TurboTax vs Tax Slayer

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A few years ago, the IRS (Internal Revenue Service) estimated that there were around 1.2 million paid tax preparers available in the US. Tax preparation can be completed by a range of licensed agents, accountants, or businesses who can take the weight of tax season off your shoulders.

The most important thing about finding a tax preparation service is to make sure you work with one you trust. The three best professional credentials to look for include Enrolled Agents (or entities), who are licensed directly by the IRS and must pass an examination to demonstrate their understanding of federal tax planning, individual and business taxes, and representing you properly; Certified Public Accountants (CPAs) who have studied finance at a university and passed charter exams and requirements for accounting; and, Attorneys who are licensed by state courts and have passed a bar exam in financial law.

Now, keep in mind, there will be fees for using most tax preparation services, but these will be minimal compared to the high fines and charges from the IRS if you make a mistake on your return. For even small errors on your taxes, you could be looking at thousands of dollars in fines. A one-time fee for a tax preparation service is no sweat in comparison. Most tax preparation and filing costs between $30 to $500 (though some really comprehensive services cost more), so you'll want to make sure you know what you need before you start.

If you're ready to simplify tax season, but don't know which service to choose, we've put together some factors that can help you find the best tax preparation service for your financial situation:

• Cost. The cost differs depending on the service and what you need in your final tax preparation. If you don't need to worry about itemized deductions or you're just submitting a 1040 form, you might get a great deal on tax preparation (or even free tax filing). However, for more comprehensive filings or different types of tax forms, you may want to pay a little extra for your tax preparation service, with or without assistance from a tax pro.
• One-stop shop. The best tax preparation services offer a one-stop shop for your finances. Make sure that you can get everything handled by the same platform. For example, if you need specific forms, you'll want to make sure your chosen service offers those. Plus, some states require state and federal income taxes to be filed, so you'll want to be sure your chosen service offers filing options for both if necessary.
• Reputation. Always remember to check out tax prep services with the IRS as well as online review sites. Third-party reviews from taxpayers like you can help you feel more confident in your choice. This way you can be sure you're getting the best deal and the highest-quality service.

To help you find the best service to get your return filed this tax season, Top Consumer Reviews has researched and ranked the top tax preparation services out there today. Take the stress out of tax season and hand the nitty-gritty details over to an expert (or enjoy a guided DIY approach that is as simple as a step-by-step guide). After that, you just need to sit back, relax, and wait for those lovely tax returns!