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Online tax-return filing: When it pays, when it doesn’t

by on
in Small Business Tax,Small Business Tax Deduction Strategies

Millions of taxpayers now file their tax returns via the Web, and the number is likely to grow. Should you join the crowd?

Our advice: Online filing may be fine for taxpayers with simpler returns, say just W-2 compensation and some investment income. But small business owners with more complicated returns need hands-on tax-planning advice from an experienced tax adviser. Good tax professionals find enough hidden tax breaks to more than pay for themselves.

No software needed

For years, software packages such as TurboTax have been popular. But you don't need them to file online. You can simply go on the Internet, enter your data at a Web site and transmit your returns electronically.

Logical place to begin: the IRS Web site, www.irs.gov. Click on the "e-file" icon and find a list of Web sites offering online tax prep for individual or business returns. As of January 2004, you can e-file corporate income tax...(register to read more)

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