Every year Americans spend 6.1 billion hours and $168 million a year preparing their taxes. What’s worse is that nearly a million people are behind on their taxes and owe $55.8 billion in tax debt. The average delinquent taxpayer owes $59,520 in back taxes.
Too often taxpayers get into trouble because they don’t know how to plan and prepare their taxes. Even when if owe money to the IRS, there are several ways to reduce the financial burden of your tax debt that the average taxpayer hasn’t even heard of.
SuperMoney has reviewed hundreds of tax preparation and tax debt relief companies so that you don’t have to. Discover the pros and cons of each company and find out how to save money by reducing your tax liability.
It’s bad enough that you have to spend countless hours filing a tax return. But it’s even worse when mistakes and omissions in your return come back to bite you. Choosing the right tax preparation firm can save you a lot of trouble when it comes to filing your taxes.
The business is dominated by national tax preparation firms, such as Jackson Hewitt, Liberty Tax Service, and H&R Block, which control about 50 percent of the market share. However, you don’t have to be part of a large company to provide quality tax preparation services. In fact, the initial investment to start a tax preparation business is minimal, which explains why 75 percent of tax preparation firms are small setups with a single employee. Don’t overpay for services you can do yourself.
Find out what are the key differentiators among tax preparation firms and use our comparison engine to filter companies based on the features that matter the most to you.
Tax Relief Firms
If you are facing serious tax problems and need tax relief help, you are certainly not alone. Every year, thousands of taxpayers discover they owe more taxes than they can afford to pay. Many have no idea how they will ever repay their back taxes, especially when they are struggling to pay this year’s taxes. The good news is the Internal Revenue Service understands tax debt can be an overwhelming burden and has created tax relief programs designed to help taxpayers get back on track.
If you owe the IRS more than you can pay immediately, this guide can help you understand what tax relief is, what options are available and the steps you need to take to resolve your tax debt.
Compare tax relief firms by reading customer and expert reviews on the leading tax preparers.