Tax season is in full swing. The deadline to file income tax returns is April 15th. As many scramble to get their documents in order, Bud Acrey says he is ahead of the game.
"Yeah I keep my taxes done as quick as I get my W2's," Acrey said.
He is one of 27 million taxpayers who have filed their tax returns this year from the comforts of their own home. According to the IRS this is an increase of almost 6 percent compared to last year. Acrey said for years, he would do his taxes with the supervision of a professional, but about two years ago, he thought "Hey, why not do it online?" so he turned to a popular online resource called Turbo Tax.
"It's so easy these days it's one line after another. When you get through with it you're done," Acrey said. They will direct deposit it into your account, and it doesn't take long it turns around pretty quick,"
The IRS expects to receive more than 148 million individual tax returns this year, and of those tax returns, four out of five returns are now filed electronically. CPA Kimber Rhodes-Jones with Alexander Lankford & Hiers, Inc said online resource can be useful, but it's not for everyone.
"If it's a pretty simple 1040 W2 income only and maybe some itemized deductions, there's no reason at looking at Turbo Tax but if you got something a little more complicated like a Schedule C business that you run - rent properties, farm schedules, you might want to seek help from a professional," Jones said.
So what documentation do you exactly need?
"Income and expenses for the year whether that be in the form of W2's 1099's, various receipts for various sole proprietorship for Schedule C or farm expenses," Jones said.
If you don't think you will be ready by April 15th, you can always file for an extension, but Monday March 17th is the last day to file for an extension.