Tax Time

timwilliams By timwilliams, 31st Dec 2013 | Follow this author | RSS Feed | Short URL http://nut.bz/q4edef7j/
Posted in Wikinut>Money>Tax

What people go through in doing their income taxes today.

Tax Time



It is that time of year again where we gather up all our receipts from the past year, collect W2's, 1099's and other documents necessary to once again pursue that time honored tradition of Income Tax preparation. We greedily await our gargantuan tax refund with every deduction we take. In today's high tech computer age there are numerous tax software devises that now take the drudgery out of the "old fashioned way" of filling out all those 1040 EZ's or 1040 forms that used to take forever in completing. No more missed calculations where 1+1=3 in some cases. My father made the mistake in basic math way back when and it cost him over $100. Not any more. All those calculations are done for you now via Internet software technology.

From Tax Engine, Tax Axt, Tax Brain, H&R Block to Turbo Tax all guarantee maximum refunds. Concerns abound now with the Internet age, rampant identity theft, and speed of light direct deposits now configure into today's reality. Are all Internet tax service providers equal? Do they all have built in safeguards against Identity theft and a possible audit by the IRS? Do they really guarantee the biggest refund? Do they all cost the same? These are all questions that keep cropping up whenever one chooses to file their income tax using any Internet software program designed for Income Tax preparation and filing.

Each tax software program has it's own built in features. All are slightly different in the way they take the filer through their progression of steps from personal history, to dependents and income. There are many reasons one would choose to file their income taxes over the Internet rather than that "old fashioned way" of personally filling out each space on a 1040 EZ or a 1040 form and mailing it directly to the IRS. Speed and acuracy of calculations are the biggest reasons. Security of identity plays a most crucial part, especially with all the identity thefts over this past year with IRS refunds.

For those who would rather hire a Tax Professional whether they are from H&R Block, Jackson Hewitt or even Amscott they all provide alternative means for filing ones taxes. Whether you are computer illiterate, think income taxes are too complicated or think that these agencies will give the "most bang for the buck" sort of speaking play a very significant part in deciding who will prepare and file ones tax return.

The personal decision about income tax filing with so many options now available where just a little over 30 years ago where there was no Internet or computer software programs designed to take to pain out of preparing, documentation, and actually doing the figuring on ones tax return makes it so much easier to choose the software programs now available. But like all devises and tools that man has invented through-out the ages the Internet and all the software programs that come with this relatively new technology abuse and over reliance can and will occur. The responsibility of any tax preparation and filing with the IRS is ultimately the filer and not any tax software program. Any seasoned tax professional can manipulate tax returns but dire consequences can occur when fraudulent returns do eventually turn up. That old saying "Honesty is always the best policy" is very apropos when it comes to ones income taxes.

Tags

Income Taxes, Tax Preparation

Meet the author

author avatar timwilliams
I am a feature writer for The Tampa Bay Examiner and The American chronicle. Earned Ph.D in Economics

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Comments

author avatar cnwriter..carolina
31st Dec 2013 (#)

oh dear you are right...I usually do all this a few days before seeing my accountant...but I always was a procrastinator except for writing poetry...a very happy New Year of peace, prosperity and joy dear Tim...

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author avatar Mark Gordon Brown
31st Dec 2013 (#)

I am an American living in Canada, I have to do taxes twice!

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author avatar Fern Mc Costigan
1st Jan 2014 (#)

I really enjoyed all of your posts this past 2013 and hope you continue doing it in this 2014, I wish you a Happy and a Prosperous New Year 2014, great job!

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author avatar Phyl Campbell
3rd Feb 2014 (#)

Oh, mistakes can still be made. For example, I misread the deductions between the child tax credit and the child CARE credit. And one year I forgot to take a deduction and the IRS fixed it and sent me the money. The next year I put the deduction, but the IRS wasn't offering it and sent me a bill to pay or a deduction of my refund. Either way, taxes must be paid!!

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