Great Advice For Tax Preparation

Introduction

It is that time of year again and you have to do your taxes. Tax preparation has become a business in its own right and there are multiple companies who are willing to do your taxes for a fee. But the government has also made it easier for you to do your taxes for free. Below are listed ways to either your taxes done for free, with assistance, or entirely by a tax professional.

Step 1

File for free with the IRS. The IRS has made it easy for people to have simple returns to file their taxes for free on the IRS website. This will save you a lot of time and money as long as you know what you are doing. Go to the website www.irs.gov/freefile to find this free software that you can use to file your taxes. This is a great tax preparation resource since it will not only save you money, but is created by the people you are paying your taxes to.

Step 2

Use tax preparation software. There are many different tax-preparation software's on the market today. These range from cheap programs that allow you to fill out a simple return, all the way up to software for a small business or more complicated tax scenarios. One of the most popular of these is TurboTax. Tax preparation software like this will ask you a series of questions that you will answer that will ensure you get and pay all of the credits and taxes you are due.

Step 3

Use a tax service (H&R Block, Liberty Tax). There are many companies that exist solely for the purpose of tax preparation. These individuals are certified tax preparers and can help anyone ranging from an individual with a simple return to a business or farmer who is looking to maximize their return. While these companies may not be physically open year-round you can often times still contact someone to help you with your tax preparation needs.

Step 4

Hire a tax accountant. Hiring a tax accountant for your tax preparation needs is still a smart move. You will especially want one of these accountants if you have a difficult or confusing return. The tax laws are changing all the time and these individuals make it their business to know these changes. There are probably quite a few tax accountants in your area, so look for the one with the most customer satisfaction.

Step 5

Become a certified tax preparer. Since the government now requires individuals to meet requirements before being able to do tax preparation, classes for this have shown up. This means you can take one of these classes and get all the information you need to become a certified tax preparer. You'll often times find these classes at either community colleges or at the businesses that deal solely in taxes.

Conclusion

Tax preparation has become a big business and this means you have lots of options when it comes to who prepares your taxes and have. You'll probably base your choice on the difficulty of your return. If you have a simple return you will likely be able to file your taxes for free, but if your return is difficult then you'll likely need professional assistance.

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