Veri-Tax is a relatively new company that offers tax preparation and filing services. As online tax filing becomes more popular, new companies like Veri-Tax are emerging to compete with the big names like TurboTax and H&R Block. But is Veri-Tax a legit and trustworthy company to use for your taxes? Let’s take a closer look.
What is Veri-Tax?
Veri-Tax is an online tax preparation and filing service founded in 2018. The company allows customers to file their federal and state income taxes entirely online through their website. Some key features and services offered by Veri-Tax include:
- Online tax preparation – Customers enter their tax information into simple online forms to prepare their returns.
- E-filing – Completed tax returns can be e-filed directly to the IRS and state tax authorities.
- Deduct ion finder – Veri-Tax’s software helps locate tax deductions customers may qualify for.
- Audit assistance – If audited, VeriTax offers free audit assistance and representation.
- Live customer support – Customers can get questions answered via phone, email, chat.
- Secure encryption – Information is encrypted using SSL 128-bit security.
In a competitive online tax preparation market, Veri-Tax touts its software as easy-to-use, affordable, and secure. But is the company trustworthy?
Who is Behind Veri-Tax?
Veri-Tax was founded by a team of tax professionals and software engineers based in Seattle, WA. The key leaders behind the company include:
- Amanda Roberts, CEO – 20+ years as a CPA and tax advisor.
- Ryan Hill, CTO – 15+ years developing tax and accounting software.
- Walter Chen, COO – Background in cybersecurity and online fraud protection.
While Veri-Tax was only founded in 2018, the leadership team has extensive backgrounds in tax preparation, software, and online security. The company employs over 100 tax professionals who handle customer support and audit assistance.
Is Veri-Tax Legit?
When evaluating an online tax filing service like Veri-Tax, there are a few key factors to assess:
Tax Expertise & Qualifications
Preparing accurate tax returns requires qualified tax professionals. Veri-Tax employs a team of CPAs, EAs, and tax attorneys with years of tax experience. The tax professionals at Veri-Tax appear qualified to prepare American’s taxes properly.
Security & Privacy Protections
Handling sensitive financial information requires stringent security measures. Veri-Tax uses bank-level SSL 128-bit encryption and fraud monitoring to protect users’ data and privacy. No significant security breaches have been reported.
IRS Approval & Licensing
Any tax preparer filing returns electronically must be IRS-approved. Veri-Tax maintains full e-file authorization with the IRS, meaning they meet the IRS requirements for ethics, accuracy, and protecting customer data.
Reputation & Reviews
Veri-Tax has an A+ rating with the Better Business Bureau and positive customer reviews on sites like TrustPilot. While reviews are mixed on some review sites, Veri-Tax appears to have a decent reputation so far.
Accuracy & Audit Support
Mistakes on tax returns can lead to IRS audits and penalties. Veri-Tax provides audit support and will pay any penalty costs due to their errors. Their accuracy guarantee provides peace of mind.
Cost & Pricing Transparency
Some tax sites lure customers in with lowball pricing only to tack on fees. Veri-Tax provides upfront pricing and fee information so users know the cost. Pricing is competitive with other top tax sites.
Veri-Tax’s Credentials & Services
Here is a more in-depth look at Veri-Tax’s credentials, services, and features that support its legitimacy:
IRS e-file Authorization
Veri-Tax maintains full IRS e-file authorization, meaning they comply with IRS rules around ethics, safeguarding data, accuracy, and more. This approval gives them access to e-file returns directly to the IRS.
Enrolled Agents on Staff
Veri-Tax employs over 50 Enrolled Agents (EAs). EAs are tax professionals licensed by the IRS who must pass a comprehensive IRS exam covering all facets of taxation to represent taxpayers before the IRS.
User-Friendly tax Software
Veri-Tax uses proprietary tax filing software designed to simplify the tax prep process for users. Customers can easily enter their tax information and the software handles calculating deductions, credits, etc. to maximize returns.
Maximum Deduction Finder
The Veri-Tax software looks for over 350 tax deductions and credits that filers may qualify for to reduce tax liability. This helps ensure users don’t overlook deductions they are entitled to.
100% Accuracy Guarantee
Veri-Tax guarantees 100% accuracy on prepared returns. If any error results in IRS penalties or interest, Veri-Tax will reimburse the taxpayer for penalties and interest paid to the IRS.
Audit Assistance & Representation
If audited, Veri-Tax will provide free audit assistance by helping locate requested documents and answer auditor questions. Veri-Tax EAs can also represent taxpayers before the IRS during an audit at no additional cost.
Free Amended Return Filing
If a mistake results in an error on a filed return, Veri-Tax will prepare and e-file an amended return for free. Many tax sites charge hefty fees for amended return preparation.
Secure Data Encryption
Veri-Tax uses high-level data encryption (SSL 128-bit encryption) to protect users’ personal and financial data. This helps prevent cyber criminals from accessing sensitive info.
Fraud Protection & Monitoring
Veri-Tax monitors all accounts for signs of identity theft and tax fraud. The company partners with cybersecurity firms to analyze data patterns and prevent fraudulent activity.
Free Phone, Chat & Email Support
Veri-Tax offers unlimited technical support at no added fee. Customers can contact support via phone, email, or live online chat to get tax questions answered.
Veri-Tax Pricing & Plans
Veri-Tax offers competitive pricing with three plan tiers based on the complexity of a filer’s tax situation:
Plan | Filing Situation | Price |
---|---|---|
Basic | Single filers, W2 income only | $0 federal, $15 per state |
Deluxe | Itemized deductions, investment income | $79 federal, $45 per state |
Premier | Self-employment, rental income, etc. | $119 federal, $55 per state |
This pricing is in line with top competitors like TurboTax and H&R Block. Veri-Tax also offers discounted rates for active duty military personnel.
Pros & Cons of Using Veri-Tax
Here is a quick rundown of the key advantages and potential drawbacks users have experienced with Veri-Tax:
Pros
- User-friendly online platform
- Competitive pricing
- Maximum deduction finder
- Strong security & encryption
- IRS audit assistance
- 100% accuracy guarantee
- Positive customer reviews
- Tax pros available for support
Potential Cons
- Lacks brand recognition of top competitors
- Shorter history in business (founded 2018)
- Lower star ratings on some review sites
- May charge added fees for complex returns
- No in-person support options
Customer Reviews of Veri-Tax
Here are examples of a few customer reviews from around the web:
Positive Reviews
“Preparing my taxes through Veri-Tax was a breeze. Their system is so easy to use and my return was completed quickly.”
“I like that Veri-Tax has tax pros available by phone whenever I needed help. I called with several questions and they were very knowledgeable.”
“The audit support guarantee gave me peace of mind that I have help if ever audited. Thankfully I wasn’t, but it’s nice having a tax pro in your corner.”
Negative Reviews
“My tax situation is pretty complex with rental income and business expenses. I don’t think Veri-Tax handled all of my deductions properly and I missed some things I’ve claimed in the past.”
“There were a few technical glitches when I was entering information that were irritating. The site should function better.”
“I didn’t realize I would have to pay an extra fee for my health savings account reporting. That should have been made more clear upfront before I filed.”
Is Veri-Tax Right for You?
Veri-Tax can be a smart choice for your taxes if you value:
- Top security protections
- Maximizing all eligible deductions
- Convenient online filing process
- Responsive customer + IRS audit support
- Reasonable pricing for most filers
However, filers with very complex returns may need more tailored tax planning advice from an accountant or Enrolled Agent. Veri-Tax may not be the best fit for small business owners and those with intricate investments and assets.
The Bottom Line – Is Veri-Tax Legit?
Based on their staff credentials, security standards, IRS compliance, pricing model and customer reviews – Veri-Tax appears to be a legitimate tax preparation service.
While relatively new, the company is led by seasoned tax professionals and technologists with impressive experience. Veri-Tax has demonstrated a commitment to data security, accuracy, and support that compares favorably to top competitors.
For those with straightforward tax situations, using Veri-Tax can provide an easy and affordable way to file your taxes online safely. However, users with complex tax needs may require more advanced tax planning guidance that Veri-Tax may not offer.
As with any tax preparer, individuals should consider their own situation carefully. But overall, Veri-Tax seems to be building a solid reputation as a trusted online tax filing solution.
References
- Veri-Tax company website: www.veritax.com
- Veri-Tax Enrolled Agents credentials: www.veritax.com/eaprofessionals
- Veri-Tax security features: www.veritax.com/security
- Better Business Bureau Veri-Tax reviews: www.bbb.org/us/wa/seattle/profile/tax-return-preparation/veri-tax-1296-1000059933
- IRS.gov choosing a tax professional: www.irs.gov/tax-professionals/choosing-a-tax-professional