Many Happy Tax Returns

Preparing and filing your taxes in minutes is fast-becoming a reality

(ARA) - Americans have always prided themselves on finding new ways of doing things -- we're always working to build a better mousetrap. Think about cellular phones, TV remote controls, computers and the Internet -- all designed to help people save time, or find more time for the things they really want to do.

In our chaotic, fast-paced world, everyone's looking for convenient ways to accomplish time-consuming and stressful tasks. During this time of year, the activity most Americans dread is doing their taxes. And it's no wonder. Who wants to spend hours rummaging through confusing tax documents and sorting through old receipts? Not to mention the time it takes to sit down with a pencil (and an eraser) and try to figure out what goes where while double-checking your math.

So what's the answer? Why not automate your tax return? After all, we trade stocks online, do banking over the Web, even pay bills from our personal computer. Automating your taxes will save you time and frustration.

Automated Tax Return

This year, taxpayers can take the first step to truly automating their tax return and practically eliminate that shoebox full of receipts and tax documents that have traditionally been so much a part of doing taxes. A new feature available in the Quicken TurboTax programs, called the Automated Tax Return, promises to change the way Americans prepare their taxes.

The Automated Tax Return feature retrieves common tax information -- wages and investment income -- from participating companies and automatically enters that information into the correct tax forms in TurboTax. Since you don't have to type in the information or do the calculations yourself, your tax return will likely be more accurate. According to the IRS, 20% of tax returns prepared manually have at least one error, compared to only 1% of returns that are prepared and filed electronically.

"Shuffling through a shoebox full of receipts and sorting through tax documents will soon become a distant memory. With a click of the mouse, this new method makes your tax experience easier and faster," says Elizabeth Cabrera of TurboTax. "The Automated Tax Return brings the American taxpayer closer to an actual ten-minute tax return. It's an innovation that will make taxpayers' lives that much easier."

Cabrera says that the Automated Tax Return arrives at a great time, as online financial services such as e-banking and Web trading become more popular and consumers get comfortable with new online finance technologies. "E-finance options such as automated tax preparation, online bill payment and online checking provide consumers with choices for handling all their financial needs," she says.

Hassle-Free Tax Preparation

The Automated Tax Return feature does all the work, retrieving tax information such as wages, interest, dividends and stock transactions from participating companies, and automatically entering that information in the correct forms in TurboTax. And you don't have to be a computer wiz to use the program. TurboTax guides you through the process, asking easy-to-understand questions -- without any tax lingo.

This year, thousands of consumers with accounts with Cititrade, Fidelity Investments, Salomon Smith Barney, TD Waterhouse, T. Rowe Price and The Vanguard Group can use the Automated Tax Return. Also, more than 250 employers across the country will participate in the program. Employers must sign up through participating payroll processors Ceridian, PeopleSoft and ProBusiness.

"The average tax return takes about eight hours to prepare, and with tax preparation software, that time is cut in half," Cabrera says. "The Automated Tax Return promises to shave off even more tax preparation time while benefiting consumers by eliminating the hassle of organizing certain tax documents, filling in tax forms automatically, reducing data entry errors and the frustration that often goes hand-in-hand with doing your taxes."

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SIDEBAR: Automated Tax Return

Automated Tax Return is a new revolutionary technology exclusive to TurboTax that delivers hassle-free tax preparation by retrieving common tax information -- wages, interest, dividends and stock transactions -- from any of the following companies -- Ceridian, PeopleSoft, ProBusiness, Cititrade, Fidelity, Salomon Smith Barney, TD Waterhouse, T. Rowe Price and Vanguard. ATR automatically enters the common information into the correct forms in TurboTax.This makes tax preparation easier and more convenient than ever, and ATR handles all of the work and benefits the consumer by offering the following:

 

• Convenience - a click of the mouse and all your important tax information is imported into your tax forms

   

• Accuracy - Automated Tax Return reduces the risk of errors by automatically populating your tax forms with the correct information

   

• Enhanced organization - With Automated Tax Return, there is no need to organize your tax documents, it's all done automatically

   

• Saved time - Automated Tax Return reduces data entry, saving you time

   

• Ease of use - Automated Tax Return walks you through the process with simple step-by-step instructions

   

• Superior Integration - Automated Tax Return customizes integration with financial software such as Quicken, QuickBooks and Money. Just-in-Time imports allows you to select the information you need from these programs just when you want it

   

• Simplicity - Automated Tax Return takes a complex task and makes it simple, delivering a simplified method to perform a dreaded task