TurboTax, H&R Block need time for tweaks to $10,200 jobless tax break

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Online tax preparers like TurboTax and H&R Block haven’t yet updated their software to account for a tax break on unemployment benefits some Americans received last year.

As a result, taxpayers who are eligible for the new break and typically file a return digitally should wait, experts said.

About 138 million individual tax returns last year were filed electronically — almost 98% of the total, according to IRS data as of mid-July.

$10,200 unemployment tax break

The American Rescue Plan Act of 2021, signed Thursday by President Joe Biden, waives federal tax on up to $10,200 of jobless benefits received last year, per person.

Taxpayers are eligible for the tax cut if their modified adjusted gross income was less than $150,000 in 2020.

The IRS issued guidance on Friday to taxpayers who file a paper return with instructions on how to

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Use These Credit Cards and Save on Tax Filing Service Fees

Getting ready to file your tax return? Find out which credit card will save you money on tax filing service fees.

As April 15 quickly approaches, it’s time to begin thinking about filing your taxes. If you haven’t done this already, we may have a way for you to save money on the cost of tax filing. Most tax preparation software and online programs charge a fee to do this, but you may be able to trim down the price. Keep reading to find out which credit cards to use to save on tax filing service fees.

American Express

If you’re an Amex cardholder, you’ll be able to save money on tax filing service fees. Currently, Amex offers savings for TaxAct and TurboTax.

TaxAct: Earn 30% statement credit on purchases of up to $60. This offer is available when making an online purchase at TaxAct.com by April 15, 2021.

TurboTax:

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SC ruling to force tax dept to cough up a tidy sum



a hand holding a remote control: Tax experts said that while a precise estimate of the aggregate TDS amount is not immediately available, they said the refunds, including interest accrued, could add up to Rs 50,000 crore or more.


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Tax experts said that while a precise estimate of the aggregate TDS amount is not immediately available, they said the refunds, including interest accrued, could add up to Rs 50,000 crore or more.

The revenue-starved government will have to cough up tens of thousands of crores of rupees over the next few months towards honouring the claims of refunds of the 10% ‘royalty tax’ to scores of non-resident software suppliers to Indian companies, following Tuesday’s Supreme Court (SC) ruling, tax experts said.

Companies importing software for sale have since 1998 been required to deduct the tax payable by the foreign software provider without a permanent establishment in India. While a sections of these importers have complied with the TDS obligation, others have been contesting the tax notices in various forums including tax tribunals and courts. Tax experts said that while a precise estimate of

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Find Out If This Tax Software Flies Above Its Peers

The beginning of the year inevitably leads to thoughts of April 15 and the upcoming tax season. Millions of Americans rely on tax software packages to help them file their taxes. Tax software aids people in navigating their way through complicated tax rules and typically costs less than hiring an accountant. It can also help taxpayers file — and receive any refund they’re due — early.



TaxHawk software review


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TaxHawk software review

Find Out: Why You Shouldn’t Do Your Own Taxes Anymore

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Much of the attention often goes to packages such as TurboTax, TaxAct and H&R Block. But TaxHawk stands out as a compelling choice. The following information should help you decide whether the online software package can serve your tax preparation needs.

TaxHawk Features

TaxHawk is one of the lower-cost options available for tax software. The vast majority of federal filers can use the software

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