Tax Preparation Services: Reviews

With more than 12,000 locations, H&R Block processes almost one out of every five tax returns in the U.S. This chain has a better reputation than its next-biggest competitor, Jackson Hewitt, and tax experts say it can be… a decent option for relatively straightforward returns. However, there's not much H&R Block can do for you that you can't do for yourself with a $50 piece of tax-preparation software or the IRS Free File Program (below), and experts warn against this chain's refund-anticipation loans, which carry high fees and interest rates (and have been targeted as predatory by community interest groups and state governments). Also, bear in mind that H&R Block hires many seasonal employees during peak tax season (January-April), so your tax preparer may or may not be a seasoned professional.

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If you're not willing to spend $100 or $200 to have your tax return prepared by H&R Block, the IRS has contracted with various tax software companies to offer free online federal tax preparation and e-filing for filers… whose adjusted gross income is less than $54,000. This service is available only on the IRS website, and preparation of state taxes isn't always free. Also, if you e-file, you'll have to wait a few weeks or months for your tax refund rather than obtain an immediate "refund anticipation loan" from a tax preparation service like H&R Block. However, financial experts caution that such loans are a bad idea because of their hidden fees and high interest rates.

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