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The Pros and Cons of Completing your Taxes Online

The Pros and Cons of Completing your Taxes Online

Tax forms are probably the most hated thing to do in the world. Tax laws, tax credits, tax rates, and tax forms continue to change each year, making it impossible for the average American to easily keep up with how to complete these forms.

Failure to submit your taxes, or completing them incorrectly, can lead to an audit and high penalties. Since no one wants to face this type of financial problem in their life, most people opt for having their taxes prepared by a professional. However, this can also present problems at times.

Many professional walk-in services charge very high rates to prepare taxes simply because they know their service is in demand. This is only an advantage to the preparer. Clients of these businesses often find out later that they could have used an online service for their taxes for half the cost.

Not All Online Services Are Alike

Using an online service for your taxes has many advantages. You can have your taxes prepared at a lower cost, you can file electronically which ensures a quicker tax return, and you can have access to your tax information at any time of the day.

Additionally, using the right online service can help you protect your private information.

There have been many reports issued from the Internal Revenue Service (IRS) this year that discuss the importance of protecting your tax related information. Many companies and private tax specialists do not employ the proper safety techniques that will protect your data and identity from being stolen.

Sadly, this has occurred with online tax services as well because of failure to properly encrypt personal data, but data security measures are constantly being beefed up and improved upon.

The IRS’s Stance

The IRS has stated that they encourage people to use electronic filing and electronic services to prepare tax documents. The change from paper to electronic data improves the rate at which tax refunds are issued, and decreases many mistakes that are made due to illegible writing and failure to understand preparation
instructions. In fact, it is the goal of the IRS to file 95 percent of all returns electronically by the year 2020. At this time, 75 percent of all refunds are being processed online.

What To Look For Online

When you look for an online tax preparation service, the most important thing you need to consider is their encryption methods. Make sure that their site is secured by the latest encryption technologies, and that you verify this information prior to submitting any personal data.

No one likes to pay taxes, but it is a fact of life. The best thing you can do is have your taxes prepared by a professional online service and move on to better things. Knowing that you have filed them properly,
and that your data is secure, will allow you to put your taxes out of your mind until the next tax season.

Author and mother, Molly Pearce is a concerned taxpayer who writes to inform individuals of their options for completing their yearly tax return, and on how to find out about current tax legislation and deadlines. Turbo Tax offers a full range of tax services and up-to-date pertinent information, such as tax extension deadlines, on their website. They offer three options for completing a return, onine, through a CD/download, or through a mobile/tablet app.

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