Almost every civilian would agree that preparing taxes is one of the most difficult tasks they have to perform. We often trivialize the importance of getting our papers in order, which can cost us a lot of precious time and effort towards the end. If you wish to sail smoothly through the coming tax season, here are some common mistakes that you should avoid during the process. Keep such tax tips and advice in mind and manage taxes without any hassles.

• Ignoring the health coverage
  While managing taxes, people often tend to ignore the importance of their health coverage. It is imperative according to the shared responsibility provision that you and your family have the minimum coverage to qualify for a health coverage exemption. If not, you will have to make individual shared responsibility payments for the exact period for which you didn’t have coverage or an exemption. So, you must ensure that you have a health coverage throughout the entire year.
• Not using tax preparation software
  Tax preparation is a skill which everyone doesn’t possess. Often people try to manage their own taxes in a bid to save money rather than hire a tax expert who would do justice to this task. Instead of preparing taxes by yourself, either hire a tax preparer or opt for tax preparation software such as TurboTax to help you in this endeavor. TurboTax guarantees 100% accurate calculations and readily reimburses its users if they lose money due to erroneous calculations by TurboTax. So, you can use TurboTax or similar tax preparation tools to help you file your tax returns effectively.
• Revealing your identity
  Every taxpayer is given an Identity Protection (IP) Pin. The IP Pin is a six-digit number that is assigned to eligible taxpayers for preventing fraudulent returns from being filed under the taxpayer’s Social Security Number. So, in case you receive your IP Pin, ensure that you do not divulge this to anyone since this can lead to malicious entities trying to make fraudulent claims against your name. Also, this IP Pin changes every year, so keep track of this pin and do not share it. Revealing your IP Pin is one of the biggest mistakes a taxpayer can make. So, a fair tax tip and advice would be to not reveal your IP Pin and safeguard your identity.
• Cluttering your assets
  People fail to realize that their assets other than cash can be of great use while filing their taxes. So, do not leave your assets in a clutter. Decluttering your assets is one of the easiest tax tips and advice you would receive, and it helps you manage your funds effectively. Before you start with the tax preparation process, segregate the items that are of no use for you but are in good condition. Certain items like books, electronics, clothing, household items, etc. are accepted by charitable organizations instead of cash. In such cases, the deduction depends upon the item’s real market value. If the noncash items account for more than $500, then fill up the form 8283, the Noncash Charitable Contributions.

US Tax code is nearly 70,000 pages long. It is not possible for everyone to understand the intricacies of all the tax rules and regulation. A specific set of skills are required to ensure tax preparation is done the right way so that you don’t overpay or incur any fines. This is why 60% of the taxpayers use paid tax preparers to complete and submit their tax returns. The most difficult aspect of tax preparation is finding a suitable tax preparer. Intuit is one of the popular organizations to design and devise an automatic tax preparer to assist people in filing their taxes. Intuit’s TurboTax is an American tax preparation software package that makes it easier to file tax returns correctly.

Along with making the process of preparing taxes smooth and simple, TurboTax is also quite affordable and is easy on the wallet. Here are five reasons why TurboTax might be a good tax preparing software to assist in filing tax returns.

• Accuracy: In order to file tax returns correctly, it is essential that all data and calculations related to your taxes are accurate. 100% accuracy is ensured by TurboTax. By running multiple iterations of error checks and double-checking your tax returns before filing, TurboTax ensures that you get accurate calculations. TurboTax gaurantees that it would bear the penalty and interest in case you have to pay a state penalty due to a TurboTax calculation error.
• Reliable service: With nearly 30 years of presence in the industry, TurboTax has been ranked as the #1 best-selling tax software that has assisted people in filing their tax returns correctly and efficiently. This is assured by guaranteeing reimbursements to customers in case of errors on the part of the software. This has ensured a strong customer base for TurboTax.
• Easy-to-use functionality: Turbotax is quite easy to understand and use. By simply clicking a photo of the W-2 form with your phone or any personal device, you can jumpstart on your tax returns filing. Your data will be verified and will be securely uploaded into the right tax forms automatically. Thus, essential time is saved by TurboTax.
• TurboTax Live: One of the latest addition to the list of great features that TurboTax already has is the TurboTax Live. With this, you can be assured that an experienced CPA or EA reviews your tax returns. Also, TurboTax assures 100% accuracy guarantee on this process to its users.
• One-on-one answers: Most tax preparation software simply assist customers with the calculations. However, TurboTax assures that users receive assistance till they are done with the entire process of tax returns filing. If you have any questions or need any additional help, you can always contact a TurboTax specialist via a one-way video and get all your queries answered right on the screen.

In recent times, TurboTax has become a popular tax preparation software that assists people to go through the process of preparing taxes smoothly. If you want to make use of the various features and services provided by TurboTax, you can choose from among the different versions of TurboTax. Each of these has features that make it easier to get through the process of filing tax returns without any hassles.
Here are 5 popular versions of TurboTax:

• TurboTax Free Edition: This free version of TurboTax guarantees easy tax preparation and printing and e-filing process with 100% accurate calculations. This version of TurboTax is suitable for filing simple tax returns. You can start your tax preparation process by taking a photo of your W-2 form with a phone or personal device and then upload it.
• TurboTax Deluxe: This TurboTax version lets you start your tax preparation process for free. You have to pay while filing your returns. Along with easy preparation, printing, and e-filing, TurboTax Deluxe checks for approximately 350+ tax deductions and credits and helps you maximize mortgage and property tax deductions. TurboTax Deluxe has an ‘ItsDeductible’ feature that can convert charitable donations to big donations. TurboTax Deluxe is priced at around $39.99, which you have to pay once you decide to file the returns.
• TurboTax Premier: This version gives everything that the TurboTax Deluxe provides you. It costs around $59.99. You have to pay this fee when you file the returns. In addition to these, the TurboTax Premier covers stocks, ESPPs, bonds, and other investment income. Also, it manages rental property income and tax deductions. TurboTax Premier can automatically import investment income that includes the basic costs as well. This version of TurboTax can deduct appraisal fees, and points from your refinance too.
• TurboTax Self-Employed: This segment provides assistance to independent contractors, business owners, and freelancers. It helps to keep track of mileage and expense effortlessly and ensures that you receive one-on-one answers about self-employment queries. TurboTax Self-Employed helps you uncover the industry-specific deductions that are related to your job. This version requires you to pay an approx $89.99 when you file your returns.
• TurboTax Live: As the name suggests, this version lets you have live assistance while preparing your taxes. This is the latest version of TurboTax and lets you do your taxes and have a one-on-one review with a TurboTax EA or CPA before you decide to file your taxes. This version costs around $149.99, which you would have to pay while filing the returns. Also, you can get live tax advice from experienced tax experts who understand your unique situations and can help you file your taxes correctly.

Debt is your biggest financial burden, all courtesy of the many credit cards that you use from time to time to make a purchase and render services, which allows you to make payments for the same at a later date. However, when it comes to paying off your credit card debt, you will realize that a significant amount has to be repaid for the interest component that is levied on credit cards.

There are two options when it comes to managing your debt in case you are unable to repay at the current rate of interest:

• Opt for a fee 0% balance transfer credit card.
• Opt for debt consolidation.

Debt consolidation might be the last option, which is why opting for a fee 0% balance transfer card will be a better choice. Credit unions offer fee-free cards, but only to members and the eligibility criteria to be met to become one will require a number of things. 0% balance transfer essentially means no fees will be charged for transferring your debt from your existing credit card to a new card, with a low APR to manage payments. However, it is not possible to acquire a fee 0% balance transfer card from your existing credit facility which is why a new card can be availed from the top financial and banking institutions. The popular ones include:

BankAmericard Credit card: This credit card is considered among one of the most cost-effective and is issued to people who have an excellent credit score. There is no annual fees charged, with a 0% APR for the first 15 billing cycles and balance transfers along with 0% balance transfer fees for two months after which the fee charged will be a nominal 3%.

Aspire Federal Credit Union: Members of credit unions enjoy benefits on balance transfer cards which include no annual fees, 0% APR and 0% balance transfer fee for the first six months. Only people who have an excellent credit score in the range of 690 to 850 can qualify for this rewards MasterCard.

Navy Federal Platinum: Best option for people who are military service members with fee 0% balance transfer for the first 12 months and no annual fees. Military personnel can also enjoy a low variable APR rate.

Other popular fee 0% balance transfer credit cards issued by banks and credit unions include Barclaycard Ring MasterCard, PenFed Promise Visa card, and Digital Federal credit Visa platinum.

Balance transfer cards allow you to transfer and consolidate your debts to a card which charges a no or low rate of interest on the amount due. However, there are a number of things to be considered while availing a fee 0% balance transfer card.

Credit score: Your credit score reflects your ability to repay loans taken within the stipulated period. The financial institution will check your credit score and credit report to determine whether you can be issued a fee 0% balance transfer credit card. Balance transfer credit cards allow you to transfer debt from one of your credit cards which might charge a higher rate of interest to one that has a low or minimal rate of interest to restructure your debt and provide relief on the payments. Usually, a fee is charged for this particular service. However, fee 0% balance transfer credit cards waive off this charge which is also given to people with excellent credit history rating and score.

0% fee is temporary: Usually, fee 0% balance transfer credit cards are issued for a promotional period which might last from 6 to 21 months depending on the financial institution. The balance also has to be paid off within the intro period for which the APR holds its 0% validity.

Terms and conditions: It is not that easy to avail a fee 0% balance transfer credit card since you may qualify for the same, but getting an approval might take time. The credit limit will also affect your chances of availing this card since a lower credit limit will not serve your purpose if you have significant debts that need to be transferred. In such cases, it is not advisable to opt for a fee 0% balance transfer card since you will just end up paying for your balance existing debt and the debt on your new balance transfer card.

Intra bank card transfer not possible: Balance transfer is possible only if you are applying for a card that is not issued by your existing banking partner. Most financial institutions will not allow a balance transfer within their cards for debt to be consolidated.

Pay the full amount and not the minimum due: When it comes to a fee 0% balance transfer credit card, most people will be just tempted to pay off the minimum due rather than the total amount due, just because it is convenient. This is however not a good idea since the low rate or no rate of interest will allow you to make more payments and clear off your debt instead of stalling and taking advantage of the minimum due.

Business is no child’s play, especially when it comes to the buying and selling of shares. Things can get very tricky if you open an online brokerage account with the wrong firm. Instead of minting money here, your investments will be at risk. So, the sensible thing to do here is to think hard and make a wise choice about opening an online brokerage account with the right firm. In case you are willing to try your hand at earning by selling and buying shares, you can easily open an online brokerage account.

Before you take the final step, here are some things to consider before you open an online brokerage account.

• The first step is to choose the kind of brokerage account you think is suitable for yourself. If you are interested in saving some money for your future concerns, then a traditional brokerage account will be suitable for you. In case you wish to open an online brokerage account for saving money for your retirement, then an IRA will be the sensible choice.
• Once you have decided which account to open, then the 2^nd step will have you compare the cost and incentives that the different online brokerage firms have to offer. The different online brokerage firms offer incentives as a means to expand their business, and you can definitely take advantage of this. So, open an online brokerage account with the firm whose incentives and cost seem reasonable to you.
• An online brokerage account comes with certain added benefits and services which each of the firm’s members is entitled to. Check if the firm offers you services like access to research or allows you to trade on a foreign platform. Ensure that you conduct a thorough research on the offerings of these brokerage firms, and choose the one whose services are in sync with your expectations.
• Once you have chosen the brokerage firm, to open an online brokerage account, you need to fill out an application. Ensure that you give the right details and fund the account by the appropriate means. You can choose the Electronic Funds Transfer (EFT) or use checks to conduct business. After you choose the manner to fund your account, ensure that you check the broker’s minimums and maintain the same in your account.
• Once you have opened an online brokerage account, you need to research you start investing into shares. It’s always advisable to have proper knowledge about the shares you are contemplating investing in.

Online brokerage firms give people an opportunity to earn while sitting at home. However, research, right knowledge, and some quick thinking are instrumental in helping the person make some serious money.

Managing one’s finance is a tricky thing, and one needs to be quite cautious while buying and selling stocks. If you haven’t opened an online brokerage account with a trusted firm, the chances are high that you are risking all your savings. To prevent such catastrophic events from taking place, it is advisable to open an online brokerage account with a trusted firm. Before you decide to open an online brokerage account, there are certain factors like the authenticity of the brokerage firm, the type of account you wish to open, the incentives and costs, and the services offered by these brokerage firms are what one needs to consider before they open an online brokerage account.

If you wish to avoid these hassles and open an online brokerage account without apprehension, here’s a list of some reliable online brokerage firms where you can open an account.

• TD Ameritrade– One needs to open an online brokerage account with firms that they can trust, and which can properly guide them through the complicated process of understanding how stocks work. Also, when a novice enters this realm, he needs the right guidance about investing and selling shares. TD Ameritrade has been rated one of the best brokerage firms since it has an amazing customer service, educational material, and you can even meet an advisor at their local branches.
• Charles Schwab- Charles Schwab is one of those brokerage firms which are quite conducive to the needs of a new investor. When you open an online brokerage account at Charles Schwab, you are entitled to quite a few benefits that come along with. Since it is one of the reputable firms that is known to guide their members in making the right investment choices, people seem to benefit from joining this brokerage firm.
• Ally Invest- When you open an online brokerage account with this brokerage firm, you wouldn’t have to pay the minimum which almost every other brokerage firm charges. If you wish to open an IRA account, Ally Invest is the best available option for this. Also, unlike other firms that fine you when your account remains inactive, Ally Invest doesn’t charge its customers any kind of inactivity fees.
• Merrill Edge– Merrill Edge is one of those brokerage firms that are quite customer-friendly. In case the novices have queries, or they aren’t sure about which shares to invest in, they can always seek advice from the customer service representatives. Also, when you open an online brokerage account with Merrill Edge, you won’t have to pay any minimum charges.

In case you are wondering which firm should you open your online brokerage account with, these are some options worth considering.