For tax filing and filing, there are now so many options to choose from that sometimes you just don’t know where to start. At one time, H&R Block and the other retail franchises dominated the tax preparation market. But with the widespread acceptance of the internet and online tax software, more and more people are choosing to prepare and file their returns themselves. Add to these options the free online tools available through the IRS website and you really have a ton of choices for filing your taxes. But how do you choose the right choice? Glad you asked.
Retail Tax Franchises
We as humans are creatures of habit and once we find a routine that we enjoy, it is quite difficult to convince ourselves to do anything else. A bit like your favorite fast food restaurant. Retail tax franchises such as H&R Block, Liberty Tax, and Jackson Hewitt all have dedicated and long-standing tax clients. For those taxpayers with simple returns (usually those with one or two jobs at the most), this option is the best for several reasons. Speed and price are the main reasons why people continue to use this option. Often, the tax advisors who provide preparation and filing services are more than qualified to handle the various nuisances of individual taxpayers with one or two jobs, a home, and a child or two. You also can’t overlook the low-risk familiarity and hassle with these franchises that people are used to and prefer to enjoy. There are no major changes from year to year in terms of preparer turnover or price adjustments.
Online tax software
The rise in the number of people using online tax software has exploded in recent years. For some, the aspect of going into a retail tax franchise has lost its appeal or the tax filing has become more complicated due to increased income, different types of income, or dealing in different types of real estate (personal, investment, and business). . Even the IRS has encouraged people with simple returns to use free online software tools. Like the retail tax franchises, you can expect some cost savings depending on the type of return prepared and filed. In addition, this option gives you control and confidence when preparing your own return. While these online tax software packages provide a helpful user experience through the use of online help options and even available tax experts to help with hard-to-understand tax code sections, you shouldn’t do this unless you have a good understanding of the tax code. trust completely what the software recommends. This is where having a knowledgeable and competent tax advisor comes in handy.
Unlike these two options, a tax advisor who provides tax preparation, filing, and advisory services specializes in understanding the tax code in depth and being available year-round. Similar to having an insurance agent you can call when you have a car accident or home burglary or even a personal banker when you need a home or car loan, a tax advisor is a trusted advisor that helps to provide peace of mind for you. personal or business taxation at a reasonable and affordable price.