Online Tax Preparation
Today their are numerous options when it comes to online tax preparation. Keep reading to learn some of the choices you have when tax time rolls around in April.
Do you dread doing your taxes every year? Does it worry you that you may have done them wrong and that the Internal Revenue Services (IRS) is surely going to get you for some silly mistake that you may have made? Well, you are certainly not alone. Personally, I do not know a single person, and I am including myself in this, that enjoys doing his or her yearly taxes.
Since the advent of online tax preparation, the tax filing process has become so much easier and less scary that it has ceased to intimidate. As a matter of fact, online tax preparation is the wisest move you can make if you are still afraid of making mistakes that could cost you.
Over 119 million taxpayers filed their taxes online last tax season and that number is expected to grow again this tax season. As more and more people are discovering this great option for tax preparation, the biggest tax accounting experts such as H & R Block and the top contender TurboTax are seizing the opportunity to serve taxpayers’ needs online.
Furthermore, more and more software companies are racing against each other to gain a stronger hold in the market by providing easier, more accurate, faster and the most cost effective software packages for the American taxpayers to use when tax season rolls around again each year.
Advantages of Online Tax Preparation
The benefits of filing your taxes online can make a dynamic difference in your tax preparation process if the differences fit your needs.
To start with, online tax preparation is done over the internet on a secure server, so it is safe, and does NOT require you to install software on your computer that could conflict with already installed software and cause your computer to run poorly or even lock up or crash.
When you prepare your tax return online, you creat an electronic record of your data so that it can be reused by you on future tax returns. This eliminated the need to reenter redundant data time and time again. if an issue about your tax return comes up at a later date, there will be no need to dig through your paperwork to find what you need. Instead, you can open the documents on your computer to find what you need.
Online Tax Preparation allows you the convenience of working on your return from any computer anywhere you have internet access. No need to get back to a computer with installed tax software. You can work whenever you have time by accessing your return online to continue with the preparation process.
With Online Tax Preparation, the software is always up to date. No need to download and install updates to get the most current tax laws, i't all updated automatically as the tax law changes go into effect.
You can prepare your tax return right from the comfort of your home. No need to leave that recliner, all you need is your laptop PC and internet access.
As with any other form of tax preparation, collecting tax documents such as W-2s, 1098s and other tax forms as well as receipts cannot be avoided. However, many of these data formats can now be imported directly into top tax software brands to help you save time, and insure accuracy. From this point on your tax preparation process will prove itself to be a marvel of simplicity.
- With all your necessary tax documents in hand, you need to select an online tax preparation firm, and I would highly recommend that you begin the process by looking at the industry leaders:
TurboTax just happens to be the industry leader for PC based and online tax preparation. This has been their consistent position for many years. However, H&R Block come in at second place but, They are the dominant leader when it come to local live professional tax preparation. With offices in just about every town across the U.S. they lead this category!
Another source you can check out is the Internal Revenue Service website, http://www.irs.gov/ - You will be asked to answer a series of easy-to-understand questions. You will also find that each question is phrased in such a way that you will understand exactly what you are doing. You will also be provided with an e-mail address and a telephone number in case you need further assistance in the future.
This program will guide you along and prompt you when to proceed and where to go next to determine what will fit your needs best.
- You will not need to pay until you have completed the entire online tax preparation and all its forms. You will then be offered the opportunity to choose your preferred method of filing, electronic or otherwise.
- The program will run a complete and thorough check of your entire return to assure that there are no errors, no typos, no discrepancies and no miscellaneous problems of any kind.
- Your next step will be to choose whether to print your return and mail it or to file it electronically. Most electronic tax filing software programs include a confirmation that comes directly from IRS within twenty-four to forty-eight hours of filing. This will set your mind at ease that your return has been received.
- If you have a refund coming, I suggested that you choose the direct deposit option which will get your refund into your account within a few short days rather than weeks.
- If you own more taxes, you can pay online using a credit card or you can pay by an
electronic check. In addition, you will have the option of scheduling your payment for the
day it is due, not one minute sooner.
- That is it and you are done!
Now, wasn’t it fast and easy? Don’t you love the idea of online tax preparation and electronic filing? I knew you would...