Tag: turbotax online

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Corporate Income State Tax

Corporate state tax rates can become confusing because there are many variations from state to state. For example, Nevada, Washington and Wyoming do not even impose a corporation tax. Online tax software will help you keep up to date on corporate income state tax.

Some states impose a flat rate for their tax brackets and others impose a tax that varies from 1% to 12%. Most states have an average of 6% to 9%. You will need to research your particular state for an exact percentage you will be taxed. Also, some states have made slight changes in their rates for 2009.

This tax is imposed on net income. Most states recognize the federal government’s definition of net income. However, some states also allow an extension to the definition and allow adjustments to the net income.

The good news is there is help available for understanding corporate income state tax. Since business taxes are complicated and most of us really want to make sure we have claimed all deductions possible to reduce our tax liability, you should consider using an online service to help you file your tax return.

There are online services that are very cost-effective (affordable), easy to use and understand, and have tax professionals available to answer any questions you have along the way. These services are updated with the most up-to-date tax breaks, deductions and credits available. They will guarantee the accuracy of your return and error check your return reducing the risk of being audited by the IRS. Learn more about Corporate Income State Tax.

An excellent service I would recommend is TurboTax Online. Visit TurboTax Online today to answer your tax related questions and to review their available services.

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Amend a State Tax Return

Mistakes happen because we’re human and this isn’t forgotten in the world of taxes. You can file an amended state tax return within three years of the date you filed the original return or within two years of the date on which you paid the tax due on the return, whichever comes later.

Reasons why you can or should amend a tax return:

  • Your federal income wasn’t treated correctly
  • You forgot to file for a specific deduction or credit
  • You need to correct a straightforward mistake
  • Add or remove a dependant
  • Or maybe you received more tax documents in the mail after you filed

    • It’s typically advised that you should wait to amend your tax return until you’ve actually received your return or paid taxes that you owed.

    You need to print off a copy of the year’s return you wish to amend so that you can have it handy as you go to amend it. You can use form 1040X to amend forms 1040, 1040A, 1040EZ, 1040NR, or 1040NR-EZ.

    Even though you cannot e-file your amended state return, you can go through the necessary actions with an online tax service like TurboTax Online. At some point you’ll be asked why you need to file an amended return which is usually one of a few common things.

    They’ll give you all of the information you need to get started on amending your tax return with their usual host of step by step tutorials. Then when you’re done you’ll print off the forms you’ve corrected and the proper address and mailing instructions will be given to you.

    To amend your return, visit TurboTax Online today.