Computer software has made it much easier for individuals and businesses to complete their taxes without worrying that they have missed important deductions. Now that much of the online tax software is free, most people have the option to choose reliable preparation programs that don’t cost anything at all (or at least very little). Some times, though, it is best to meet with an accountant to discuss your tax situation. Knowing when you need to meet an accountant in person can save you a lot of time and frustration in the long run.
Reliable (& Free) Tax Preparation Software
TurboTax has a looming presence in the world of tax preparation, but there are companies that try to dethrone TurboTax every year. In the process, many of them have created reliable tax preparation software that will work well for most users.
TaxAct is one of the best programs available. It rivals TurboTax in terms of catching mistakes. TaxAct and TurboTax are about the only two programs that will catch typos while you enter your W-2 information. Also like TurboTax, TaxAct charges extra for filing state taxes.
H&R TaxCut also stands out as one of the best free tax preparation options. Although it doesn’t find mistakes as readily as TurboTax and TaxAct, it will guide you through pertinent forms without confusion and is more reliable than most of the free software that you find online.
TurboTax: The Best Free Tax Preparation Software
TurboTax stands out as the best online tax preparation software. It catches mistakes that most software miss and it even offers a free version that most people will find useful. TurboTax charges extra for filing state taxes, but it has a very reasonable price. It also charges extra for complicated services such as filing taxes for contractors who own their own businesses. Still, it is the best tax prep software available. Even those with simple business expenses can use a pay version without worrying that they are missing deductions.
When to Use an Accountant to Prepare your Taxes
Free tax preparation software is great for most people, bust some times you need the one-on-one help of a professional accountant. No amount of customer support can give you the services that you can get from a CPA sitting right in front of you while you go through receipts and tax forms.
Those who own their own businesses can do themselves a favor by visiting a CPA. Getting audited is no fun at all, and using a CPA can reduce the chance that this will happen to you. Plus, using a CPA will force you to organize all of your receipts and invoices, so you will have all of the information that you need if the IRS knocks on your door.
Anyone who has recently gone through a divorce should also consider using a CPA instead of free tax software. Divorce can wreak havoc on a person’s financial situation, so it is important to have a professional comb through every detail to make sure that your information is in order.
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