Tax preparation

Tax preparation

Tax preparation is the act of preparing the filing of income tax returns. Because United States income tax laws are considered to be complicated, many people and corporations seek outside assistance with taxes.

Tax preparation may be done by the filer, with the help of a Certified Public Accountant, with the help of a tax preparation business, or with the help of tax preparation software and online services.

The Free File Alliance provides free electronic tax filing services for individuals with less than $52,000 adjusted gross income.

Controversy

The cost of preparing and filing all business and personal tax returns is estimated to be $250-$300 billion each year. According to a 2005 report from the U.S. Government Accountability Office, the efficiency cost of the tax system—the output that is lost over and above the tax itself—is between $240 billion and $600 billion every year. That means Americans spent for preparation roughly 20% of the amount collected in taxes. [http://www.gao.gov/docdblite/summary.php?rptno=GAO-05-878&accno=A34598 Summary of Estimates of the Costs of the Federal Tax System] by the U.S. Government Accountability Office] [http://www.townhall.com/print/print_story.php?sid=170814&loc=/opinion/columns/brucebartlett/2005/10/11/170814.html The Times is still wrong on taxation] By Bruce Bartlett] In addition, tax preparation businesses have been plagued with controversies such as over Refund anticipation loans.

oftware

Some popular tax preparation software [ [http://financialplan.about.com/od/software/tp/TPTaxSoftware.htm Top Picks - Tax Preparation Software Reviews ] ] includes:

* TaxACT
* TaxCut
* Turbotax
* [VisaTaxes - Non Resident Tax Software http://www.visataxes.com/form1040nrez_home.php]

ee also

*Tax return (United States)

Notes

External links

* [http://taxes.about.com/od/findataxpreparer/ About.com - How to find a tax preparer]
* [http://www.accountingmajors.com/news/tax-returns.html Accountingmajors.com - guide to free and low cost tax return preparation options]
* [http://www.taxsmile.com Tax Preparation & E-filing Assistance] - Taxsmile.com


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