TaxSlayer Blog
TaxSlayer Blog is your source for tax preparation news, tips and advice.

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Name: Chris Buzzell Title: Web Designer/Software Developer Years with TaxSlayer: 8 Q: What do you like most about your job? A: I enjoy working beside my talented team in developing exciting new features and tools for TaxSlayer.com. Q: How does your job change throughout the year? A: During the off season the pace of my job is much slower. During tax season we go into maintenance and improving the software. Q: What do you enjoy doing when you’re not working? A: Spending time with my wonderful family, golf, tennis and I cannot lie, playing a little Xbox. Q: Something many people don’t know about you? A: I was blessed by winning a new Camaro. I then paid it forward by donating my current SUV to a church outreach program.

Categories: TaxSlayer Team Profiles
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If you find something that you really need (or occasionally really want), don’t automatically go to the store and purchase it. Ebay, Craigslist and your local classifieds are all great resources for finding great deals on used items. Did you know that you can buy many items in used (sometimes even new) condition AND save a lot of money? Last year, I was on the hunt for some new tires for my truck. For several weeks, I scanned craigslist daily trying to find some tires for a cheaper price than my local tire dealer. Finally, I came across 4 brand new tires for $175 less than what I was quoted locally. It was a rare find, but a deal none the less. So next time you’re on the lookout for something new, try doing a quick search for it on these websites for a few weeks and see if you can find a deal!

Categories: Frugal Living Tips and Savings
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If you know how to use the child and dependent care expenses credit and the child tax credit, you are more likely to get the maximum refund when you efile your taxes. First, however, you have to understand how the two credits work in your income tax return – and how they work together, so you don’t spend valuable time worrying over how TaxSlayer estimates your refund. Many taxpayers who are eligible to claim the child and dependent care expenses credit are confused when they get the TaxSlayer program to estimate their tax refund and it doesn’t change. This is because the credit is nonrefundable, which means that it helps to decrease your tax liability. It doesn’t directly add to your income tax refund. If you have no tax liability (1040 line 46), then taking the credit will not help you get closer to your maximum refund. The child tax credit is also a nonrefundable credit – sort of. Before getting into that, though, let’s look at how it affects the child and dependent care expenses credit. If the child tax credit zeroes out line 46, you will not be able to take the child and dependent care credit. However, if there is anything from the child tax credit left over after line 46 is zeroed out, or if the credit adds up to more than $1,000, that leftover amount becomes a refundable credit, which means it will increase your refund. That leftover amount is called the additional child tax credit and appears on line 65 of your income tax return. Of course, every tax situation is different, but the general rule of thumb is to check on the child tax credit and additional child tax credit before worrying about the child and dependent care expenses credit. This is because using the child tax credit is usually to your benefit, as the leftover amount can be used to increase your income tax refund.

Categories: Online Tax Software Tips
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As the 2011 tax filing deadlines approach, taxpayers everywhere are extremely busy putting off their tax return preparation. If that sounds like you, or if you have a particularly hairy tax return, the IRS will allow you to apply for an extension of up to six months. It is important to note, however, that this extension allows you extra time to file your income taxes, not to pay them. The IRS still expects you to pay your taxes on time. If you do need the extra time for tax return preparation, however, the application process is an easy one, which you can do at TaxSlayer.com. You will need to file Form 4868. Find it by logging into your account and clicking the link to either start a new tax return or to access your return for the current year. At the very next page, click Edit Return, which will take you to the Main Menu (after you close the Interview Wizard popup). From the Main Menu, click Other Forms from the black pull-down menu. Then click Miscellaneous Forms, and then Application for Extension. That will take you to the Form 4868 page. TaxSlayer will ask you three questions: (1) your tax liability, which is the amount of taxes you owe; (2) your tax payments, which is how much you have paid, such as through withholdings; and (3) the amount of tax payment, or how much you are sending with your application. When you are finished filling out Form 4868, you may file it electronically just as you would file a tax return. You should get an acknowledgement within 24-48 hours of filing to tell you whether the IRS has accepted or rejected your application for extension. You can pay your income taxes either by credit card, or by printing out the form and mailing a check to the IRS.

Categories: Online Tax Software Tips
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