Online Federal Tax Tips

Online Federal Tax Tips
Hello everyone. Terry Bowden with Expert Village. Today we are talking about filing your taxes online. Now we are in the middle of the turbo tax program. Now like I said earlier I'm not saying go use Turbo Tax or anything but this will give you an idea about the other providers and Turbo Tax how it all kind of works and how it all plays out, so lets take a look. Now the last segment we talked about your personal information and now we are going to go into the federal taxes portion, okay. As you go through this I'm skipping along, but as you go through this there will be a continue button right along the right hand corner. That will be where you're going through. Starting out federal taxes, what we need is the income you earned in 2007, deductions and credits to maximize your tax savings and extensions, amended returns, and estimated taxes. So we'll go through, click on continue and we are on income, okay, you can go through specific topics or guide me and of course lets go through guide me. Okay, they can give you instant answers to all questions on every turbo tax screen okay, I'm going to put no thanks, and I'm going to go to w-2 income . This is the most important part of the process is how much you made in 2007. That is what the government wants to know. We go through, I have a corrected W-2 or I should have received a W-2 but didn't. If you did not then click there. Most of us of course, when we do our taxes, we will have our W-2's so we will click I have a corrected W-2. Okay. Of course, they will provide guidance throughout going through the motions on the program so enter your W-2. You'll need your employee's federal ID number, employers name, all the information, and their wages. This comes right off your W-2 forms just as it's appears on the screen. Okay, you enter all that data, okay, you?re going to go through just as it it is on your W-2 all through there and hit continue, Okay. Now when we come back we will look at deductions and credits in the Turbo Tax program.