We all love computers and the fact that it exists to make our jobs simpler. And they have invaded the field of taxation like never before.
A multitude of tax deduction software is available in the market at dirt cheap prices.
1. for complex tax returns: If you have a huge business or multiple entries, then TurboTax Premier and Complete Tax is the best option available for you.
Both are web-based tax programs though Turbo Tax has a PC-based version too. Turbo Tax premieres an icing on the cake for people with rental income. Complete Tax, a time saver, on the other hand is very good when it comes to importing capital gains entries directly from Gains keeper.
2. For Straight-Forward Tax Returns: this is for people who enjoy bank interest in their accounts or from mutual funds. Tax Act is the best bet available in the market. Calculates returns as well as penalties.
The web version of Tax Act charges $7.95 to e-file a federal return and another $7.95 to file a state return. Good tax software is Snap Tax. It is reliable, quick and fills out Form 1040-EZ in 15 minutes and e-files your returns in half an hour.
3. for unique tax situations: a lot of complexities can occur while filing the returns. To manage such a web of intricacies, you have the Turbo Tax Premier which is near to the professional help that you can get.
4. Free Tax Software: The IRS, in partnership with various software companies, provides easy-to-use, free or almost free software to customers who meet a certain eligibility criteria.
- Complete Tax - offers web-based interface;
-Free File- which can help prepare and e-file your state return for no extra charge;
-Tax Act Online- which has a very good free file version and is one of the fastest;
-Tax Engine - which is free for everyone, ($10 extra to prepare state return) and offers an easy-to-use tax program that features both the interview-style and forms-based input?
-H&R Block Free File - which offers free tax preparation if your adjusted gross income is $34,000 or less. It is recommended only for the simplest tax returns. Preparing a state return costs an extra $19.95 to $29.95.
And the last but not the least, Online Taxes can be used for free if your gross income is less than $150000.
Could calculation of tax be simpler than this? I don't think so. Your tax returns now should be a simple affair and you don't need a consultant to do this either.