The tax season is back. With tax season in full swing amid a pandemic, virtual tax preparation is becoming a popular option this year.
Many Americans can save money by filing their taxes on their own or using affordable tax preparation software. In a complex tax situation, you may feel more comfortable working with a tax advisor. Then virtual tax preparation can come in handy.
We’re working with H&R Block to find out what you need to know about virtual tax preparation. If you want professional tax preparation but don’t want to visit an office, you can work remotely with your local H&R Block Tax Pro – wherever you want, on any device. Make an appointment here >>
Also, College Investor readers can use this coupon to get $ 25 off their virtual tax preparation!
Before you dive into virtual tax preparation, let’s take a closer look at everything you need to know about it.
What is virtual tax preparation?
Virtual tax preparation is when you work on your tax returns with a tax advisor without meeting in person. Although the tax advisor you hire will likely offer the opportunity to discuss the details of your unique tax situation in more detail, a face-to-face meeting is not required.
With this type of tax preparation, you don’t have to drag all of your sensitive financial information around town. Instead, you can conveniently send your documents remotely (usually via an online Dropbox service).
As a rule, at the end of a virtual tax preparation agreement, you have the opportunity to review your tax returns. Once you are satisfied and give permission, the tax advisor can file your taxes for you.
With H&R Block, however, you can take advantage of the expert tax services wherever you want. You can even start one path and end another. Check it out here >>
Benefits of virtual tax preparation
Whether you don’t have the time to process your tax return or are uncomfortable filing your taxes, a tax advisor can help you get your tax return documents ready quickly.
Tax preparation can be especially useful when you have a complicated financial situation. For example, with multiple rental properties and your own business, the help of a professional tax professional can be well worth the cost.
If you’re looking for help with tax preparation, the virtual option can save you time and energy. Gathering your documents for a local meeting can be time consuming. Instead, you can simply send your documents and answer any questions about the documents from the comfort of your home (and at any time of the day).
A virtual tax preparation process can pave the way for a smooth experience to get this article off your financial to-do list.
Disadvantages of virtual tax preparation
The disadvantages of virtual tax preparation coincide with the negative aspects of any type of tax preparation.
A major disadvantage is the cost of tax preparation. In most cases, you will have to pay a few hundred dollars to work with a tax advisor. Although the exact cost will depend on your situation, you can easily save that money by using free tax preparation software (the H&R block is also one of our top picks).
With some virtual services, you may not know who your accountant is beforehand and how much experience they have. Hence, it is important that you carefully examine potential tax advisors before making your choice. Think about how much experience they have before moving on. If you are interested in H&R Block, the tax professionals have an average of 10 years of experience.
Eventually, virtual tax preparation misses the opportunity to deliver a personal experience. If you prefer to sit down with your tax advisor in an inpatient setting to discuss your options, this is not the solution for you. With H&R Block you can start one path and end another. So you can hand in your documents and meet in person, then answer questions, review the return online and approve it.
Things To Look For In Virtual Tax Preparation
With more and more people around the world feeling comfortable from home, it’s not surprising that tax accountants are offering a virtual option. Here are some things to look for:
Working with a virtual tax advisor can be a good option, but it is important to take the time to identify the right tax advisor for you.
For this reason, we recommend filing with a tax expert at H&R Block. One of the largest and most well-known tax preparation companies, H&R Block has the expertise and care to ensure your taxes are done right. Check out H&R Block Virtual Tax Prep >> here
Should you pay for tax preparation?
While it is entirely possible to file your taxes for free, many of us feel uncomfortable going the DIY route. With so many mixed feelings about money floating around in society, it is understandable that many would want to take advantage of the option of working with a qualified tax advisor.
However, choosing the DIY option is usually a good idea for simple tax situations. For example, suppose you are working in a W-2 job with no additional sources of income. In this case, you can easily file your taxes for free.
Note: You can compare the best free tax software options today.
However, if you own your own business and have multiple sources of income, it might be a good idea to seek help from a tax professional. A tax professional with the expertise you are looking for can help you with tax planning and give you peace of mind.
Virtual tax preparation can be an ideal choice for people with complicated tax situations. If you want to forego the DIY tax route, virtual tax preparation can save you time and money as you navigate this year’s tax season.
We recommend H&R Block if you choose the virtual route. They have the experience and tools you need to get your taxes done right. Also, College Investor readers can use this coupon to get $ 25 off virtual tax preparation!
Make an appointment here >> with a tax expert from H&R Block