Molly McClusky for US News Report writes: Joeleann Bensinger of Lake Dallas, Texas, had always used TurboTax to
file her return. But last year she decided to shop around. "With a
simple return, it's pretty easy to comparison shop the online tax
preparers," she says. "I prepared my return with both TurboTax and
TaxSlayer and found that TurboTax got me the most back, so I went with
them."
For many people, the agony of collecting receipts and itemizing deductions
is painful enough that the thought of also comparison shopping for an
online tax preparer seems like more effort than it's worth. So, like
Bensinger, they stay with the same software or online preparer year
after year. However, with the ever-changing tax law, increased awareness
of security and tax-related identity theft, and a new range of products
(and fees), 2015 might be the year to shop around.
Here are some of the key features to consider when comparing online tax preparation platforms.
Is It Safe?
TurboTax's recent, albeit short-lived, troubles with fraudulent state returns cast renewed focus on the safety of online tax preparers.
Once it was determined that its system hadn't been hacked, and the
problems were coming from the outside, the company implemented new
security measures within a matter of hours. But that came after several
states suspended e-filing through the popular online tax preparer –
though all resumed accepting returns soon after.
When representatives at H&R Block were asked how they kept their
customers safe, Eric Roebuck, senior product manager, and Gene King, the
company's director of corporate communications, said they use a
sophisticated verification process to protect filers. "We require, and
have always required, the two-step authentication process," King says.
"We've also always required customers to actually have an accepted
e-filed federal return prior to e-filing your state return. Why this is
important, is that it means that there's a search on the federal side to
verify these are legitimate returns. Without that, a person could steal
my information and file it in 19 states."
Jessi Dolmage, a customer engagement specialist at TaxACT, says her
company also proactively monitors all returns for signs of fraud. When
asked how TaxACT keeps its customers safe, she wrote in an email, "As
always, we continue to work closely with the IRS and state agencies to
prevent and detect tax return and refund fraud. We recommend taxpayers
use strong passwords and check email for confirmation of account
activity."
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