TaxSlayer Blog is your source for tax preparation news, tips and advice.
Now that tax season is over, you’re left with your tax records and hopefully a little of your refund as well! Many taxpayers often wonder how long should I keep my tax records. Is it 1 year, 2 years or until the end of the world? The IRS suggests holding onto most tax records for three years; however, some records such as a home purchase or sale, stock transactions, IRA and business or rental property should be kept longer. In addition to keeping tax records, the IRS states taxpayers should keep all documents that may have an impact on your federal return. This includes: • Bills • Credit card and other receipts • Invoices • Mileage logs • Canceled, Imaged or substitute checks • Proof of payment • Other records to support deductions or credits you claim on your return Speaking of deductions, did you know TaxSlayer.com has a feature that allows you to efficiently manage and track your deductions? “My Deductions” allows you to input all of your monetary, stock, mileage and noncash item deductions, as well as your employment and medical expenses. The beauty of this feature is that you can import these deductions directly into your tax return AND it will save you time when completing your tax return! To access the My Deductions tracker, login to your TaxSlayer.com account, then click on the My Deductions link. Once inside the My Deductions menu, you can add your deductions as they occur throughout the year.
Preparing your own taxes is easier now than ever before. TaxSlayer.com walks you through the entire process and dots every “i” and crosses every “t.” With that being said, there is always the chance that you may need clarification on a process in the software or need help with a complicated IRS issue. Fear not, TaxSlayer has more than enough options to help you with your questions. The TaxSlayer.com support team is very knowledgeable and is always willing to help with your questions. Email support is always available and you can usually expect a response back within a few hours and at times response will be instant. Our Classic Edition also includes phone support and our support representatives are always willing to assist in any way that they can. Furthermore, our Premium Edition offers priority support, ensuring that you get answers to your questions, by phone or email, right away. The TaxSlayer.com knowledge base can also answer almost any question that you may have. Compiled through our experiences with numbers of tax related questions, issues, and explanations you can find all of that here. This support module is also located within the program to help you along the way. If you are looking for direct help from the IRS, they have beefed up their offerings this year as well. The IRS has launched their Interactive Tax Assistant (ITA) to help with questions that may not be resolved through their frequently asked questions sections on their website. You can go here to start the process. The IRS describes ITA as “…a tax law resource that takes you through a series of questions and provides you with responses to tax law questions.” This process does not require any personal information and can be a valuable tool. The tools offered by TaxSlayer.com should make sure that you feel confident preparing your own tax return and you should feel comfortable that you are on your way to receiving the largest refund possible. Get started on TaxSlayer.com today.
This week TaxSlayer.com launched a mobile version of our website to iPhone users . The new mobile version of TaxSlayer.com allows you to create an account, login to your existing account, and access the My Deductions feature. In addition you can even estimate your tax refund via the Refund Calculator App. The new mobile site also offers a great way to check your tax return status on the go. Stay tuned for an Android version of the TaxSlayer.com website in the coming weeks. Click here to visit the TaxSlayer.com mobile site.
With tax season less than 2 months away, it’s time to start thinking about your tax return. For those of you that have graduated or finished your higher education, student loan repayments are now a big part of your life. If you haven't begun paying on your student loan, this guide will help alleviate some future confusion. Student loans can save you alot of money... up to a $2,500 deduction. But there are a few things you must know in order to claim the deduction. You can claim the deduction if all the following apply: • You paid interest on a qualified student loan in 2011 • You are legally obligated to pay interest on a qualified student loan • Your filing status is not married filing seperately • Your modified adjusted gross income is less than a specified amount which is set annually • You and your spouse if filing jointly cannot be claimed as dependents on someone elses return If the above apply to you, you are well on your way to claiming this deduction. If you paid $600 or more of interest on a qualified student loan during the year, you should receive a 1098-E student loan interest statement from the entity you paid. Now comes the easy part. With TaxSlayer.com all you have to do is enter the amount from the 1098-E into TaxSlayer.com and it will calculate your deduction. TaxSlayer.com simplifies the process. If you still need help, no worries! Check out our help videos that are found in the program once you login to your account. They are free and certainly will help!