you pay on your regular monthly health care plan premium.
Those tax filers that qualify may take the tax credit in the form of an advance payment to lower their monthly health care plan premium starting in 2018, this will help make health insurance more affordable for those that are strapped by health care costs.
The advantage is that tax credits can reduce your costs right away compared
to most tax credits where you have to wait until you file your taxes to
take advantage of it. This new tax credit available through the Marketplace
allows you to take advantage of it right away.
The 2018 tax credit is sent directly to your insurance provider and then applied to your premium so that you are able to pay less in out-of-pocket expenses.
Check back to see how the TurboTax 2018 tax software editions will address this and make tax filing easier and better by insuring you get every tax break possible. After all, we don't need to be giving our government any more of our hard earned dollars than we have to.