US Social Security Information

US Social Security Information
Exhibit: Full Retirement and Age 62 Benefits, by Year of Birth

Year of birth	Full retirement age
1937 and prior	65
1938	65 and 2 months
1939	65 and 4 months
1940	65 and 6 months
1941	65 and 8 months
1942	65 and 10 months
1943-54	66
1955	66 and 2 months
1956	66 and 4 months
1957	66 and 6 months
1958	66 and 8 months
1959	66 and 10 months
1960 and later	67
Note: persons born on January 1 of any   year  should refer to the normal retirement  age for the previous year.

Source: Social Security Handbook-Section 723.5
THE EARLIEST AGE FOR FULL BENEFITS

Through most of Social Security’s history, 65 was the magic age. Claiming retirement benefits before then and you can start as early as age 62 meant accepting a lifetime reduction in benefits. For folks retiring this year, though, the magic age is 66 ... and the age at which you can start collecting benefits without being docked for starting early -- or being threatened by the earnings test -- is increasing.
Exhibit: Earliest Age for Full Retirement Benefits

                                                                         Cut in benefits

Birth year         Full retirement age           if claimed at 62

1943-1954	66	25.00%
1955	66 and 2 months	25.83
1956	66 and 4 months	26.67
1957	66 and 6 months	27.50
1958	66 and 8 months	28.33
1959	66 and 10 months	29.17
1960 and later	67	30.00

Source: Social Security Age Reduction

Internet Links

Here are some great Web Sites

For example, visit: Track Your IRS Refund
• We don't necessarily endorse any of them, but find them useful for our purposes. 
• Want to know more? 
• Simply highlight the area of interest. 

Services
Administration on Aging AoA Programs - US Dept of Health & Human Services | Older Americans Act & Aging Network | Home & Community Based Long-Term Care | Elder Rights Protection | Health, Prevention, and Wellness Program | Special Projects | Tools & Resources | SUA/AAA Finder Organized and coordinated providing community based services. Local level - Area Agency on Aging | meals | care giving | house maintenance | case management

Aging with Dignity | Five Wishes | Combination Living Will & Health Power of Attorney The Five Wishes is a user-friendly document that serves as a combination living will and health power of attorney. It allows you to name the person you want to make medical decisions for you and to describe the medical treatment you want or don’t want, as well as your personal, emotional and spiritual needs for your end-of-life care and death. Five Wishes is America’s most popular living will & health power of attorney because it’s written in everyday language and helps people express their wishes in areas that matter most — the personal and spiritual in addition to the medical and legal. It also helps you describe what good care means to you, whether you are seriously ill or not. It allows your caregiver to know exactly what you want. | Completing Five Wishes is a gift to your family, friends and your doctor because it keeps them out of the difficult position of having to guess what kind of treatment you want or don’t want. 

Ask Jeeves We have found this search engine to be fairly good compared to other search engines. 

BenefitsCheckup.org A service of the National Council on Aging * Find Benefits Programs...Get all the benefits you deserve. Find and enroll in federal, state, local and private programs that help pay for prescription drugs, utility bills, meals, health care and other needs.

BizStats.com Instant access to useful financial ratios, business statistics & benchmarks. Effective, understandable analysis of businesses & industries. This benchmarking tool provides national average results of US Sole Proprietorships and does not include operating results for corporations, LLC's and larger entities. These are nationals averages only, individual results will differ, and the differences may be significant.

EIN Application EIN over the Internet is a Web-based application that allows employers to apply for and receive an EIN on-line. The SS-4 Form on this site can be filled out on line. The toll-free number for EIN's 866-860-2065 is up and running

Elder Care Locator Welcome to the Eldercare Locator, a public service of the U.S. Administration on Aging connecting you to services for older adults and their families. You can also reach us at 1-800-677-1116. Related Searches | Retirement Planning | Future Retirement Planning | Retirement Advisor | Nursing Home Directory | Retirement Home | Independent Living | Find a Doctor | Health Insurance | Retirement Community | Retirement Homes | Assisted Living Home

Exchange Authority The power of exchange. IRC 1031 "Qualified Intermediary"

FedForms Federal Government Forms Catalog

FedWorld John Q. Public meets Uncle Sam at FedWorld. You will find a wealth of government and business information-everything from government standards to 17,000 trade-related documents and up-to-date analyses of major U.S. industries.

IRS Video Portal | Tax Questions? Watch Videos - Get Answers Tax Questions? Watch Videos Get Answers -- Individuals | Small Businesses | Tax Professionals | Governments | Español | Learn about tax topics through video and audio presentations. Archived versions of live panel discussions • Archived webinars • Video clips • Audio archives of national phone forums

Mapquest.com Mapquest provides maps to and from desired destinations. The service also tells you the distance (in miles) and anticipated travel time. The service is free.

National Association To Stop Nursing Abuse Our website is a resource for families and individuals who may be facing nursing home abuse and neglect. We are trying to raise awareness about nursing home abuse and we need your help. Please consider placing a link to nursinghomeabuse.net on your website so that we can reach more people about this important topic.

National Family Caregivers Association The National Family Caregivers Association educates, supports, empowers and speaks up for the more than 65 million Americans who care for loved ones with a chronic illness or disability or the frailties of old age. NFCA reaches across the boundaries of diagnoses, relationships and life stages to help transform family caregivers' lives by removing barriers to health and well being.NFCA's core Caring Every Day messages are:
• Believe in Yourself.
• Protect Your Health.
• Reach Out for Help.
• Speak Up for Your Rights.

Rosalyn Carter said it best: “There are only four kinds of people in the world – those who have been caregivers, those who are currently caregivers, those who will be caregivers and those who will need caregivers”. Caregivers are needed for family members of all ages. With appropriate information and support, family caregivers can help their loved ones across the lifespan.

Offer-in-Compromise People having severe money problems can ask for a break on back taxes...can offer to settle their tax bill for less than the total amount owed.

Small Business Community This website focuses on small business owners and self-employed individuals and 
provides them assistance with an array of basic tax questions and issues.

Social Security Administration The Social Security Administration web site. This is a great place to request earnings reports or to ask questions about Social Security.

superpages.com Find addresses quickly using People Pages or do a reverse lookup based on telephone number.

Taxpayer Advocate When an ongoing tax issue can't be resolved through the usual IRS channels. When significant hardship could result unless tax relief is granted. This taxpayer may qualify to request a Taxpayer Advocate. Your Advocate will hear your point of view, take a fresh look at the situation and stay with you until those tax tangles are resolved fairly. This service can be requested for both individual and business taxpayers.

Track Your IRS Refund Track your refund. If you would like to know when you will be receiving your tax refund from federal and state, this is the place to check. IRS: Click here

Understanding Your IRS Notice or Letter Understanding Your IRS Notice or Letter

US Savings Bonds In 1990, the Treasury Department announced the "Education Bond Program." This program allows interest to be completely or partially excluded from Federal income tax when the bond owner pays qualified higher education expenses at an eligible institution or State tuition plan in the same calendar year the bonds are redeemed. Payments to State tuition plans have been eligible since January 1, 1998. Series EE bonds issued January 1990 and later, along with all Series I Bonds, are eligible for this program. You aren't required to indicate that you intend to use the bonds for educational purposes when you buy them, but make sure you meet the program's requirements, some of which apply when you buy the bond(s).

US Senate Keep up with active legislation in the Senate.

US Small Business Administration No matter what stage your business is at, you will find a wealth of information here on starting, running and expanding. Get step-by-step information on launching a business, find out about SBA loan programs, take an online course or register your business in Pro-Net for government contracting opportunities.

US Tax Center This is NOT the IRS government site. It is an independent tax source, providing information, forms and useful links. It also provides a link to tax professionals and contains filing software.

US Treasury Service One of the most frequently visited sites in America. The Internal Revenue Service has more than you would ever want to know regarding taxes. This government site contains information about taxation and forms that can be downloaded. Publication 17 (Your Federal Income Tax) provides instructions for completing Form 1040. Publication 554 (Older American's Tax Guide) offers detailed discussion of taxation issues of special interest to seniors. Publication 915 (Social Security and Equivalent Railroad Retirement Benefits) offers a comprehensive discussion of the taxation of Social Security and railroad retirement benefits.

The Weather Channel This site provides weather local, national, and international weather forecasts.

Reverse Auction Sites
Ebay Ebay is one of the largest Internet companies that allows users to buy and sell goods. But beware...try as they might some users are not on the up and up.

Respond.com This reverse auction site allow you to tell many companies what you want and they will bid to get your business.

Research
AARP The Money and Work section of AARP's website contains information on financial planning, low-income help, reverse mortgages and Social Security.

Benefits Calculator This calculator is provided by the Social Security Administration.

Bob Brinker.com Bob Brinker leading you to the land of critical mass.

Bureau of Labor Statistics Economy at a glance, career guides, jobs, inflation and spending.

CNN News sites do not get more thorough than this. You will find up-to-the-minute coverage of the latest news events, complete with audio, video, and tons of links to related stories and background material. CNN Remote delivers news updates to your Desktop every five minutes.

Dave Ramsey Life & Money | Business & Leadership | Kids & School Curriculum | Church Leaders

Estate Planning Links A helpful consumer site regarding general estate planning information.

Faith Communities Many faith communities fulfill a strong social role in providing services to seniors. Churches may run adult day care programs or provide meals or shelter. Organizations such as Catholic Charities and Jewish Family Services often have some care management and companion services available for seniors.

Federal Non-For-Profit Status Is my donation deductible? Verify charity exemption status:

Federal Trade Commission Check out the FTC's section on "Consumer Protection," including a quiz on investments.

Financial Engines Financial Engines offers a web-based calculator, developed by Nobel Prize winner William F. Sharpe, professor emeritus at Stanford University. The calculator analyzes relative portfolio risk and the probability of reaching retirement financial goals with a given portfolio. It also allows the user to modify assumptions about returns, asset class selections and retirement dates to project the likelihood that certain actions will increase the likelihood of achieving retirement goals.

Find Law This site provides general information on estate planning and the opportunity to locate an attorney who specializes in estate planning.

Forbes Read up on the latest business news, then check out the Starting Your Own Business articles in the Small-Business Center for ideas and advice.

Khan Academy With over 3,200 videos on everything from arithmetic to physics, finance, and history and hundreds of skills to practice, we're on a mission to help you learn what you want, when you want, at your own pace. 

Kiplinger's Surf Kiplinger's website for new ideas on investing, managing money, spending, and informative articles.

Last Wishes Final Arrangements I know no one likes to think about this, as if thinking about it might cause it to happen, but your physical existence is going to end one day. More often than not, it's a total surprise when it happens and no one, including the deceased, is prepared for all that comes next.Personal Fact Sheet | Simple Will | Living Trust | Pour Over Will | Advance Health Care Directive | Living Will | Health Care (Durable) Power of Attorney | Power of Attorney | Organ Donation | Funeral Home Arrangements | Treatment of the Body | Memorial Services | Notification | Additional Information | Links

Medicare Medicare's website offers detailed information on its programs, as well as Medicaid enrollment, qualifications and benefits.

Money Magazine Click on "Retirement"

MSSP The Market Segment Specialization Program focuses on developing highly trained examiners for a particular market segment. A market segment may be an industry such as construction or entertainment, a profession like attorneys or real estate agents or an issue like passive activity losses. An integral part of the approach used is the development and publication of Audit Techniques Guides. These Guides contain examination techniques, common and unique industry issues, business practices, industry terminology and other information to assist examiners in performing examinations.

National Association of Enrolled Agents A network of 10,000 tax experts serving individuals and companies. Responsive and respectful to diversity and client needs. Representing over 5 million US taxpayers.

National Network of Estate Planning Atorneys This site provides general information on estate planning and the opportunity to locate an attorney who specializes in estate planning.

National Society of Accountants "Bringing you the latest on the accounting and tax profession."

NOLO - Law for All This site contains broad information on estate planning, trusts, probate, wills, estate and gift taxes and incapacity.

OSHA OSHA's pages provide a wealth of information related to the agency's workplace safety standards and regulations.

Qualified State Tuition Plans (Section 529 Plans) QSTP earnings will be tax-free if spent on qualifying education -- in this case college only. Each state has its own, and there are several differences in the details from state to state.

Resource for Non-Profits Scanned images of all 990's and 990PF's filed with the IRS

Self Growth.com Extraordinary tools for self-improvement and natural brilliance.

SmartMoney, Estate Planning section This site includes consumer information, articles and calculators for net worth and estate taxes.

Social Security - When is the Right Time? A Web site developed by Boston University professor Laurence Kotlikoff and other economists. You find the case studies by first clicking on the "Learn More" link at the site.

Suze Orman What You Need Today To Protect Your Tomorrows

Tax Prophet News, articles, interactive research, monthly articles and published writings.

Tax Scams The IRS established a web site designed to alert tax practitioners and taxpayers to tax scams and fraud schemes. The website highlights priorities for Criminal Investigation (CI). Current focus is abusive foreign and domestic trusts, employment tax evasion, and nonfilers.

TAXSites.com This site is a tax and accounting site directory and features an extensive list of federal guidelines to help with tax preparation.

Test Your Money $marts The US Securities and Exchange Commission (SEC) has developed an interactive quiz for students, "Test Your Money $marts." And for those already in the stock market, check out the information on consumer protection, listed under "Investor Assistance and Complaints."

THOMAS - Contact Info for all Members of Congress THOMAS Library of Congress Website - Government contacts. THOMAS was launched in January of 1995, at the inception of the 104th Congress. The leadership of the 104th Congress directed the Library of Congress to make federal legislative information freely available to the public. Since that time THOMAS has expanded the scope of its offerings to include the features and content listed below. Bills :: Resolutions :: Activity in Congress :: Congressional Record ::Schedules :: Calendars :: Committee Information :: Presidential Nominations :: Treaties :: Government Resources For Teachers :: Help and Contact

Truth About Frivilous Tax Arguments Quatloos! Why pay taxes? "The Truth About Frivolous Tax Arguments" responds to some of the more common frivolous "legal" arguments made by individuals and groups who oppose compliance with the federal tax laws. These arguments are grouped under six general categories, with variations within each category. Each contention is briefly explained, followed by a discussion of the legal authority that rejects the contention. A final section explains the penalties that the courts may impose on those who pursue tax cases on frivolous grounds.

US Government Search This is a search engine specifically for U.S. Government information.

US House of Representatives Keep up with active legislation in the House.

USA TODAY.com Timely information for small business people.

White House This is the web site of the President of the United States. Want to hear, first hand, what the President is saying? Or want a tour of the White House? This is the place.

Worker Status Classify independent contractors at inception.

Taxman cometh...will you be ready?

Taxman cometh...will you be ready? Have you just received a notice from the IRS? Do you need a Tax Professional? Enrolled Agent? Greater Salem area, serving individuals, and small businesses -- current and delinquent tax returns, IRS audit and collection representation, problem resolution, offers in compromise. Give us a call, 24/7, 365 days a year at 603/893-9336.
Visit: Letters and Notices Offering an Appeal 

Charitable Contributions to foreign organizations

Charitable Contributions to foreign organizations
In general, foreign contributions are not deductible. There are exceptions for contributions made to organizations in Canada, Mexico, and Israel.
Exceptions:

Canada
The taxpayer may deduct contributions to certain charitable organizations under the income tax treaty with Canada. The taxpayer must have Canadian source income.
Mexico
The taxpayer may deduct a contribution to certain charitable organizations under the income tax treaty with Mexico. The organization must meet tests that are essentially the same as the tests that qualify U.S. organizations to receive deductible contributions. The organization should provide information about whether it meets these tests. To deduct a contribution to a Mexican charity, the taxpayer must have income from sources in Mexico.
Israel
The taxpayer may deduct contributions to certain charitable organizations under the income tax treaty with Israel. To qualify for the deduction, the contribution must be made to a charitable organization established under the laws of Israel. The deduction is allowed in the amount permitted if a U.S. organization, but is limited to 25% of the taxpayer's adjusted gross income from Israeli sources.
Before you make a contribution
If contributions made to certain Canada, Israel, and Mexico organizations meet the same qualifications that a U.S. organization meets under U.S. tax law, then you can deduct your contribution. The organization itself can tell you whether or not it qualifies. If the organization is unable to provide you with an answer, you can contact the IRS and they will be happy to tell you.

You cannot deduct more than the percentage limit imposed upon Canadian, Israeli, and Mexican source income.  If you or a family member is enrolled in a Canadian university or college, there is no deduction limit on the contributions made to the school.  This is frequently referred to as the United States-Canada Income Tax Treaty. 

Before you make any contribution, make sure you check what is and is not deductible on your income taxes.  Make sure you research before donating to a foreign charity.  You know that if the organization does not have any United States interest and is not based in Canada, Israel, or Mexico, a deduction to that particular donation will be disallowed.

Filing a Late Return -- get help now!

Filing a Late Return -- get help now!
The IRS provides an opportunity to taxpayers to file tax returns months or even years after the required deadline. Such delayed returns do come with various consequences, but they can also enable a taxpayer access to various tax related benefits.

What Happens when You Do Not File

If you do not file a return in a given year, the IRS generates a substitute return based on the information that they have from third party sources. Since a copy of Forms W-2, K-1, and 1099, among other tax documents, are sent to the IRS, they are able to come up with a substitute return with these. However, the IRS does not include deduction or credits that you may be entitled to. Once the IRS generates the substitute return and determines your tax liability, they commence the collection process to recover the taxes due.

Why You May Need to File a Late Return

There are various reasons as to why you may need to file a tax return for past tax periods:

Filing when "Not Required" to File – If you are not required to file a tax return because of the threshold of your income, you can still file such a return to claim various tax benefits. You can file returns for as far back as three years. Such  returns does do not attract any penalties as filing a return was not required in the first place. The taxpayer can in such a case get refunds for various benefits that were unclaimed over the period.

Claiming Tax Reliefs - If a substitute tax return was used and you were denied various benefits that you were entitled to, you can file a late return to claim such tax benefits.

Mitigate Losses – The penalty for not filing a return is usually much higher than that of filing late. Furthermore, the later you file, the higher the penalties charged and interests in case there is some outstanding taxes. Therefore, to mitigate the losses that would arise from further delays or from not filing, it may be wise to file sooner than later.

Social Security Benefits – For those who are self employed, they will need to file a return in order to get the Social Security benefit. This is because the Social Security Administration gets its information of Social Security for self employed income from the IRS. Therefore, to access such funds, one may be required to file a return, even though this is done late.

Accesses to Credits – If you are looking to take a mortgage, business loan and many other types of loans, your financier may require you to provide evidence of having filed your returns. Therefore, in such a case, you may have to file a late return so as to access such credit.

Apply for Education Federal Aid – Various federal educational grants and reliefs require one to have filed a tax return. Therefore, if you wish to apply for such aid and did not file a return in a given year, you may have to file a late return so as to qualify.

Filing the Late Return

It may be advisable to seek the help of a licensed tax professional when filing a late return. Filing late may attract penalty charges that are debited onto your tax account. If you owe taxes, the IRS will also include this and charge interest.

Tax Tips for Farmers

Tax Tips for Farmers

• For classification purposes, the IRS considers more than just ground tillers as farmers. The IRS regards orchards, livestock, dairy, poultry, vineyards, ranches, ranges, and even fish as farming.  For tax purposes, if the activity is owned by a sole proprietor, farming is considered a small business. However, these activities are reported on Schedule F rather than Schedule C of Form 1040.
• The basic rules governing all small businesses apply with some interesting exceptions.
• Here are the basic rules:
• Net profit is subject to self-employment tax, which is calculated on Schedule SE.
• You may deduct all “ordinary and necessary” business expenses.
• Workers you hire are subject to payroll tax withholding and matching unless they pass the test to categorize them as independent contractors.
• Net operating losses can be carried back or forward.
• You may deduct self-employed health insurance on Line 29 of Form 1040.
• You may deduct retirement plan contributions to an IRA, SEP IRA, etc… as an adjustment to income on Form 1040.
• Cost of goods sold: If you purchase livestock for resale, you may take the deduction when you sell the beast (including transportation costs) not when you purchase it.
• The hobby loss rules apply – profit in three of last five years. For breeding, showing, training, and/or racing horses – two of the last seven years.
• There are some interesting tax treatment differences between small businesses and farming, and farmers are given some tax breaks not offered to other business owners.
• First of all, if a farmer enjoys increased income one year, he can elect income averaging by considering the last three years of low income in order to reduce the current year tax bill. This method will not change a prior year’s tax liability. Basically, the data from prior years is used to determine the current year tax. In the past, income averaging applied to everyone, whether you were a farmer, a self-employed business owner or a wage earner. But this concept was written out of the tax code in the 1986 tax reform--with the exception of farming.
• Secondly, rental income is generally not subject to self-employment tax. However, if you rent some of your land to a farmer and you materially participate in those farming activities – such as a share-cropper arrangement – this form of rental income subject to self-employment tax. If you are paid in crops, the value of those crops is included in income and becomes subject to self-employment tax.
• As you are likely aware, land is not depreciable. However, if you are a vineyard owner, you may allocate a certain percentage of your land as “appellation” and deduct amortization based on that value.
• Fuel used off-road for farming activities can be subject to federal excise tax refunds or credits. Use IRS Form 4136 to claim a credit and Form 8849 to request a refund. Visit your tax pro or peruse the instructions for these forms to ensure that you qualify.
• Some expenses considered “ordinary and necessary” include: clearing brush from an area you wish to farm, removing sentiment from drainage ditches, and expenses for endangered species recovery. You may deduct expenses for soil and water conservation as long as they do not exceed 25% of your income from farming.
• Crop insurance proceeds granted to a farmer resulting from crop damage must be included in gross income. You generally include them in the year you receive them.
• Some income can be declared in a subsequent year. For example, if you sell more livestock, including poultry, than you normally would in a year because of weather-related conditions, you may be able to postpone until the next year the reporting of the gain from selling the additional animals.
• And some income is not taxable. For example, income from certain cost-sharing conservation programs may not be taxable.
• For more information about farming, check out Farmers Tax Guide available on the IRS website.
  Courtesy: Bonnie Lee is an Enrolled Agent admitted to practice and representing taxpayers in all fifty states at all levels within the Internal Revenue Service. She is the owner of Taxpertise in Sonoma, CA and the author of Entrepreneur Press book, Taxpertise, The Complete Book of Dirty Little Secrets and Hidden Deductions for Small Business that the IRS Doesn't Want You to Know. Follow Bonnie Lee on Twitter at BLTaxpertise and at Facebook.

The saying “What you sow is what you reap” is an age-old, farmer’s adage replete with wisdom that is still very much relevant even in the information and internet age. 

In a salesman’s quest for wisdom, knowledge & of course lots of sales, here are some things we can humbly learn from farmers according to Carl Dy:
1. Farmers are visionaries – They have a clear vision of what their land will be after months of cultivating it. You will hear nothing but stories of what they did before, during and after a harvest. Similarly, a salesman in general should have a clear picture of where they want to be and what they want to have in the future.
2. Farmers know their Market – Before they plant, they have identified already where to sell their produce so it can be traded for goods or money. It is very important for a salesman to correctly know who and where to sell his products to.
3. Farmers set the groundwork – Before the first seed is planted, a farmer makes sure the soil is fertile, and the soil is ideal for the seed to grow. Product knowledge is the groundwork for a salesman. Before you make your 1st sales call, make sure you know your product by heart. As the famous adage goes “Eat, sleep and breathe with your product”
4. Farmers understand their crop – Farmers are the experts when it comes to their crops and well farming of course! They know when it bears fruits, what pests attacked it, how weather can affect its growth. A salesman should before anything else be an expert of his product. Knowing all the strengths and weaknesses of the product before he goes to market is tantamount to winning the deal already.
5. Farmers are focused – Once a farmer goes out into his field, it is just him and his crops. Salesmen should learn to take away time traps (long breaks or chats) or irrelevant disruptions like personal issues during work hours and instead focus on the task at hand. Success will follow easily if you invest heavily in time and effort.
6. Farmers are patient – They know that the sometimes tedious, daily watering, weeding and pruning is needed so that the crops will be ready when harvest time comes. Similarly, salesmen should learn to be patient and first take good care of their prospects. They should know when the time is right to close the deal.
7. Farmers are protective – They protect their crops from weeds, pests and diseases by means of pesticides, herbicides and other techniques known only to their industry. A salesman should know how to protect his clients from other predators (sales reps) by keeping them happy and nourishing the relationship continuously.
8. Farmers pray and have faith – Farmers pray to their Gods for a bountiful harvest. Similarly, it wouldn’t hurt for a salesman to pray to his own God for guidance, support and divine intervention.
9. Farmers know the right time to harvest – If a crop is harvested early, the crop is no good. Likewise, reaping the fruits when it’s overripe is a no brainer. A salesman should learn the right & appropriate time in closing the deal. He takes a ‘sweet, slow but sure’ route to success.
10. Farmers don’t linger too much after a yield – They move straight back to preparing the land for the next tilling and planting. Likewise, a salesman who closes a deal should start all over again with all his successful strategies on one hand and all of his vital learning’s on the other before setting his sights to another successful run.
Courtesy:  For consultations, Carl Dy - e-mail: dy.carl@ayalaland.com.ph or dycarl@gmail.com

7 Free Tax Software Options Compared What Tax Help Do You Really Get?

7 Free Tax Software Options Compared What Tax Help Do You Really Get?
Compare the top free tax software to find out what you really get with each. All software listed come with accuracy guarantees, and most offer a highest tax refund guarantee as well as a state tax return, but usually at an additional cost.

Tip: Free tax software is typically offered only an option for new customers. If you used free tax software last year and you want to use the same software this year, you will probably have to pay for it, or you'll have to choose another free tax software to use this year to avoid charges.

1. H&R Block At Home Free Edition
H&R Block At Home Online Free Edition
HRB Digital LLC
H&R Block At Home Free Edition covers many common tax deductions and only occasionally reminds you that you could update to a paid version. At Home Free Edition users can ask tax questions online and have them answered by tax professionals.

What You Get:
H&R Block Worry-free Audit Support (tax professional will assist you if you're audited).
Step-by-step guidance for completing your taxes.
Covers common deductions related to owning a home, charitable contributions, etc. and tax credits.

What You Don't:
Does not import last year's tax data, 1099 or W-2 forms.
No DeductionPro.
No investment support other than dividends or capital gain distributions.

Visit H&R Block At Home Online
H & R Block At Home Tax Software Review

2. TaxACT Free Edition
TaxACT Life Events Feature
2nd Story Software
Any income tax return can be filed with TaxACT Free Edition, a claim that can only be made by one other online tax preparation solution, IRS FreeFile Fillable Forms, which has nowhere near the same features.

What You Get:
Supports more complex returns.
Use online, or on your desktop with free download.
TaxACT Answer Center for answers to tax questions and help with using TaxACT.
For the college-bound: TaxACT's Federal Student Aid Tax Worksheet makes completing the FAFSA easier.

What You Don't:
No import for W-2 income data, capital gains information and last year's tax data.
Does not provide TaxACT Donation Assistant for placing a value on non-cash donations or help with life changes that may impact income taxes.
No free state return. $14.95 cost to add.

Visit TaxACT
More TaxACT Details

3. TurboTax Free Edition
TurboTax Free Edition
Intuit Inc.
TurboTax Online Free Edition has some decent tax help features, and this year includes unlimited help from a tax adviser for free.

What You Get:
Audit Support Center download.
Life Events Expert tool find life changes in the past year may impact taxes.
Repeated reminders for upgrading to a paid version.

What You Don't:
If you need to file any form other than a 1040 EZ, you probably can't use TurboTax Free Edition.
TurboTax Free Edition does not import W-2 or other income data, or last year's TurboTax return.
No integration with ItsDeductible Online or support for other common tax deductions.

Visit TurboTax Online Free Edition
TurboTax Review

4. CompleteTax Online Tax Software
CompleteTax Tax Interview
CCH
For tax year 2011, CompleteTax made some significant improvements to how the tax software works, based on customer comments and use trends. CompleteTax Basic is free at the time this is written.

What You Get:
Support for single and married filed jointly or separately statuses.
Lots of guidance for various tax credits.

What You Don't
A free state return. CompleteTax State is $29.95, which includes state e-file.
Support for itemized tax deductions.

Visit CompleteTax
CompleteTax Tax Software Details

5. IRS Free File
IRS FreeFile
IRS.gov
The IRS Free File program offers access to over a dozen free online tax software providers, or Free File Fillable Forms. The second option, which is light on features, simply offers a way to fill in tax forms online and then submit your return via free e-File. Free File Fillable Forms includes no guidance for completing your tax return, but does some calculations.

What You Get:
Free federal electronic filing.
Everyone can use Free Fillable Forms.

What You Don't:
The free tax software with more features offered by IRS Free File has eligibility requirements, such as a maximum adjusted gross incomeand you may not qualify.
Free Fillable Forms isn't available for state income tax returns, only federal returns.

Visit IRS Free File
Learn More About IRS Free File

6. eSmart Tax Basic Edition
eSmart Tax
from Liberty Tax
eSmart Tax Basic is probably the only free tax software that imports last year's tax return from competitors (TurboTax, H&R Block At Home and TaxACT), so you have fewer opportunities to make errors.

What You Get:
CPA will help you if you're audited.
Imports data from W-2 and 1099 forms.

What You Don't:
No support for dependents.
You'll have to pay for tax help, higher versions include this.
No itemized deductions support, can only file a 1040 EZ.
No free state return, cost starts at $19.95.

Check out eSmart Tax Basic online

7. TaxSlayer Free Edition
TaxSlayer Tax Software
TaxSlayer
TaxSlayer paid versions are the least expensive tax software you can find. There's a fully-featured free Military Edition offered to active duty military personnel, but we're taking a look at TaxSlayer Free Edition, which is only useful if you file a 1040EZ.

What You Get:
Step by step help with finding tax deductions (see below).
Life Events Wizard identifies possible tax implications of life events that occurred over the year.

What You Don't:
Support is limited, although adequate for simple returns.
Deduction support is useless since you can only file a 1040 EZ.
No free state return, $17.90 for one state and $7.95 for additional states.

Check out TaxSlayer.com Free Edition

Updated 03/10/2012 Source: By Shelley Elmblad, About.com Guide