Personal Finance and Money Management

Many of these tax mistakes are easily avoidable if you use Turbo Tax or H&R Block to prepare your taxes. I’ve personally used H&R Block for 12 years … this year will be my 13th. I’m planning to do my taxes this year with both sets of software, just to see if one works better for me. I’ll be sure to report my findings.

It’s easy to make a lot of these tax mistakes. We’re busy and our lives are taxing enough already (pardon the pun). When tax time rolls around, we can get in a big hurry to get it over with and in our rush, make a few mistakes. Here’s a list you can reference to make sure you don’t delay your refund or wind up paying penalties, interest, or fees.

1. Failing to repo

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Leaps in technology generally don’t obliterate older methods overnight. As you might imagine, there are often transitional developments which help to act as bridges from one generation of technology to another.

We’re currently seeing this take place in the auto industry as we work to move away from fossil fuels and into something more sustainable. Likewise, we’re seeing a huge transition take place in the credit card industry. Soon, NFC chips will most likely replace our current standard wallets. But until that shift actually occurs, we’ll continue to see technologies like Square and Card.io become transitional players in the industry.

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Heres what you can expect to find in the improved 2012-2013 FAFSA:

• Easier online navigation- The sections and questions have been reordered to make it easier to navigate. This best part of this is that the system now knows where you left off, so if you fill out the form over a few sessions, theres no more searching for your next steps. Plus, its skip logic has been improved. This means that the system will eliminate unnecessary questions based on what youve already answered, making less work for you!
• Updated notifications In addition to previous notifications such as the Student Aid Report and confirmation emails, students may now get various reminder emails depending on how they file.

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a. Prepare your return using tax preparation software: Enter your ie tax data, such as, PAN, ie, deductions, and TDS. Review your data forpleteness and accuracy; and, generate your electronic return in XML format.

b. Upload your XML format return on ie tax department website. Upon successful uploading, it will generate an acknowledgement form called ITR-V. If you do not use digital signatures, then you have to submit the ITR-V at the ie tax counter.

* If you do not wish to e-file, then you can print your ITR1 or ITR2 and deposit it at the nearest ie tax office or counter.

* Return filing statistics indicate that more than 33% of the returns are filed in the last two weeks of the return filing date.

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