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Tax Preparation Service Comparison Chart
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Consumer's Guide To Tax Preparation Services
Get Help Filing Tax Returns
Tax preparation can be a long and grueling process - no one enjoys the stress of doing their income taxes. You must gather all of your W-2s, 1099s, other tax documents and expense receipts, and fill out page after page of IRS tax forms and state forms if your state has income taxes. The one saving grace: tax preparation services.
Tax season runs from about mid-January to April 15th. Tax preparation services exist to help ease the process of filing your tax returns. You can find everything from accountants and corporations to guided online tax preparation websites. You can file by mail or e-file or you can choose an in-store or online service. The best one for you will fit within your budget, your time-frame and your standard of convenience.
E-File vs. Traditional Tax Filing
The decision to file your taxes electronically via e-file or by mail with a paper tax return is really a matter of personal preference. Some people feel more comfortable using the mail system because of security concerns while others swear by e-file for its immediate convenience. The advantage of the e-file option is that you can usually expect to see a refund (if you're due one) more quickly. E-file also eliminates the need for postage and a trip to the post office for a return receipt. The best tax preparation services will offer both options so that you can choose the tax filing option you feel most comfortable with.
Online Tax Preparation Services: What to Look for
Online tax preparation services are convenient because it allows you to complete your tax return from the comfort of your own home and at your own pace. If you are an individual filing taxes, online tax preparation may be your most affordable option. The best tax preparation services (including some with the option of using desktop tax preparation software) will walk you through your financials and help you find as many deductions as you can possibly qualify for while staying within the law.
Here are a few key components to look for in online tax preparation services:
- Step-by-step guidance
- Tax return accuracy guarantee
- E-file option
- Audit risk
- Direct deposit tax refund
- Information import/transfer
- Quick-access tax refund loan
When choosing a tax service, you also want to consider the history and longevity of the company. The Internal Revenue Service (IRS) can audit you up to seven years from when you file your tax return, so make sure you choose a tax preparation service that is likely to be around months or even years later.
Because you are the only one responsible for your tax return, always choose a tax preparation service carefully. Be cautious of tax preparation websites or other tax service providers who claim to deliver higher refunds than other services. Of course you want the highest possible refund, but always make sure that the means are legitimate and legal. Some of the best online tax preparation services will let you know if there are any red flags in your tax return that may increase your risk of an audit.
Tax Returns are Complicated: Know the Law
Before you choose a tax preparation service, you should familiarize yourself with state and federal tax laws. Federal laws are the same across the country, but state laws vary by state and some don't have a state income tax at all.
If you live and work in a state that has a state income tax, you'll need to file both a federal tax return and a state tax return. If you live in a state with no state income tax but work in a state with a state income tax (or vise-versa), you may still have to pay taxes and file a state tax return. Always check the laws for the state you reside in (or work in if your work outside of your state of residence). While the IRS is the authority on tax law enforcement, it can also be used as a resource for any tax filing questions you have.
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