Are you going to have your taxes filed in time to meet the April 18th deadline this year? If not Barry Levy has today's Consumer Report and says if you're still looking for way to file, you might want to try using a free online tax preparation product that you can even use on your phone.
Oh, hey there, just trying to get my taxes done...and I'm not having any luck...as usual. If you're in the same boat I've got great news for both of us. Here's a look a the three most popular products to help you get your tax done for either free of for a small fee...okay...were's that W-2.
For Julia Brown, filing her taxes is all about convenience, which is why she uses the popular software Turbo Tax.
“Between working and going to school I need something quick, easy, get it done. Because my tax situation is straightforward, I think it’s a good solution and a safe solution for me,” Julia Brown.
For tax year 2015, IRS reports show that 40-percent of taxpayers who filed electronically were just like Julia — they didn’t use a paid tax preparer. Consumer Reports says using an online or mobile app can help you get the right results.
“We looked at the three most popular tax software products. That’s TurboTax, H&R Block, TaxAct - and we found they’re all pretty good for simple situations especially,” Tobie Stanger, Consumer Reports Money Editor.
And filing on your own has become even easier with the help of smartphones. All three allow you to automatically upload your W2 information by simply taking a photo. But what if you your tax situation isn’t so simple?
“If your tax situation becomes more complicated, say you’re self-employed, you’re probably going to have to upgrade. That could cost an extra $10 to $60 dollars,” Tobie Stanger, Consumer Reports Money Editor.
Did you donate some old stuff to a place like Goodwill? You can probably get a deduction if you correctly itemize your return. Consumer Reports says all three have tools to help make your itemized deductions easy.
Even without having to upgrade to more expensive versions, any one of the products should get the job done for most simple returns. And of the three, Consumer Reports says TaxAct has the best value for people who itemize, own a home, or have simple investments. As for Julia Brown, she saw her federal refund automatically deposited into her bank account 12 days after she filed.
If you file on your own and run into problems, these tax-prep products allow you to contact them if you need help. They all offer tax advice from trained professional...which I am not by a long shot...I'm going to need some help.
Consumer Reports: Where to find free tax preparation online.