With the opening of the new tax season just around the corner, you may be wondering about your tax preparation options. You have many choices available, including free versus paid and paper versus electronic filing. In addition, many organizations provide free tax help.
File an Electronic Tax Return
Online electronic filing is the fastest and most popular way to file your return, and there are many ways to accomplish this. You can purchase commercial tax software or use one of the many online sites that offer a free web interface, such as TaxACT, H&R Block, or Turbo Tax. Actually filing your taxes with any of these programs may or may not be free, depending on your income and how complicated your tax return is. The IRS website has a list of authorized providers that allow free e-filing if you qualify. The benefits of e-filing include better protection of your personal information, increased accuracy of calculations, guided tips and advice, faster refund transmission, confirmation that the IRS has received your return, and whether it was accepted or rejected.
File a Paper Tax Return
Electronic filing isn’t for everyone, and while filing a paper return is considered old-fashioned, it will get the job done. Also, there are some situations where you won’t qualify for electronic tax preparation and must file a paper tax return, such as if you are married but filing separately, amending your return, or filing before e-file begins or after it ends. Filing a paper return means obtaining the appropriate forms, which you can download from IRS.gov and print. The forms are also available at the Post Office or the library, and each form comes with a printed instruction booklet. Be careful filling out the paper return, because there’s nothing in place to help you maximize your credits and tax deductions, or to ensure your math is correct. Once complete, you’ll need to locate the appropriate IRS office for your state and mail your return to that address.
Pay a Tax Professional
If the prospect of preparing your own taxes feels too stressful, you can hire a professional tax preparer. This may be a popular tax preparation company like Jackson Hewitt or H&R Block, or your local certified public accountant. These companies provide special tax help if you have a complicated tax situation. You can rest easy knowing that professionals are handling your return. They know the tax laws and can ensure that you don’t overpay or that you get the maximum refund due to you.
The end of the tax season is April 15, which gives you plenty of time to evaluate your tax preparation options and determine the best method for filing your tax return. The important thing is not to wait until the last minute. You can gather the necessary paperwork so you’ll have everything ready when it’s time to file.
