2019 - 2020 Online Income Tax Filing
Are you still filing your taxes by the old paper method? Isn't it time to get up to speed and file your taxes online? This is the year you can make that happen. Online income tax filing is so much easier and quicker than the paper and pencil process. Once you have prepared and filed your tax return online, you'll never go back to the old way.
You'll be surprised how much quicker it is to do your online income tax preparation than the old paper method. It will take about the same amount of time to work through the forms but you'll be able to stop and start as you please and the program will hold your information. That makes it easy to take a break if you need to find some additional information or receipts.
A big time savings comes in the e-filing, you can get your electronic tax refund in as little time as possible. Much faster than income tax refunds by mail!
You'll also get to do the paperwork on your own timetable, instead of waiting for someone else to get your income tax forms finished.
Another bonus is that it is free to file your federal income tax return online. Your state income tax forms will cost a modest amount to file but still less than paying someone else to file for you. You can't go wrong doing your online income tax filing yourself if you're looking to save money.
Most programs have assistance built in to help you file your income tax online. There are programs with step-by-step instructions, live chat with a tax pro and even some that allow you to ask questions of a professional. The software will help you find every deduction that you're eligible for. All around, it's a better way to go.
Using a tax preparation checklist to help insure you have all your documentation together before you start can save you some time.
With this documentation it will also become clear which software program will apply to your tax filing situation the best. Then you can start your preparation!
Choosing Your 2019 - 2020 Online Tax Program
By developing variable tax filing editions, tax software developers create different choices to insure a product for your specific filing needs is available to use with simple navigation. These choices include:
- Free Editions for simple filing needs that don’t require special forms or the need to import financial data. Simply put, these programs are for basic returns not investment minded filers since they don’t offer support for investments.
- Basic Editions are great for everything the free editions covers plus, extra guidance and import abilities to import financial and occupation data, keeping entries accurate.
- Deluxe Editions includes everything in basic plus, additional support for tax deductions, credits and benefits. This includes medical, educational and charitable giving.
- Premium and Premier Editions are top choices with extra tax support for investments and self employed filing needs.
- Home and Business Editions include everything in the previous editions plus, business filing abilities for small businesses to get every tax deduction possible.
By choosing the right edition for your tax return preparation this season you will insure easy income tax filing online without hassles. If you’re unsure of which one to use, start with the less expensive edition and it will prompt you to upgrade if it finds that another edition will work better for your income tax filing needs.
Listed here on this page are a variety of companies offering a wide selection of programs for filing your taxes online. Here's some information on just a few of the best tax software choices today:
Online Tax Filing Software Choices
TurboTax - Basic version for simple returns and step-by-step guidance; the Deluxe version for those who own homes, make donations or have medical deductions; the Premier version for taxpayers who own stocks, bonds, mutual funds or rental properties; the Home + Business version if you're a sole proprieter, consultant/freelancer or single owner LLC; the Business version for those who have a partnership, corporation or multi-member LLC.
H&R Block - Free program for simple tax needs, step-by-step guidance: Basic program imports your W-2, 1099, last year's return, with free tax advice; Deluxe program includes expert tax guidance for homeowners and investors; the Premium program is for the self-employed or rental property owner, with schedule C guidance and live tax help.
TaxAct - The 1040 EZ is for single or married taxpayers with no kids, the 1040 Basic is for taxpayers with children, taxable interest, EIC and more, the 1040 Deluxe is for those with itemized deductions, capital gains, AMT, S-Corp and more, the 1040 Premium is for filers who are small business owners, freelancers, or have rental income.
E-Smart-Tax - Free version for those filing the 1040 EZ with no children or dependants, the Basic program for those with children and itemized deductions, the Deluxe program for those with investments and retirement income, the Premium program for filers who are business owners and/or independent contractors.
Filing electronically is the fastest growing alternative to mailing your tax return. Convenience, accuracy, and the ability to have the IRS direct deposit your refund into your bank account are just a few of the reasons why electronic filing has become one of the most popular filing methods.
E-file is the filing method that works in conjunction with the Internal Revenue Service's (IRS) Electronic Filing System. Taxpayers can e-file from a computer, or by using a tax preparer who is an approved Electronic Return Originator (ERO). Acceptance, (electronic confirmation) is sent from the IRS to notify you of their receipt of your return.