Accountants vs. free tax software: Which is right for you

As tax season rolls around, the maze of numbers and laws can be daunting for many. With free tax preparation services like TurboTax and H&R Block helping, the question arises: should you navigate the tax season with these platforms or opt for a personal accountant? Dan Geltrude, a managing partner at Geltrude & Company, sheds light on this dilemma during his chat with The Street, emphasizing the complexity of tax laws and the potential benefits of professional help.

Geltrude compares doing your taxes to performing surgery on yourself – it’s not advisable unless you know exactly what you’re doing. While free tax software can be a boon for those with a clear understanding of their financial situation and tax obligations, the intricate nature of tax laws often means that seeking professional advice could lead to better economic outcomes. The investment in a reputable tax preparer, according to Geltrude, usually pays off by maximizing returns and minimizing errors.

Adding a twist to the tale, TurboTax and H&R Block have introduced AI chatbots to answer customer queries this tax season. Geltrude acknowledges the growing role of AI in our lives, including its application in tax preparation. While he cautions that AI isn’t perfect and users should be wary of the advice received, he also recognizes it as the future of tax assistance. AI services could be a valuable resource for those comfortable with the technology.

As we navigate the complexities of tax season, the choice between digital platforms and personal accountants reflects our comfort with technology and the complexity of our financial lives. With AI’s role in tax preparation on the rise, the future of tax filing may be at the crossroads of technology and traditional expertise………..[read more]

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Considering the evolution of tax preparation services with the integration of AI, how might this technological advancement impact the relationship between tax professionals and their clients, and what does it mean for the future job market in this sector?

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Mekayla Graham

3 months ago

The integration of Al into tax preparation services is definitely going to shake things up. For clients, it could mean faster, more accurate filing and potentially lower costs. For tax professionals, it could mean a shift in focus from routine tasks to more complex advisory services.

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Matt

3 months ago

The integration of AI in tax preparation services is definitely a game-changer because it can streamline the process, which save time for tax professionals and their clients. With AI handling the more repetitive tasks, tax professionals can focus on providing personalized guidance to their clients. This will allow the job sector to enhance their services.

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Miari

3 months ago

This is off topic, but H&R Block always gave off scam to me. After 2016 I stopped seeing commercials and even hearing them on the radio as if the company dropped off the planet along with its suspiciously placed in person locations.