It's tax season, and chances are you're already thinking about how you will file this year. Hiring an accountant is one option, but Andrew Schrage, co-owner of MoneyCrashers.com, says you can save big by filing your taxes online by yourself.
In writing reviews of different tax programs, Schrage realized that he was missing out on "huge benefits" by hiring a CPA. Now that he files online, he says he's discovered new insights into his personal income and taxes as a whole.
"Many people are intimidated by the idea of filing their taxes online without an accountant, but these online programs have built-in guides, built-in Q&As, and they also have user forums to help you and hold your hand all the way through to the end," he explains.
These programs often offer access to tax experts, too, so you know you're getting professional advice. Personally, Schrage uses Turbotax, which he says has a great interface, as well as built-in business products to help him file taxes for his company in one shot.
The cost of tax software can range from free to $100. In order to find the best program for you, compare what's out there and read user reviews, Schrage suggests. It's important to find the one that works best for your financial situation.
Once you find one that you like, you will start seeing benefits over the years. Many programs carry over information from the previous year, which will save you time on your future returns. These are just a few of the benefits that online filing provides.
In Schrage's case, filing on his own has saved him $500-$600 per year, and taught him information about his income, the deductions he can take and how to reduce the chances of being audited. In the end, filing online has helped him to save money and gain valuable knowledge, which you can easily do, too.
For more tax advice, tax program reviews, filing tips and financial strategies, visit MoneyCrashers.com.