Tax Software

[Devildog]

I was wondering just how many people use this type of software and how good it really is. Which one is the best? and the ease of use for the somewhat computer literate people such as me.

The price seems to keep escalateing year after year at our favorite tax accountants office /w3tcompact/icons/shocked.gif and there is less and less paper work they have to do.
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Take care all, Jim

 

[Chuck52]

Devildog,

Though I said on another thread that I don't get much benefit from these programs because my taxes are so simple, I did use one a couple years ago and it told me how to enter a "dividend" my wife got from an insurance policy so that it wasn't taxed. I had spent a good while trying to figure out what the heck to call that piddling little bit of money. The program just lead me through each line, and at the right line it asked if I had received a particular form which defined the "dividend" as a "roll over" that was non-taxable. I think any of the popular programs is probably OK for most folks taxes. If you have complicated taxes, or if you live in a state with an income tax, some may be better than others.

Chuck

 

[MikePA]

I've used TurboTax for the past 10 years to prepare my, parents, and kids returns.

When electronic filing became available, I used it, both to file and for automatic deposit of the refund (when I got a refund - I've since adjusted my with holding so I have to pay). Payments are handled via a credit card. No muss, no fuss.

The first time you use TurboTax, or any other tax preparation software, it can be somewhat tedious, but it's worth it, since, assuming your financial environment doesn't change drastically, subsequent years are a breeze. The software walks you through everything and based upon your answers to an initial question, shows you the proper forms you need to fill in. For example, a few years ago my mother sold some stock at a loss, more than she could claim in a single year. TurboTax tracked her loss carryover through the subsequent years until her death.

As a test, use your accountant this year, then, using the same information, prepare your return with one of the packages and compare the results.

 

[Bird]

TurboTax is what I've been using for several years myself.

 

[HalseyGreen]

I have used TurboTax for about the 5 past years, do my taxes and the 3 kids. Like the way it goes through the questions, but I don't always like the answers. It's also fun to play with, like entering a huge amount under the lottery prize line, and seeing how much taxes it says you would owe. Almost not worth winning the big one.

 

[PitbullMidwest]

I used Parsons' Personnal Tax Edge for years before they were bought out by Intuit (Turbo Tax). I switched to Turbo Tax and have used it since. I have helped prepare returns for friends and family and many (those who got small returns) took the taxes to tax accounts, were charged $100 and told they couldn't find any additional deductions and found no errors.

The only drawback is it doesn't list all possible credits. You have to root them out yourself. An example is a friend qualified for a $600 credit for buying a car that could run on ethenol, he had to find the credit and enter it manually. If your taxes are straight forward I would recommend using the software.

I received my refund 3 weeks ago using the efile option.

 

[beenthere]

Pittbull - I too used (and liked) Parsons' Personnal Tax Edge, and was sorry to see it get bought up. The switch to Turbo Tax was not much fun, nor has the so-called 'updates' that come along each year. Seems these software people want to add more bells and whistles to their product, just because they can, and not because it is necessary. Many software updates are the same thing - but I guess software people want to keep their jobs, so we get the 'benefit'.
Most of the work on taxes seems to be collecting all the stuff you need, be it for your own preparation of the tax forms or be it for a tax consultant or preparer. Once those things are collected, doing the taxes can be pretty straight forward.

 

[TerryinMD]

I used TurboTax/MacInTax for about 9-10 years and found it quite helpful.

Last year, we switched to Taxcut. These two applications are essentially the same. The both provide question and answer or just working with forms.

I know that Taxcut can import data from Quicken, MS Money, and from TurboTax. I imagine that TurboTax has the same capabilities.

Typically, you can find some good deals at Staples, Best Buy, OfficeMax, etc. They will usually offer good rebates and other software bundles.

Terry

 

[Devildog]

Thanks for all the replys. Its unanimus for turbotax. Im going to go ahead and let our CPA do them this year but Im going to do like Mike said and after getting the turbotax setup, match them up and compare the results.
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Thanks all, Jim

 

[RoyJackson]

Thanks for all the replys. Its unanimus for turbotax. Im going to go ahead and let our CPA do them this year but Im going to do like Mike said and after getting the turbotax setup, match them up and compare the results.


Turbotax is nice, but it's alot nicer if you split the cost between two or three people. We've did that for a couple of years, then my wife found a free download (works off Excel) we used the last two years. I don't have the URL for that one handy. I'll ask her about it, then post here.