Tax preparation can be rather grueling with all the different forms to be filled, documents to be submitted and refunds to be filed. It generally involves a lot of paperwork, calculation and prior planning. Depending on the kind of income, there are various kinds of forms that are to be filled. Selecting the right form, obtaining the right information and submitting the form on time are very important aspects.
The Internal Revenue Service (IRS) has made tax preparation very easy these days. The IRS has published many books, like Your Federal Income Tax and Tax Guide for Small Business. More information can be obtained at the local library or the IRS’s website.
These days, tax preparation can be done online or by using certain software. There are many kinds of software available for tax preparation. The online forms are provided by certain professional tax preparation agencies. All you have to do is fill in an online interview form by providing all the relevant information. The software checks the form and sends back the form if there are any exclusions or corrections to be made. The form can be corrected, and the e-file is sent to the IRS directly. The form can also be printed out and mailed to IRS via post. You can check the status of your return any time by logging into the online service. These online programs can be downloaded into the PC. The basic system requirements are: Win95/98/ME/NT/2000/XP or MAC OS X or MAC OS 9.1 operating system and Internet Explorer (4/5/5.5) or Netscape Navigator (4.7/6.2/7) or AOL (5/6/7/8/9) supported browsers.
Some of the most popular tax preparation software packages are: TurboTax for Mac (TurboTax for the Web, TurboTax Deluxe, TurboTax Premier, TurboTax Business, and TurboTax State), Kipplinger TaxCut and Quicken TurboTax. Prices of this software start at $10. These can be used online or can be downloaded onto the PC. There are also special software packages like basic, essentials, premium, business and others.