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TurboTax Is Miscalculating Tax Returns

TurboTax–the leading do-it-yourself tax software estimated to be used by 40 million taxpayers in 2010–is miscalculating tax returns:

A flaw in the most recent version of TurboTax, the nation’s most popular tax-preparation software, may have caused thousands of retired federal employees to overstate their medical deductions and unwittingly underpay the Internal Revenue Service, according to federal officials.

Overstating your deductions–knowingly or unknowingly–can lead to large penalties and interest since it could take years before the IRS contacts the taxpayer alerting them of an adjustment.

The program has nonetheless been troubled by occasional glitches and security breeches, notably in 2007, when so many last-minute filers overwhelmed the TurboTax servers that many returns failed to make it to the I.R.S. by the filing deadline. Continue reading.

Half of Americans Will NOT Pay Taxes in 2010

All is not well at the IRS. According to the Tax Policy Center–and what is surely to exacerbate the Federal budget crisis-47% of American households will pay ZERO federal income taxes this year.

Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability…In recent years, credits for low- and middle-income families have grown so much that a family of four making as much as $50,000 will owe no federal income tax for 2009, as long as there are two children younger than 17, according to a separate analysis by the consulting firm Deloitte Tax.

Even if you do not have to pay federal taxes this year, it is recommended that you still file a return as this is the only way to receive money back that was withheld by your employer. Continue reading.

Looking for additional resources?

Visit these sections of our blog for additional reading and tax resources: The True Cost of Doing Your Own Taxes



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