Which is the best form of business formation?
Tax season has come around again this year! We’re sure most people are dreading having to prepare their own taxes from scratch–so why not give them over to experts?
Many people don’t know what to do when it comes time to file their taxes. Should they hire a professional? File the forms themselves? Let’s look at incfile vs incorporate, two of the most popular options for filing taxes today.
Incfile is an online tax service that helps people file their taxes. They take care of all the paperwork, and they also provide live chat support for those who have questions about what to do next or how to prepare their taxes. The downside with this option is that it’s expensive: incfile charges $140 per person this year!
The other popular choice, incorporate, provides a similar service but at a lower cost; you can even get help from knowledgeable experts without any charge whatsoever! For just $25 (payable in monthly installments), you get unlimited assistance from expert accountants on preparing your return as well as guidance when filing it electronically. Plus, incorporation doesn’t require payment upfront–they only charge after your work has been submitted.
One of the largest differences between incorporate and incfile is that, for the latter, you need a physical address in order to be able to receive mail. This can be an inconvenience if your home doesn’t have a mailbox or when it’s time to file taxes because you’ll be out of town (or maybe even living abroad).
One option is filing yourself using free software like Turbo Tax or H&R Block; the other choice is hiring professional help through services like incfile or incorporate. The first option might seem more appealing on paper since there’s no upfront cost but the downside is that your refund will be lower. The second option might seem more expensive but the upside is that you’ll have a higher refund and an expert looking over all of the forms for errors or omissions.
For those who want to avoid the upfront cost and time commitment, Incorporate or File Tax Forms Yourself With incfile are good choices–just make sure you know what your legal obligations are before making a decision!