"If you have a simple return with only wages from Form W-2 and take the standard deduction, tax prep software is usually a good choice," says Rob Burnette, CEO and professional tax preparer at Outlook Financial Center.
Moreover, "electronic returns are not susceptible to having pages getting separated or lost entirely as compared to a paper return," says Rob Burnette, investment advisor representative and professional tax preparer at Outlook Financial Center.
Ideally, employees “should have a strategy in advance for how they are going to use bonuses,” said Rob Burnette, a financial advisor in Troy, Ohio.
“If you file by paper, in my experience, you’re looking at six to eight weeks minimum for your refund,” says Rob Burnette, a professional tax preparer with Outlook Financial Center in Troy, OH.
Investment advisor and professional tax preparer Rob Burnette of Outlook Financial Center in Troy, Ohio adds that most electronically filed returns with direct deposit result in refunds that show up within 21 days after filing assuming there are no errors.
“This will likely reduce take-home pay for people in the workforce, tax deductions will be reduced, tax returns may be more complicated and the tax benefit of Roth IRA conversions will not be as favorable for many taxpayers,” said Rob Burnette, investment advisor representative and professional tax preparer at Outlook Financial Center in Troy, Ohio.