The ability to have a software program guide you through your taxes may seem like a dream come true for some people, but is using a program like Turbo Tax online really the right choice for you? There are many advantages to using Turbo Tax online, but there are disadvantages that you need to consider as well. Although your decision of whether or not to use Turbo Tax online will depend on your own specific situation and personal performance, learning about the pros and cons of Turbo Tax online may make the decision easier for you.
For a person with an average knowledge of tax law, using Turbo Tax online is not only typically less expensive than a consultation with a tax expert, but it can be a great time-saver. There are no trips to the post office, waits in long lines or even a visit to a store to purchase software. You can also do your federal and state taxes at the same time, while only entering personal information once. In addition to being a time-saver, Turbo Tax online offers conveniences as well. It automatically generates the appropriate tax forms based on your answers to the questions it ask and performs any mathematical calculations that may be necessary. Also, if you choose to file electronically, you can get refund checks faster, sometimes in as little as 10 days. Finally, Turbo Tax will store all of your personal information so it will be readily available in the future, ensuring that next year's taxes go even faster.
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For a person with advanced knowledge of tax law, Turbo Tax may be a waste of time instead of a time-saver. The numerous questions may be unnecessary and annoying, and these people may actually find it quicker to fill out a paper tax return. It is also important to keep in mind the limitations of Turbo Tax, regardless of your tax knowledge. As thorough of a job as Turbo Tax online does, it is still just a program with limited capabilities. Seeking a professional opinion from a tax professional could unearth additional deductions or mistakes that Turbo Tax might miss. Also, as convenient as the option of electronic filing sounds, it is important to know that Turbo Tax online charges an extra fee for this service. Finally, there is the issue of Turbo Tax's online security. Although Turbo Tax online is a secure, encrypted site and should be completely safe, there is always a slight chance of fraud or identity theft when imparting personal information online; you might want to consider this possibility before determining if Turbo Tax is right for you.
Is Turbo Tax Online Right for You?
Obviously, there are many individual factors to consider when determining if Turbo Tax online is right for you. Your current knowledge of tax law, your desire to file electronically, your budget, your comfort level with filing taxes online and with Turbo Tax online itself are all things that should be taken into consideration when making your decision.