Why the HIRE Act Means You Need to Get Caught Up on Your US Taxes Now - Americans Abroad

By Harris Smith


Want to buy TurboTax Home and Business 2010 now? Other people are looking for it, too.

Furthermore, even if you run a home based business, or a multilevel marketing business, or if you have a rental income, you don't need it. With the successful development of tax filing software, filing taxes has become easy and accessible to anyone who wants to understand and take ownership of their own tax affairs. I find that filing your income tax return with good a reputable software is no longer rocket science. Tax filing software has become an easy way to prepare your own taxes, allowing you to take advantage of more than 400 deductions, getting the biggest refund, adhering to Canadian income tax law, and being guided step by step through the process. The only thing you need to have is your determination coupled with a computer, and a tax filing software.

Why do people buy TurboTax software? Year after year, business owners scramble to prepare their tax returns before the deadline. This is a complex and often tedious task. Since people nowadays want to save money, they prepare their tax returns on their own instead of hiring someone to do it for them. Without the aid of the right software, though, this could sometimes be downright confusing. This is where TurboTax comes in.

TurboTax is a leading tax preparation software created by Intuit, Inc. It is currently the bestselling tax preparation software in the US. It easily guides sole proprietors, businesses, consultants and contractors in preparing their tax returns on their own and maximize business write-offs. It gives step by step instructions to determine expenses that can be deducted for vehicle, supplies, utilities and home office expenses in order to get business deductions. It helps create tax return forms and shows all calculations on paper.

So, if you haven't filed your US taxes, what does this mean for you? First off, many countries have dual taxation treaties with the US that will minimize the tax that you owe if you live and pay taxes abroad. For example, if you live in Europe, tax rates in Europe tend to be higher than those in the US, which would mean that you are unlikely to owe any money to the US Treasury.

Why not take advantage of the easy way to prepare your own taxes? Once you try tax preparation software, you'll never fool around, wasting time trying to gather up paper forms, worry about interpreting complex instructions, or paying an expensive tax preparation firm or accountant again.

Most people approach taxes as something complicated and something to not spend time on. Unless you make an effort in understanding your tax situation, and learn how the hundreds of deductions available can benefit you, others will take tax decision for you, to your advantage or disadvantage.

You should also be aware that financial institutions you have been working with for years may no longer want your business. Many boutique firms are deciding that US Expats are not worth the time and effort required to comply with US regulations and are closing out their accounts. Fortunately, others are popping up to specialize in this now niche area, so you should be able to find a new money manager without too much difficulty, but there is still the hassle of switching to contend with.




About the Author:



blogger templates 3 columns | Blogger Templates