Now that February is almost over, most people have probably received all of their W-2’s from their employers and have either filed their tax returns or are still procrastinating. Many students will be filing their own taxes for the first time this year, while others are experienced veterans of the taxation game.
Options range from the old fashioned fill-in-the-form and mail-it-in method, to e-filing through one of the many online tax preparation programs, to sitting down with a professional like H & R Block and having them take care of the paperwork. In fact those who are in a bind, and need their return as soon as possible, can go to a number of places for a refund anticipation loan.
Knowing which method is best for filing returns can be part of the reason people procrastinate.
“I did my taxes on Turbo Tax, it was easy,” said Central Oregon Community College student, Scott Schoepflin, 33.
Many find that e-filing, a method of payment where the return is filed on the internet, is the fastest and most convenient method for filing.
Along with checking to make sure all required information is included with the return, many programs optimize deductions, which often makes for a bigger return. Also, by e-filing the government gets the return sooner, so the refund gets returned earlier.
This method is even considered more environmentally friendly due to the lack of paper necessary for the return, but for the quickest return possible have the refund directly deposited into a bank account.
Some students would rather pay a small fee and have a professional take care of the taxes for them.
“I have not done my taxes yet, I am planning on taking them to H & R Block to get them done,” said COCC student Josh Bridges.
Especially for those who aren’t computer savvy, this may be the best option.
One advantage this method has over the other two is the assurance of a professional who specializes in this area and who stands by their work, in case of an audit from the Internal Revenue Service. Also having a professional working on the taxes often results in a larger refund compared with those who do their own, because of all the various deductions available.
For the do-it-yourselfer who is not computer savvy, there is the old method of filling out 1040 or a 1040EZ, transposing all of the W-2’s by hand and doing a lot of reading and math to make sure everything is kosher. This method takes more time and is much more susceptible to human error.
If none of these options work for you, the IRS has offices located at 250 N.W. Franklin Ave. which are open from Monday to Friday from 8:30 a.m. to 4:30 p.m. and closed from 12:30 to 1:30 for lunch. At this office people can bring in their W-2s and an actual IRS representative walks them through their return. Be prepared to wait in line as this service is first come, first serve.
Though taxes are not due until April 15, it may be a good idea to stop procrastinating and take care of them sooner instead of later. However, in case a deadline is missed, don’t worry. Go onto the IRS’s Web site, irs.gov, and find Form 4868, fill it out and send it in and then file before Oct. 15; the return will not be considered late.