Saturday, October 15, 2011

Filing Your Tax Returns Can Be Fast And Easy

When I was still working in the Philippines, one of my biggest burden as an employee was the tax deductions.  About nearly 30% of my income goes to paying taxes.  Apart from this, I also have other deductions for SSS, Philhealth, and PAG-IBIG. For the last three, there is not much problem as you will also get some benefits from these institutions later on.  That's why when I started working overseas, one thing that I enjoyed most is the exemption from paying taxes.  So, I'm able to get 100% of my salary. 

In the Philippines, those who owns a business usually resorts to hiring Book Keepers to do the auditing and working on filing their tax returns.  This might solve the burden but in the long run, you'll also end up spending more from paying their professional fees.  But with the innovations and the introduction of new technology, everything now is being done online. Philippine's Bureau of Internal Revenue (BIR) had put up a BIR portal which is actually a transaction hub where the public can can conveniently transact with BIR online and avail of e-services in the comforts of their homes and offices.  

In some countries like US, filing tax returns is much more complicated.  You need to be familiar in filling up your tax return forms and you must be knowledgeable on how to maximize your chances of getting tax refunds.  Doing so will let you save some "bucks". 

A friend of mine who is residing in US with her American husband had told me that they are using turbo tax.  This is a software which automates the filling up of tax returns and calculates your tax refunds accurately.  Everything is automated.  So, even if you're a first time tax payer, you will be able to handle the filing of your tax returns with much ease.  My friend and her husband is using this software for quite sometime now and she attested to the fact that they were able to save a lot from their tax refunds.  She said filing of tax returns has never been this easy thus her husband is planning again to file his tax extension form 2010  using turbo tax.   

According to my friend,  filing an extension has been so convenient and manageable using turbo tax as it will walk you through step by step. You can even use it to find about extensions for state returns. 

The introduction of the BIR Portal in the Philippines is part of the efforts of the Philippine government to improve the way it delivers taxpayers’ service and information requirements.  Likewise, American tax preparation software like Turbo Tax provides an easy and effective way to prepare tax returns online and in a way helps tax payers get bigger tax refunds.

I'm loving all these innovations.  This helps us get away from all those hassles and saves a lot of our precious time working on our taxes accurately and with confidence plus we can have the chance to increase our savings from tax refunds.

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