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Turbo Tax 2012 and Tax Changes

With TurboTax 2012 you'll be ready for the Tax Changes in 2012.

2012 tax year changes could require businesses that don't offer retirement plans to offer automatic enrollment in individual retirement accounts to their employees on a payroll-deduction basis. TurboTax Free Tax Filing

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Under this proposal, a first step in reforming retirement savings options, employees would be enrolled at a default rate of 3%. Employers with less than 10 employees could be exempt but encouraged to participate. To defray costs, employers would be eligible for a temporary tax credit of $25 per enrolled employee - up to $250 each year for two years. This is just one of many ways TurboTax 2012 can save you money on your tax return filing.

TurboTax 2012 Tax Software will also need to take into account other possible accounting changes to ensure the biggest tax refund, like the 2012 elimination of LIFO (Last In, First Out) inventory methods, and the lower-of-cost-or-market, inventory practice widely used by retailers.

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Repealing LIFO, could raise an estimated $65 billion in revenue over 10 years. That would help pay for individual and business tax incentives including targeted tax cuts for promoting research and helping C-corporations raise extra growth capital.

Proposed tax changes in the lower-of-cost-or-market inventory would stop the writing down of taxable values for inventories in order to reflect a drop in price or damaged goods.  Many small businesses could have to declare hundreds of thousands of dollars in income they otherwise would not have to claim on their income tax return.

Congress provides six years of relief
To protect homeowners from a double-whammy, Congress passed legislation in that changed the tax rules. Under current law, when principal residence mortgage debt is forgiven in 2007 through 2012, it will usually be tax-free.. (After 2012, the old rule is scheduled to come back.) Tax-free treatment is a big deal for eligible individuals. However, there are limits.

What's covered and what's not
This relief applies only to principal residences. If a lender forgives debt after a foreclosure, short sale or loan restructuring for a vacation home or investment property, for example, the old rule still applies: The amount of debt cancelled is considered taxable income to you (unless you qualify for one of the exceptions discussed later).

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Not more than $2 million of forgiven principal debt can be excluded from income. To be eligible for the break, the loan must be secured by your principal residence and the money must have been used to buy, build or substantially improve the property. If part of the forgiven debt was a home equity loan used for other purposes, for example, that part would be considered taxable income.

Tax basis of a home is reduced by the amount of cancelled debt excluded from income. The basis is the amount you compare to the selling price of the home to determine if you have a profit or loss. (And for tax purposes, a foreclosure is treated the same as a sale.) If a loan restructuring results in cancellation of $25,000 of debt, for example, your basis would be reduced by $25,000—potentially increasing by up to $25,000 the amount of profit you realize when you later sell. (The basis reduction will usually have no tax impact, though, because home sale profits are usually tax-free.)

TurboTax Income Tax PreparationHope for an extension of a valued tax write off still exists, but time is running out quickly. Under current law, business owners can write off the first $250,000 of equipment that they purchase, as long as they buy less than $800,000 worth of equipment in any given year. Set to expire at the end of this year, it would fall to $125,000 provided business purchases are less than $500,000 worth of equipment during the year

Turbo Tax 2012 Software Editions will most certainly need to be prepared for longer term tax hikes that will include more people and businesses in order to get some control on the deficit.

Staying ahead and making sure Intuit TurboTax 2012 Software Editions will be ready for tax changes is always a challenge, but it's protocol to help ensure the continued Turbo Tax 2012 guarantee of the biggest refund possible, deposited directly in your bank account...

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