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A friendly welcome to our new and returning community members!  We’re excited to share another sweepstakes and another chance to win a $100 gift card with you. This month, we’re discussing tax credits.   A tax credit is a dollar-for-dollar reduction of the income tax you owe, so it’s no surprise that filers want to find the most credits they’re eligible for. Since our lives are always changing and new tax credits are established yearly, you may be surprised to find credits you didn’t know about or didn’t previously qualify for this year. Please share what credit you just learned about or qualified for this year, or what credit you hope to claim in the future. Any user who comments about tax credits on this post will be entered into a sweepstakes for a $100 gift card. A winner will be randomly selected on March 27, 2024. If you have questions about how tax credits can affect your taxes, please join us for a LIVE Q&A on  Wednesday, March 13th any time between 9:00am and 5:00pm PT for Family Tax Credits, or Wednesday, March 27th any time between 9:00am and 5:00pm PT for Energy Tax Credits to ask Tax and Financial Experts your questions and get advice about taxes and personal finance, for free! Learn more and RSVP here.                                                                                                                                                                                                                                                                                                                                +++++++++   We will be hosting the Tax Credit sweepstakes to give you, and others, the opportunity to share your experiences. One lucky winner will be chosen randomly to receive a $100 gift card.   WHAT: Sweepstakes for a $100 gift card WHEN: Entries will be accepted from March 13, 2024  through March 27, 2024  at 5:00 pm Pacific Time HOW: Enter by adding a comment to this post sharing your opinion or experience with tax credits. If you are the winner, we will send you a private message. The winner will be selected at random on Mar 27, 2024
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Last reply Sunday by Ascampbell
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The TurboTax Community Tax Experts have created some helpful video tutorials on the tax law changes and life changes that may have affected your 2022 tax refund.  While it is entirely normal for your refund to change from year to year, there were several tax credits that were lowered to pre-coronovirus pandemic amounts—or eliminated in 2022. First, our Tax Experts show you how to quickly compare your current tax return with your prior-year return to see exactly what's changed. Then our Tax Experts discuss how changes in your filing status, like getting married or divorced, can impact your refund.  Next, our Tax Experts talk about how changes to the Child Tax Credit and Child and Dependent Credit, could affect your refund. Here, our Tax Experts explain how the Earned Income Credit (known as the EIC or EITC) works to reduce your taxes owed and‌ may even give you a larger refund.  Lastly, our Tax Experts compare the Standard Deduction with itemized deductions, and review the changes to the Charitable Contribution Deduction. If you enjoyed watching these videos and want to learn more about TurboTax, then check out the rest of our Help Videos.
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Depreciation, COGS, and QBI! Oh my!! Self-employment tax reporting can be like taking a walk down the yellow brick road. There could be twists and turns and even strange sightings of unusual “terms”.   No need to fear, the path to home will soon be clear. And yes, the rumors are true - you can take a deduction for your home office and your vehicle too!! But, just when you think you’re nearly there, more confusing words start to appear. They’re coming right at you and piling high. You see Gross Receipts, Gross Income, and Gross Profits.  Oh why?!  As you venture on your journey through the land of SE (SE means self-employment, in case you didn’t guess), there may be terminology that you don’t quite understand. And if you do, it’s possible the IRS defines it just a little bit differently than what you’re familiar with.  Let’s clarify the meanings for common terms every self-employed person needs to know: Gross Receipts (aka Gross Sales)  - Think of this as every dollar (or item of value) your business takes in from the products and services it sells.  Yes, it’s as simple as that!Gross receipts could be in the form of cash, checks, credit cards, cryptocurrency or even barter income. (For barter income, you include the value of the item or service you receive in exchange for your own merchandise or services.)You might also receive tax forms (1099-NEC, 1099-MISC, and/or 1099-K). Those need to be included as well, but be sure to not duplicate the income when reconciling your bookkeeping with the forms entered into TurboTax for tax preparation. Gross Profit - This is what’s left over after you subtract COGS (Cost of Goods Sold), refunds, or (after the sale) price adjustments provided to your customers or clientele. Gross Income - After you’ve figured out your Gross Profit, there may be other miscellaneous income that isn’t really related to sales (or normal course of business activities). The additional income could be from sources such as receiving a prize or award, bad debts that the business later recovered, or other (mostly uncommon) income. The end result is your true Gross Income. Net profit - This is the ever-so-important taxable amount. It’s the dollar amount after you’ve deducted all of your business expenses. Each type of business may have some unique deductions available, but the general rule is that you can deduct any “ordinary and necessary” business expenses. Of course you need receipts to back up those deductions  - that’s part of recordkeeping/bookkeeping and a whole other topic of discussion. COGS (Cost of Goods Sold) - This one gets confusing because everyone knows there’s a “cost” to everything that is sold. However, it’s really about inventory or manufacturing costs. If you produce your own products to sell or purchase items at wholesale prices for resale, you will have COGS. Think of the costs that are included in COGS, as labor and materials to manufacture or obtain physical items.Service industries generally don’t have COGS because there is no physical inventory/product that is sold. At Risk - If you are a self-employed sole proprietor, who’s had a loss on their business, you may have noticed a question asking if “All investment is at risk” or if “Some investment is at risk”.  The easiest way to explain this is if the only money or property put into the business is from your own personal sources, it is “all” at risk. If all of the investment into the business is not at risk, your loss deduction may be eliminated or reduced. Self-Employment Tax (SE tax) - Surprise! There’s a special “additional” tax on your net profits! That’s right, you will pay an additional 15.3% on any amount over $400 in addition to your Ordinary Income tax rates. To be fair, you do get a deduction for half of the amount you pay. And the reason for it is to cover Medicare and Social Security that you’d normally have deducted from W-2 income, if you were a regular employee elsewhere.  This article What is the self-employment tax? has more details about SE taxes. Quarterly Estimated Taxes - The IRS and state taxing authorities tend to want their income taxes as you earn the income. Thus, the creation of quarterly estimated income taxes. As a self-employed person, you don’t receive that paycheck with taxes withheld and sent in on your behalf. It’s completely up to you to make sure those tax payments are made. TurboTax will help you figure yours out. In the meantime, here’s A Guide to Paying Quarterly Taxes that will really help! QBI (Qualified Business Income) - This is a good one! How would you like a 20% deduction off of your Adjusted Gross Income - just for having a profitable business? Pretty nice concept, right?! Most smaller businesses that have a net profit can get a deduction on some or all of that profit. How it works is a little complex so it might be easier to simply check out the TurboTax article that answers the question of What is the Qualified Business Income (QBI) deduction?. Depreciation - Assets are treated the same whether you’re working a side gig or have a larger full-time business. When you make a large purchase for your business such as equipment or furniture, those are considered assets. The IRS has several ways for you to claim those high-dollar purchases and the most common method is by depreciation. What is depreciation anyway?  Depreciation is a method of “writing off” only a portion of that asset each year so you can benefit from the deduction as your income increases year-after-year. We’re almost at the end of the road, and there are two favorite deductions - or so I am told!  So to save you some work, I’ll share the following self-employed perk! Your home and car could save you taxes! If you have a bonafide home office, you can deduct that part of your home as well as related expenses such as utilities, HOA fees, mortgage interest, homeowners insurance, and more! One requirement is “exclusive and regular use” of the home office space. Read more about claiming the home office deduction to see if yours qualifies.  And possibly even better than that might be the vehicle deduction. This one can be huge if you drive a lot in the course of doing business. Check out the details about the Business Use of Vehicles to see if you can save some taxes there too! Of course, there’s always more to share. Here are a few resources so you’re more aware. What is a Schedule C IRS Form?Am I considered self-employed? Self-Employment Taxes in Today's Gig EconomyWhen the IRS Classifies Your Business as a Hobby
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Do you love getting a jumpstart on filing your tax returns? Some of us have a real need to be organized and make sure our tax returns are completed as soon as possible - if for no other reason than to just check it off our list. Others aren’t as obsessed about getting it done, but know they’re receiving a refund. Maybe they typically qualify for a refundable tax credit such as the Earned Income Credit (EIC). Or they have over withheld the taxes on their paychecks and want that money back in their own pockets ASAP. After all, the IRS has “borrowed” it for long enough!There’s another group of tax filers too - the ones who are filing for the very first time and are anxious to see what the “tax season” fuss is all about.  If this is you, and you need to know where and how to begin, you’ll get a great start with this info-filled article called Help! It’s My First Time Filing Taxes. It includes the basics like some tax terminology, help with gathering your docs, links to calculators, a checklist, and so much more! Filing early or waiting until the last minute is generally a personal choice, but sometimes it’s because you have no other choice. There is a sense of urgency for some to file early because of the need to produce a current tax return for personal reasons such as buying a home, higher education tuition assistance, or other financial needs. Many of those who have no choice, but to postpone filing, usually do so because they are waiting for financial documents from sources (such as business investments) that have not yet completed their own tax returns.  Filing early has its perks. The good news for early filers is that: it’s off your mind and your To Do list. if you’re due a refund, you should get it sooner. you’ll know earlier if you will owe - and can plan for paying the amount due. However, filing early has some potential downsides too. It’s possible that: certain forms you need may not yet be finalized by the IRS. you might not have received all your official tax forms (W-2s, 1099s,K-1s). last minute tax law changes could affect you, and you will end up amending your tax return. your rush to the finish line may lead you to skip tax-reducing deductions and credits. To help prevent that, check out some tax deductions worth looking into. Before making any decisions, remember that each person’s situation is different. For some people, it’s better to file early even if it means the need to amend their tax return later.  For others, it’s best to extend and wait. Either way, make sure you do your homework, for your own personal tax scenario, so there are no IRS surprises waiting for you down the road.Pro Tip: Ask the pros! That’s right! Going to a pro with your tax questions is always the best decision. Getting accurate tax advice, that is unique to your financial situation, is generally not a discussion for dinner and drinks - or a social experiment type of situation. After all, the goal is to keep more of your hard-earned money and to avoid an IRS audit, right?Lucky for you TurboTax has credentialed Tax Experts ready to help you when you need it!  The article Tax Questions: Who's Your Expert will easily guide you to the Expert help you need and by the method you want to receive it.Still want to learn more? Enjoy these additional resources. When to File Taxes: Should You Always Try to Be Early?Why Should You File Your Taxes Early? Our Top 5 ReasonsHow to File Taxes OnlineFirst Time Taxpayers: Your Go-to Guide For Filing Your Taxes - loaded with links!Filing Taxes for the First-Timer
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This sweepstake has ended   Thank you so much to everyone who participated! We appreciate you sharing your experiences with our community. A winner will be randomly selected and contacted to claim their prize. ++++++++++++++++++   A friendly welcome to our new and returning community members!    We’re excited to share another sweepstakes and another chance to win a $100 gift card with you. This month, we’re discussing cryptocurrency.     For some, crypto may be confusing, for others, it may be used as commonly as cash. While there are many advantages to using crypto, there are some disadvantages as well. That’s why this month we're asking, has crypto made your financial transactions easier or more complicated? Or if you have decided not to use crypto at all, please share why. Anyone who shares their opinion or experience below will be entered into a sweepstakes for a $100 gift card. A winner will be randomly selected on November 15, 2023.    If you have questions about how cryptocurrency can affect your taxes, please check out this blog post and join us for a LIVE Q&A on  Wednesday, November 15th any time between 9:00am and 5:00pm Pacific Time to ask Tax and Financial Experts your questions and get advice about taxes and personal finance, for free! Learn more and RSVP here.                                                                                                                                                                                                                                                                                                                                +++++++++   We will be hosting the Crypocurrency sweepstakes to give you, and others, the opportunity to share your experiences. One lucky winner will be chosen randomly to receive a $100 gift card.   WHAT: Sweepstakes for a $100 gift card WHEN: Entries will be accepted from November 8, 2023  at 9:00 AM through November 15, 2023  at 5:00 pm Pacific Time HOW: Enter by adding a comment to this post sharing your opinion or experience with crypto. If you are the winner, we will send you a private message. The winner will be selected at random on Nov 15, 2023
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🌟 Hello again, amazing online community! 🌟 I've got another exciting "this or that" question for all of you today. Get ready to make a tough choice and let's dive right in: Would you rather have the ability to time travel to the past or to the future? ⏰ Option A: Time Travel to the Past! If you're a history enthusiast or have a burning curiosity about the past, this option might be perfect for you. Imagine being able to witness iconic historical events firsthand, meet legendary figures, or even correct past mistakes. The past holds countless mysteries and stories waiting to be explored, and with the power of time travel, you can unlock those hidden treasures. ⌛ Option B: Time Travel to the Future! If you're fascinated by the unknown and have a keen sense of adventure, this option might be right up your alley. Picture yourself journeying forward in time, discovering technological advancements, exploring distant worlds, and unraveling the mysteries of what lies ahead. The future is full of endless possibilities, and with time travel, you can be at the forefront of those discoveries. Remember, both options offer unique experiences and opportunities for exploration. So, which option would you choose? Share your thoughts and reasons in the comments below! Let's ignite our imaginations and embark on this exciting journey together! 😄🚀🔼
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Last reply 2 weeks ago by VolvoGirl
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Thank you so much to everyone who participated! We appreciate you sharing your experiences with our community. A winner will be randomly selected and contacted to claim their prize.   ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++   A friendly welcome to our new and returning community members!  We’re excited to share another sweepstakes and another chance to win a $100 gift card with you. This month, we’re discussing Self-Employed & Gig Workers.   The Gig Economy is booming. Many Americans are working one or more gig jobs and their reason for doing so vary. Some people find the freedom of working their own hours allows them to pursue other interests, many people are working side gigs to supplement their income, and others have jumped on board with gig work to fill the time and socialize (shout-out to the drivers who also give out free life advice).  Gig work has changed the economy and the way we do our taxes. If you have done gig work or started your own business, you know there are pros and cons to it. To be entered in a sweepstakes for a $100 gift card, please share either a pro or a con to gig work, or if you have not experienced self-employment, share what you think the best gig work is. A winner will be selected at random. If you have questions about how being self-employed or a gig worker can affect your taxes, please join us for a LIVE Q&A on  Wednesday, February 28th any time between 9:00 am and 5:00 pm Pacific Time to ask Tax and Financial Experts your questions and get advice about taxes and personal finance, for free! Learn more and RSVP here.                                                                                                                                                                                                                                                                                                                                +++++++++   We will be hosting the Self-Employed & Gig Workers sweepstakes to give you, and others, the opportunity to share your experiences. One lucky winner will be chosen randomly to receive a $100 gift card.   WHAT: Sweepstakes for a $100 gift card WHEN: Entries will be accepted from February 15, 2024 to February 28, 2024 at 5:00 pm Pacific Time HOW: Enter by adding a comment to this post sharing your opinion or experience with crypto. If you are the winner, we will send you a private message. The winner will be selected at random on February 28, 2024
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Last reply 3 weeks ago by jdallaltt
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This sweepstakes has ended   Thank you so much to everyone who participated! We appreciate you sharing your experiences with our community. A winner will be randomly selected and contacted to claim their prize. ++++++++++++++++++   A friendly welcome to our new and returning community members!  We’re excited to share another sweepstakes and another chance to win a $100 gift card with you. This month, we’re discussing early and first-time filers.   Many people like to file their taxes as soon as possible; whether you hope to get your refund ASAP or just want to get the task out of the way, you’re not alone in early filing. Perhaps this is also your first time filing. Maybe you are excited to get started or maybe you’re worried you’ll have questions and want to get a head start. No matter your reasoning, the TurboTax Community is here for you. That’s why this month if you share why you’re starting on your taxes early, you will be entered to win a $100 gift card. A winner will be randomly selected on January 31, 2024.  If you have questions about how filing early can affect your taxes or any questions about filing for the first time, please join us on Wednesday, January 31st any time between 9:00 am and 5:00 pm Pacific Time for our latest installment of our Ask the Experts event series. This time we'll be helping out anyone looking to file early or first-time filers who are ready to get started.                                                                                                                                                                                                                                                                                                                 +++++++++   We will be hosting the Early Filers & First-Time Filers sweepstakes to give you, and others, the opportunity to share your experiences. One lucky winner will be chosen randomly to receive a $100 gift card.  WHAT: Sweepstakes for a $100 gift card WHEN: Entries will be accepted from January 17, 2024 to January 31, 2024 at 5:00 pm Pacific Time HOW: Enter by adding a comment to this post about why you’re filing early.  If you are the winner, we will send you a private message. The winner will be selected at random on Jan 31, 2024
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Admit it! At least once in your life, you’ve asked a friend or co-worker for tax advice. It’s okay - we’ve all done it. For the rest of you, who don’t trust your financial life to your friends or work buddies, it seems your choices are limited. You could search it up and gamble that what you land on is correct. Better yet, post on social media! The answers to all of your burning tax questions can be found there. Right?! (Maybe not the best of ideas.) Between reading dozens of random blogs or sifting through a myriad of responses from social media friends and helpful types, you’re probably more confused than ever. And don’t even try to interpret the roughly 7,000 pages of ever-changing tax code. It’s a daunting task for the best of us. Exhausted from all that research, you decide to take the “advice” that helps your tax situation the most. That makes sense! As your refund increases, success is yours and all is right in your world! It’s time to book that trip you’ve been wanting to go on, maybe buy that new tech you’ve “needed” for a very long time. Life is good! Then one day (maybe the day you’re packing for that trip), you receive a letter from the IRS. They’re changing your tax return and removing some deductions you claimed. It seems your friendly “social” tax advisors weren’t really your friends at all. You were led astray and took deductions on your taxes that you weren’t allowed to take. Uh oh! (To be fair, neither of you really knew it wasn’t correct.) Instead of gambling with your tax refund, what if you got advice from someone trained (and tested) to have the knowledge and expertise you need? Your biggest challenge is simply to figure out how you want to get your personalized tax advice.  With TurboTax, you get to choose! For example, our vast and profusely searched TurboTax Community is the place to go if you prefer written responses to your tax questions. In addition to credentialed Tax Experts like EAs and CPAs, you’ll also see our Champions (incredibly knowledgeable tax expert volunteers) ready to help! Bonus: you can ask as many questions as you want and it’s free! If you prefer the sound of a human voice, our TurboTax Live Tax Experts are available for phone and video calls. With our Live Assisted service, you can still prepare your own taxes; however, credentialed Tax Experts are available to not only answer your unique and complex tax questions, but also provide you with a final review. But wait..it gets even better!  Maybe you're the type who avoids preparing your own taxes at all costs. If that's you, then Live Full Service is what you need. These Experts will prepare your taxes for you! That’s right, you upload your docs, stay in communication, and your Live Full Service Tax Expert does the heavy lifting! (Trust me, that Tax Code is very “heavy lifting''!) Still undecided? You can easily compare your options, or start for free and upgrade as needed! Whichever way you choose, we’ve got the Experts!
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Okay, maybe life-changing is a bit dramatic for some of you. For others, the focus on crypto with TurboTax’s newly launched Investor Center is absolutely going to make your digital investment decisions easier!  This best-in-class crypto tax solution enables you to track and plan ways to reduce your taxable gain. Imagine how simple it will be to monitor all of your digital wallets and exchanges in one place. Yes, that includes Coinbase, Robinhood, the most popular blockchains, and many others! Did monitoring your investments just become a little bit more fun? It sure did!    Here’s a peek at what this powerful tool will do for you: Tax Outcome Tracker - You’ll see daily estimates on your realized gain/losses as well as after-tax proceeds estimates! This is incredibly helpful come tax time as you won’t need to rush to sell at year’s end to mitigate tax on gains (You know who you are!). Portfolio Monitoring - It’s the simple solution to view all your crypto holdings (from multiple sources) in one place. And yes, it includes asset allocation views too! Intelligent Tax Optimization - This (not so) little feature helps to identify and calculate missing cost basis. Talk about pre-emptive tax saving! Game changing! Integrations  - Oh so many integrations! Currently there are over 15 digital asset wallets, exchanges and blockchain integrations
with more on the way!  I almost forgot to mention that you benefit from these features year-round! That’s right, you don’t have to wait until tax time, or manually try to figure out how much tax you’ll owe. It’s done for you. And it’s free to use! The TurboTax Investor Center is your all-in crypto tax solution. As a matter of fact, you can get started right now to see how it all works.  For more information on taxes and your digital assets, check out the articles linked below.4 Crypto Tax Myths You Need to KnowTax Tips for Bitcoin and Virtual CurrencyYour Crypto Tax GuideCryptocurrency GuideHow is cryptocurrency taxed?
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