If you need to file a state income tax return, you'll find a state option in most tax software. Using this option is really convenient because the Federal information needed for the state return is automatically transferred, and both returns are saved together in the same place. Another option is to use free online tax software apps offered by nearly every state. See 3 Ways to File a Free State Income Tax Return for details, or click on the list below for details.
Free State Income Tax Filing:
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I've been suspicious of Bitcoin ever since its inception and have never used in the electronic currency myself, only doing research to write What Is Bitcoin?, although thousands if not millions of people have used the currency and even profited from it. However, the glory days of Bitcoin are over after two massive hackings robbed hundreds of millions of dollars from Bitcoin users in the past week.
Bitcoin digital currency storage site Flexcoin announced on March 3, 2014, that it was shutting down after being hacked and robbed of all coins the day before. Cold storage coins, which are held offline and are not connected to the Bitcoin network, can be returned to Flexcoin users. But if your coins weren't in cold storage, you're out whatever you paid for your Bitcoin currency given that there's no insurance taken out as stated in Flexcoin's terms of service.
The equivalent of somewhere around $600,000 (Bitcoin value fluctuates continuously) were stolen when, according to Flexcoin's March 4, 2014 update, the hacker "successfully exploited a flaw in the code which allows transfers between flexcoin users. By sending thousands of simultaneous requests, the attacker was able to 'move' coins from one user account to another until the sending account was overdrawn, before balances were updated." You can read more details about how the hacker pulled off the attack at flexcoin.com.
Last week, Mt Gox, which hosted the majority of Bitcoin transactions worldwide, was hacked and the value of the currency dropped to $440. The value had gone over $1,000 just three months ago in November, 2013, however, a month prior the value dropped to $110 after an FBI shut down. The amount stolen from Mt Gox is reported as being $460 million after last week's hacking. According to Wired.com, another $27.4 million went missing from its bank accounts. Mt Gox has filed for bankruptcy. The only information currently posted on the Mt Gox website is a legal document detailing its bankruptcy filing.
Tech For Anyone has a great explanation with some wise advice at the end of the article, Why Bitcoin is in Trouble after Mt Gox Shutdown. Bitcoin users and anyone who is interested in this currency should give it a read.
We're a few weeks into the time of year known in the U.S. as income tax season, and I've been researching personal tax software like I've been doing every year since 2005. Tax software has come a long way, and now has branched into mobile apps for iOS and Android. Naturally, my 2nd annual February Android apps of the month are my tax app recommendations.
With the expanding Android market in the U.S. and worldwide, I'm surprised that TurboTax and H&R Block haven't done more with their tax apps for Android. TaxACT has a wide vareity of apps, including one that you can use to complete just about any return on an Android tablet. The IRS2Go app is back, with a few helpful tax tools.
Get the details on the top picks for Android tax apps:
Is it looking like there's no way you can file your income taxes on time this year? You can get an extension in just a few minutes and file your return in October. The fastest way to get this done right now and at no cost is to file for an extension online. If you pay state income tax, remember to file an extension with the state, which is also free.
Remember that if you're not getting a refund or you're not sure if you will, you still need to pay an estimate of your taxes with the extensions to avoid penalties! An extension only gives you more time to finish your return, there is no extension beyond April 15, 2014 to pay taxes. If you overpay the estimate, you'll get the money back. Don't underpay, or you're probably looking at penalty fines and interest.
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