Should this be the year that you e-file … or maybe not?

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in Small Business Tax,Small Business Tax Deduction Strategies

Attention, filing procrastinators: The IRS is opening up free e-filing to all individual taxpayers on 2008 returns. (IRS News Release IR-2009-5) Should you do it?

Our advice:
Weigh the pros and cons. While filing electronically certainly has advantages, there are drawbacks, too. It’s not for everyone.

Small business owners with complex returns may benefit from personalized advice from a tax pro. The tax savings are usually well worth the fee. And, in some cases, you’re not allowed to e-file (see below).

On the other hand, if you have the tax smarts to go it alone, e-filing may be the better approach.

How to do it:
Go to the IRS web site at www.irs.gov for the latest available options. Click on the “freefile” icon in the left column to access this service.

For starters, the IRS has developed an alliance with private companies that provide the means for filing online. Some services offer free filing for certain...(register to read more)

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