In a year where we never thought this day would come, the tax filing deadline is almost here. But that means if you haven’t filed yet, the clock is ticking!
Let’s break down five of the most common myths related to filing your own return this year.
Myth #1: I don’t know much about taxes, so I might miss deductions and credits if I file my own.
Fact: A tax preparer asks standard questions and for additional information as he or she sees fit. Online tax software does the same thing.
Each TaxAct product is designed to help you claim all of the tax breaks to which you are entitled based on the information you enter. In fact, you may find new tax breaks or benefits you never heard of before.
For example, if you paid educational expenses for yourself, your spouse, or a dependent, the program will help you decide which educational credit or deduction you qualify to claim based on your complete tax situation.
Tax professionals know a lot about taxes, but no one knows as much about your financial situation as you do. When you combine your knowledge of your own finances with the expertise built into the tax software, you can file with confidence knowing you’re getting your maximum refund.*
Myth 2: Doing my own taxes sounds difficult and complicated.
Fact: If you follow the step-by-step interview, you can easily prepare your tax return one question at a time. You aren’t required to perform any math calculations or understand which tax forms you need to complete.
The tax software does the math for you and fills in all the necessary forms based on your answers to the questions. And you can do it all from the comfort of your home.
Myth 3: Tax software asks questions that have nothing to do with my situation.
Fact: The questions you answer in a tax software program, like TaxAct, are determined by your answers to previous questions.
If you don’t have interest income this year, you won’t hear more about it. If you have a very simple return, the program determines where you should focus, eliminating unneeded questions.
Myth 4: It’s easier to use a tax preparer and let someone else do all the work.
Fact: For many people, the hardest part of preparing a tax return is gathering the information.
If you carefully organized your tax documents, you already tackled one of the biggest steps in the process. From that point forward, you simply need to answer the questions based on the documents in front of you.
Myth 5: I’m afraid I’ll get audited if I use tax software.
Fact: While the chances of being audited are relatively low in any particular year, DIY tax software makes it even easier to avoid the extra scrutiny from the IRS. That’s because tax software – like TaxAct – helps you catch potential mistakes. It acts as a second pair of eyes.
Before you hit e-file, TaxAct Alerts meticulously inspects your return for errors and omissions that could increase your risk of an audit.
And with TaxAct’s 100k Accuracy Guarantee your return is guaranteed 100% accurate.* You can rest assured the calculations are correct based on the information you entered. If not, we’ll refund your software costs and pay any difference in your lower refund or higher tax liability, plus cover any legal or audit costs up to $100,000. That’s the strongest accuracy guarantee in the industry.
* Maximum Refund and 100k Accuracy Guarantee: If you receive a reduced refund or increased tax liability, or pay penalty or interest, because of a TaxAct error, we’ll cover such charges and pay the difference in the refund or liability up to $100,000. Guarantee only applies to TaxAct software errors and does not apply to errors attributable to the user. Click here for more information.
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