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H&R Block is a tax system that has over 120 000 tax professionals to help in the preparation of tax returns. It has a web option to provide a do-it-yourself option for individuals to file tax returns based on the current tax code. The software ensures no errors are made when filling the returns.
The H&R Block has been a tax leader in the US and continues to grow. Let’s look at the pros and cons of using this platform.
1. Professional support: H&R Block offers professional support and you can chat or consult with the tax preparer in case of issues when filling out the return.
2. Online services: Although there are many H&R Block offices across the country, you can use the online tax software which offers professional assistance and guidance on filing the returns.
3. Free filing option: The free filing option of H&R Block is more useful than that of other programs. It enables individuals to take advantage of home mortgage interest and earn income credit deductions.
4. Clarification of tax laws: A knowledgeable tax professional can help in clarifying the tax laws and apply them in your situation to avoid any errors.
5. Ease of use: The online version of the H&R Block is easy to use. You can easily import the W-2 form and also input data with much ease.
6. Peace of mind: The services are offered at the H&R Block tax office and you get a guarantee of IRS certified and tested Enrolled agents to help in tax issues especially when an error is committed.
7. Pro review: H&R gives an option to seek tax pro review services at an extra cost before you submit your return.
8. Easy navigation: H&R Block platform is designed in such a way the users can easily navigate through the menu at the top making it easy to backtrack and correct any errors.
9. Accuracy check: The program runs an accuracy check to scan for any errors and any missed opportunities before submitting the return. This option is not available on other tax platforms.
10. Maximum refund guarantee: H&R Block offers a refund advance when you have met a certain refund threshold from all in-person tax return preparation.
1. Regulations: Due to regulatory scrutiny, H&R Block cannot continue to offer refund anticipation loans which is a source of revenue to the company.
2. Competition: H&R Block faces a lot of competition from the online Intuit providers which operate the TurboTax franchise and other emerging competitors like the Liberty Tax.
3. Not the best platform: Although you can get the support, it is not the best platform if you need some explanations while filing the returns. The platform is not good at explaining some terms.
4. Higher-end businesses: The RSM McGladrey which provides consultancy and tax services to medium size businesses has been facing a lot of challenges making H&R Block reduce its revenues.
5. Seasonal: There aren’t many opportunities to move up in the company outside the tax season. You have to work for long hours during tax season.
6. Temporary employment: There are seasonal employment opportunities at the H&R Block where new people are hired every tax season.
7. Low-Priced plan: The free and low price tax plan package can’t handle complex tax issues. It is most suitable for individuals who are preparing their own taxes.
8. Additional services at a fee: If you want the services of a tax professional, you have to pay extra for the review of returns. An additional $19.99 fee is needed if you require an audit report.
9. Design issues: The H&R Block software has design issues making it less intuitive like the Turbo Tax.
10. Limited guide: Compared to TurboTax, H&R Block offers a limited tax guide to users. It only has a few options of getting you through the tax return.