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TurboTax 2014

 

Is TurboTax 2014 the best choice for you?

 

The software development team at TurboTax has been busy grinding away to improve enhanced features in their 2014 tax software lineup.

 

TurboTax 2014 online tax preparation software takes on a whole new grind to simplify your efforts as it reconfigures and recalculates entries, instantly comparing different tax scenarios as it chooses the best path for your maximum refund.

 

TurboTax will also evaluate your 401K contributions to estimate how much you can contribute before it affects your take-home pay. This is a useful tool that can help take the stress out of the tax season. Quickly within seconds you can evaluate your tax choices to ensure your making the best decision.

Get TurboTax Online for 2014 Tax Preparation and FilingAs you prepare your taxes it's important that you make sure the information your reporting is 100% accurate. Using online tax software to prepare your return reduces the likelihood of a mistake since all calculations are automatically double checked.

 

Fact is, top online programs like TurboTax give you a guarantee of getting you the maximum refund possible per your individual tax situation. It thoroughly maximizes your deductions to reduce tax liability.

 

With the economy still in its slow, slow, slow recovery mode, many believe the worst could still be in front of us. Today there is a wide range of tax changes that deal with credits, deductions, and tax rate changes you should be aware of. TurboTax 2014 is a great tool to help you better understand the tax law changes that are coming and how to plan ahead to lower your income tax liabilities. Some of these changes may be up in the air, but on the whole taxes are going up due to our deficit and the disgustingly poor political management of our economy.

 

Some of the tax law changes covered in TurboTax 2014 Editions:

 

TurboTax Online Free Tax PreparationFor 2014 the proposed budget aims to raise approximately $580 billion in revenue through new taxes, limits on deductions, and other tax proposals. One big part of the revenue proposal is the so-called Buffett rule, which would ensure that households with income over $1 million pay at least 30% of their income (after charitable donations) in tax.

 

The Warren Buffett proposal name derives from Buffett's observation that his effective tax rate is lower than his secretary’s. The White House describes this as preventing millionaires from taking advantage of special provisions to pay taxes at lower rates than many middle-class families.

The new “Fair Share Tax,” rule which would close these loop holes and force fair share tax to equal the playing field between the rich and middle class. The Fair Share Tax would be phased in, starting at adjusted gross incomes of $1 million, and would be fully phased in at adjusted gross incomes of $2 million. The Office of Management and Budget estimates that this change would increase government revenues by approximately $99 billion over 10 years.

It's more important than ever that the new TurboTax 2014 tax products are designed to protect the middle class by insuring tax deductions are maximized.

 

This is influenced based on another proposal that intends to limit the value of tax deductions and other tax preferences. This would affect married taxpayers filing jointly with income over $250,000 and single taxpayers with income over $200,000. This proposal would limit the tax rate for taxpayers to be able to reduce their tax liability to 28%. This limit would apply to all itemized deductions; employer-sponsored health insurance; retirement contributions; foreign excluded income; tax-exempt interest; and certain above-the-line deductions.

Additional tax proposals include expanding the tax credit for child and dependent care, a $3 million limit on the size of individual retirement accounts and other tax-preferred savings accounts..

The president’s 2014 budget would also change the depreciation rules for corporate aircraft. Currently, airplanes, such as corporate jets, that are not used in commercial aviation or to carry freight can be depreciated over five years. Commercial aircraft, on the other hand, have a seven-year depreciation period. The budget proposes applying the seven-year deprecation period to all aircraft where this change may reduce the deficit by $2.7 billion over 10 years.

TurboTax Desktop Tax Preparation SoftwareIn another proposal carried over from last year’s proposed budget, the 2014 budget would repeal a number of tax preferences that are currently available for oil, gas, and coal production. It is estimated that this would reduce the deficit by almost $44 billion over 10 years.

 

TurboTax Desktop Download and CD Installation Software Editions >>

 

While many tax law changes will effect many, or all of us, TurboTax 2014 tax software editions are set to make sure you get every opportunity to take every deduction possible in order to guarantee you your biggest refund, or lowest tax bill possible.

 

Rest assured, if your using the top rated product for you tax filing this year - you will come out ahead!

 

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