Austin, TX (PRWEB) May 19, 2008
Online tax services and electronic tax filing (e-filing) have tremendously changed the way we do our taxes. Gone are the days of hunkering down in a mess of file folders and paper receipts, of scrambling to the post office late and stressed.
According to the IRS, in 2007 a record-breaking 76.7 million individual tax filers--22.5 million filing from home--delivered their forms electronically. Numbering 2.5 million more than last year, these tax e-filers have effectively overshadowed the few of those still living in the old world of filing.
We have tax preparation software to thank. The Urban Institute reports that only 13% of self-prepared tax returns were prepared without tax software in 2003. Since 2003, more and more people have discovered tax software products, which simplify and accelerate the process of preparing taxes. Convenient and easy to use, tax software products provide step-by-step navigation through the often daunting tax preparation process.
Offering to pay penalties from the IRS for a faulty return, tax software providers assure people that they have nothing to lose by trying the service. And yet, 13% of individual taxpayers have not used tax software, according to the IRS. maybe this group consists of CPAs, rare math whizzes or those plainly unaware of the advantages and specifications of the differing tax software services.
Now, those who have not tried tax software, as well as those who have, will no longer have to spend time researching information on tax software and its benefits. Tax-compare.com is a site that gives them all of the necessary information. A self-proclaimed "apples to apples" comparison of tax software, the website offers a detailed list of product specifications and advantages, along with reviews that will assist buyers in choosing the product that is right for them.
The reviews are based on key characteristics of tax preparation software, which include:
- Accuracy: All tax software products should check for errors. Accuracy is essential because mistakes cost time (require an audit) and are expensive money (IRS fee) and generally delay the tax payer's refund.
- Help with deductions: Tax software provides tax payers with tools for maximizing deductions. More deductions equal more savings.
- Affordability: Standard plans can be as low as $15-$20 for the most basic services.
Market leaders such as TurboTax, TaxCut, TaxBrain, and TaxAct (all IRS authorized e-file providers) excel at providing the features listed above. They also include free trial versions and free e-filing and compatibility with other personal accounting software
Even with new resources like Tax-compare.com and tax software tools some people will choose to hire an accountant But hiring an accountant can often be more expensive than self-preparation and is generally not recommended.
For the rest of us, however, using tax software and E-file is an easy choice. We will save time, money, and even trees by doing it ourselves.
For additional information regarding online tax services, visit
Zilker Ventures, LLC is a web publisher that consolidates information and reviews various business and financial products.
Zilker Ventures, LLC
Gaines Kilpatrick, CEO
Zilker Ventures, LLC
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