TaxBrain - It has been a very good experience for several years now
Written: Apr 04 '07 (Updated Apr 04 '07)
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Introduction
I have been using Taxbrain for several years now and have been very pleased with the results. I considered several alternatives, but I am glad that I ended up choosing taxbrain. So much for the lead in, the rest of this review will deal with the operation of taxbrain and some cautions.
Overall Purpose
The overall purpose of the taxbrain website is to provide you with an easy to use internet location to generate a Federal Tax Return. In some states it will also prepare your state tax return as well. After you fill out your information you have the option of electronic filing or printing out your return for mailing. There are graduated costs based on the amount of service you desire.
Filling Out The Menus
After setting up your access with a user name and password you will be asked to give the return a name. You can use your initials or any name you wish. This will be used to retrieve the return should you come back to it at a latter date. It is not necessary to complete the return in a single sitting and you can even create more than one return if desired. The return name is used to get back to the desired return. Next you continue to the menus.
The menus are arraigned in accordance to particular information that generally contains the following sections:
1. Basic Questions which include Small Business and Tax Payment Questions and Tips, Gambling, Dividends, IRA/Pensions & Moving Questions.
2. Filing Status
3. Taxpayer information
4. Spouse information
5. Form 1099-INT – Interest Income
6. Form 1099-R – Distribution from Pensions, Annuities & Retirement plans
7. Schedule B – Interest & Dividend Income
8. Schedule C – Profit or Loss From Business
9. Other Income – Unemployment, Social Security & Scholarships
That list is a general idea of what you have to fill in although there could be more or fewer sections depending on your situation described in the Basic Questions section and as you progress through the pages.
It is a good idea to collect all of your W2s, 1099s and any other documents that relate to your income during the year and have them available as you progress through the pages.
Calculate
After you have completed filling in your information you can calculate your return where taxbrain will present you with a summary of your return. This summary is not used for the filing but rather for you to review for accuracy and completeness of the data. It is much easier to understand than weeding through the IRS forms.
At this point you will be given an option of previewing the return and if this option is chosen then taxbrain will prepare a pdf document of your tax returns. It will be watermarked with “Preview Copy – Do Not File” but it will otherwise be a copy of the returns you would file. Again this allows you a final review of the return in the form that will be submitted to the IRS. The pdf is created in a separate window so you can switch between it and the summary for comparison.
After you are satisfied with the pdf sample, the next step is to proceed to the checkout area. Here you will be given some options each adding a cost to your fee. I won’t go into the potential benefit or whether I think they are worth buying. You can make up your own mind on that, but here they are:
1. Store your tax returns online for 5 years - guaranteed for as long as you remain a TaxBrain client. For one low fee, you'll be sure to have your tax returns available no matter where you go!
2. TaxBrain will deliver two personalized bound copies of your federal and state tax returns for your records. Great as permanent reference.
3. Smart Coverage includes personal audit representation in the event you need to appear before any federal or state tax authority.
Once you check the desired options you proceed to the payment summary where there is a box for entering a discount code. Repeat customers are sent a reminder each year that will have a discount code. In the letter they sent me it says I can share the discount code with family and friends and since anyone reading this review is my friend here it is: THB842. After the checkout page you continue to the payment page where you give them your credit card information. You are on a secure internet connection to transmit the information. Next you will get a payment receipt and a link that will allow you to print the receipt.
Filing Your Return
After printing your receipt you will be given a choice of how you wish to file your return. The choices are to efile or print out the return on your printer and mail it to the IRS. If you efile you will next be given a receipt for the submittal. On that page will also be a link to “Pay 1040.com” so you can pay your taxes while you are at it, should you owe, of course. If you want to use the site to pay the taxes I recommend opening this link in a new window so you can review the taxbrain information, like what you owe. The site charges a convenience fee, so be aware of that.
If you are due a refund you will be given a choice of how you would like it either check via the mail, apply to next year’s tax or direct deposit into your bank account.
Conclusion
I have found this service to be a fast and easy method of filing Federal Income Taxes. I don’t have state taxes to file so I really can’t comment on that procedure, but I would assume that it would be just as fast and easy because they have all of the information, I would guess it would just be another filing procedure.
Recommended:
Yes
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Epinions.com ID:
rbinck
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 - Top 500 |
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Member: Richard Binckley
Location: Houston, Texas
Reviews written: 125
Trusted by: 26 members
About Me:
Retired A/V professional, likes Hawaii and Classic Cars
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