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Is Taxact or TurboTax a recommended online tax software company? How does it compare to a tax preparer?
ANSWER
Expert Michael Lim's Answer:
If you have a fairly simple return (W-2 from wages, mortgage interest deduction, charity, etc.), then TurboTax or Tax Act may very well meet your needs. Their programs are set up so that they walk you through the whole tax process and do not require any in depth tax knowledge.
However, if you have a more complicated tax return (such as a return with business income, rental property, net operating losses), I would certainly recommend a tax preparer. A licensed tax preparer is far better prepared to ask the detailed questions that would relate to your tax situation, and may uncover possible deductions that you would not have been able to think about on your own.
In addition, the complexity of more advanced returns certainly benefit from a review from a licensed, experienced, tax preparer.
