TurboTax users, Have you checked what TurboTax says you owe versus the IRS tax tables?
Monday, May 3rd, 2010 at
12:46 am
Using the IRS tax tables for 2007 I owe the Feds 00 more than TT says I do (married filing jointly, and yes, I am using the correct table). My daughter, filing singly, has a similar discrepancy. Any other TurboTax users notice this? I’ve been using TT for about 7 years, have never re-checked their figures before, and IRS has never come back to me with a mistake. Any insight?
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you can try to prepare your return with some other company where you can maximize your refund. I have tried with taxsimple and it provides almost all forms for preparing federal return and state return.
Follow the link : http://www.taxsimple.com/
Do you have significant income self-employment or are you paid as a contractor (you receive a 1099-Misc. with income listed in box 7)? If so, you may have to pay self-employment tax and the amount you owe will be significantly different (higher) than the tables. On the other hand, if you have capital gains, you may be taxed completely at the capital gains rate. In that case your tax liability will be lower than the tax tables.