The tax season is too soon. This year, how do you plan to complete your income tax return?
It’s easier for newbies
The designers of tax filing software know that not all users have a master’s degree in taxation. They designed their software to be the easiest in the world to use.
Each software has its own specific operation. However, many use a question system. It’s like finding yourself in front of a virtual accountant and they are interviewing you to get to know you better. You will be asked, for example, if you have RRSPs to report, if you are a member of a union or if you have been a student. Based on your answers, the software will detect whether you are entitled to deductions or credits.
No longer will you have to worry about whether you forgot to include a certain deduction or income on your return. As long as you have all your papers, the taxfyle software takes care of almost everything.
You protect your data
Some fear that by submitting their tax return online, hackers will get their hands on their personal information, such as their social insurance number. With recent stories of data theft, we are right to be concerned. However, tax preparation software comes with different security mechanisms to prevent your data from being stolen.
In fact, sending your return by mail does not necessarily protect you from identity theft. Your declaration can get lost, end up at the wrong address or even be viewed by malicious people who have stolen mail.
If you opt for direct deposit, you also prevent fraudsters from stealing the precious refund check you received in the mail.
You keep track of everything
When you make your declaration on paper, you can always keep a copy by making photocopies. However, unless you keep your photocopies in a safe, they can be lost or damaged. After a few years, the ink may even evaporate making the sheets unreadable.
With tax preparation software, you keep a digital track of your return. This way, if, several years later, the tax authorities have questions about your declaration, you will not have to empty half of the boxes in the attic to find it. You just have to do a little research on your computer. You will save yourself a lot of stress.
You will save time
There are two ways you will save time by completing your return online. First of all, you will complete your return faster than if you did it on paper. Tax preparation software has been designed to maximize the time of its users. Then, you will not have to go to a tax preparer to sign the various papers. You will also not have to go to the post office to mail your return, as it will have been sent by internet.
You reduce the risk of inattentive errors
With dozens of boxes to fill out, paper tax returns can get confusing. People who are not used to this type of form can more easily make mistakes by putting, for example, a number in the wrong box or a zero too many.
