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Should You Or If you refuse to Avail Of Tax Software?

April is a much feared time for many people. It will be tax month – that period if you need to file your taxes for the immediately preceding fiscal year. Taxes are a good way of life, nonetheless. What people do discover quite fearful are the preparations necessitated through the tax requirements that must definitely be met. Business enterprises dread this period the most because, more often than not, they have spacious books that need to be audited. Luckily, there are available tax software programs that could increase the risk for process a whole lot simpler.

Tax software is a program that would help you prepare your documentary requirements for that fiscal year. By addressing pre-installed questions, the tax software would be able to calculate your own taxable subjects as well as subtract the applicable deductions. There would be you don’t need to know complicated regulations. There would be no need to retain the services of additional help throughout tax season. There would be no need to manually figure out a dizzying number of products. The software would take care of everything.

Does this mean, however, that a duty program for your computer is a must buy? Not necessarily. Definitely, you wont need a tax filling software program if:

Youre dealing with but a few taxable items.
* You are in the habit of changing your income tax return on a regular basis during the fiscal 12 months.
* Not a lot of deductions are applicable, and your after tax subjects can be determined because they are.

Supposing you do not fall under any of these categories, should such be taken to imply that you really need a tax form software program? The answer is equally yes and no. Yes because this software program would really alleviate you of several heavy burdens connected with tax preparation. No, because tax software plans are not built alike. Some will serve you nicely, while others can search a deeper gap for you.

How then do you determine the very best software program for your needs? It needs to have the following characteristics:

The tax software need to cover a comprehensive listing of applicable tax deductions. Adding up what are taxed would be easy. Determining what is deducted would be according to what is pre-programmed in the software. You wouldnt want to pay an amount that is higher than what you ought to actually be paying, proper?

* The tax form software should be updatable. It should not be rendered obsolete by changes tax laws. Generally, software possessing this particular trait can be set up with updates or perhaps patches which can be downloaded from the Internet.

* The particular tax software should be manufactured and distributed by any credible company. It seeks to solve a critical part of your financial living, hence, you have to pick a name that is value your trust.

Comments: 41

  1. Alessandra March 9, 2013 at 1:01 am Reply

    Also, does anyone know if the tax software Turbo Tax has the new tax rebate information in it?

  2. Galen March 25, 2013 at 4:11 am Reply

    I just work part time and made about $3000 last year (I’m a student) this is my first time filing taxes, and I really don’t want to buy a tax software. How do I go about doing taxes? HELPPPP I feel stupid and am embarrassed to ask anyone 🙁

  3. Osvaldo May 11, 2013 at 8:00 pm Reply

    Hello all,

    I am a non-resident alien for tax purposes and have file my federal tax using the 1040NR-EZ form. I know I have to file this via paper and send it into the IRS, but could I use online tax software (e.g. TurboTax, etc) to file my state taxes? As far as I know, the state taxes are filed the same for residents and non-residents…am I correct? If this can be done, could you recommend any good software to use that would be especially accommodating for filing state tax only?

    I am currently living in NJ but working in NY and would love to file my state taxes online to save the trouble of submitting two paper returns and avoid making silly mistakes.

    Thanks for the help!

  4. Johnnie May 26, 2013 at 4:49 am Reply

    I have realitively simple taxes, but will owe penalty tax on money withdrawn from my 401k and would like to use tax software. I didn’t realize that in addition to their being tax cut and hmm.. ok, the other one that there are different options among the software. Which one would work for me?

  5. Rozella May 28, 2013 at 2:12 am Reply

    I did my own taxes for the first time this year. Using tax software, I plugged in what my refund would be if I had no stock sales in 2006. BTW, my tax bracket is 15% and I’m in New York.

    Without Capital Gains:

    Federal Refund : $400 and State Refund : $1460

    Capital Gains of only $4416.

    Federal : $260 (I owe) and State Refund : $1037

    According to an online Capital Gains calculator I used, my Federal tax should be $662 (which explains why my refund went from $400 to minus $260). What I can’t understand is why my State refund dropped so drastically.

  6. Rick June 5, 2013 at 7:40 am Reply

    I want to file electronically and my tax software requires last years AGI. I lost last years tax report and dont want to go through IRS to get a copy which takes weeks. All I need is the AGI…isnt that listed anywhere?

  7. Laquita June 5, 2013 at 7:38 pm Reply

    I want to know this as I am taking income tax classes and I am not sure If I should focus on just going the easy route and using tax software (in my case I am using TaxCut) or just prepare it all by hand for my final project.

  8. Felica June 26, 2013 at 1:18 am Reply

    I’m wondering if someone can answer me that question:what’s the best tax software to use for small personal business.

  9. Myron July 7, 2013 at 4:22 am Reply

    Does anyone know of a software that will help me do taxes for a PAST YEAR? I see lots of free tax software, but I need to refile my taxes from 2001. Ugh. Any ideas?

    Thanks!

  10. Miguel July 26, 2013 at 1:22 am Reply

    I’ve tried using some of the online tax software to fill out tax form 5405 for the first time home buyer credit and I was really confused with it (I used TaxACT). How much do you think a tax professional would charge me to do this for me?

  11. Pearle August 6, 2013 at 1:41 pm Reply

    Can me & my friend split the cost and buy one HR tax software from retail store or download from HR block website and use both of us to file our taxes ?

    Or is the HR tax software should only be used by ONE person ?

  12. Raymond August 17, 2013 at 10:47 am Reply

    Can anyone recommend some good and easy to use tax software for a beginning tax preparer? I am looking at Intuit’s ProSeries – are there any other programs I need to consider? I will be doing 1040’s and state taxes. Thanks!

  13. Kori August 22, 2013 at 10:06 pm Reply

    I’m wondering if places like Wal-Mart, Staples, OfficeMax, or anywhere else still sell copies of tax software for the 2008 tax year. And if so, will it be discounted?
    I would be using this software to file my 2008 taxes which I haven’t done yet(federal and state)

  14. Tobias September 4, 2013 at 1:08 pm Reply

    I purchased the H&R Block tax software from best buy for about $25 bucks. I have entered in the information from my W-2’s plus my 1099-misc(they suck). When I finished it told me that I had 0 errors on my return but 4 warnings. I viewed the warnings and I know that they are correct. I am 22 years old and claiming myself as independent(nobody else is claiming me). So now I am about to e-file my work but I just want to know that it is 100% correct. I have double checked my work, but I worry that I might get an audit from the IRS. If I typed something in wrong can I get into some serious trouble? I made only $12,000 last year from working part-time while going to school (big props to the hope learning credit!)

    But like i said, I worry that I might get audited, but with this software, will it make sure I didn’t put in anything too strange?

  15. Kurt September 13, 2013 at 11:02 am Reply

    I was 23 last yr and had a full time job the whole yr. I live at my parent’s house but I wasn’t a full time or part time student last yr so why is the tax software forcing me to check under “Someone else can claim you as a dependent”? Any suggestions
    yes the return was rejected, but im sure i provided more than half my support even with rent and food, etc last yr

  16. Major October 9, 2013 at 5:10 pm Reply

    I have a saved file of my taxes from 2009 on my computer using H&R Block’s tax software. I have their current version of the software, but it won’t open the return from 2009. I tried installing their software from 2009, but it asked me to buy it again… Blah blah blah.

    How to I open the file from 2009 with the current software?

  17. Lavon December 14, 2013 at 11:25 am Reply

    I’ve been paying an accountant for years. I want to do my own taxes this year. What is the best, most comprehensive yet affordable, tax software out there this tax season?

  18. Willie January 11, 2014 at 2:35 am Reply

    Its my first year doing taxes. I didn’t make a lot of money but I was interested in buying one of those tax software programs like Turbo Tax. Do these programs just work for one year or can you use them the following year.
    Ok Thanks. I thought that maybe they did a free downloadable upgrade for free like how iTunes updates every couple of months.

  19. Alberto January 17, 2014 at 7:44 am Reply

    I do my own taxes, and the H&R tax software I used this past year does not handle K1 forms. Am looking for some type of software that will. Thanks for any suggestions.
    I used the H&R Block At Home Deluxe + State edition. When I started inputting info from the K1, it told me that it was not capable of all that was required. This K1 was from KKR which is a corporation. Thanks to all for the info.

  20. Maxwell February 21, 2014 at 10:45 pm Reply

    Hi

    I have nearly scored myself a new job that I am very eager to start however the one condition that will keep me from getting this job is that I have never used Xlon Tax before. I currently use Handisoft. I would like to know your opinions on Xlon 6, is it fairly user friendly and do you think the basics could be picked up fairly quickly? Does anyone know if there is a demo vresion I can download from somewhere?

  21. Joleen February 21, 2014 at 10:45 pm Reply

    Hi there! Have a few questions to ask. about taxation.
    Im using the program called “Profiles”.

    1) For housing costs such as: Hydro, Insurance, Mortage interest, mortage life insurance premiums.
    What form would I put that under, is it tax credits, if so i’ve looked at and am confused. (The Alberta one)

    2) For paying $800 for the care and feeding of a child’s eye-seeing dog (blind child) how is that taxed?

    3) For purchasing a new computer and software that will be used solely in a home office, for employment usage. How would both be taxed?

    Thanks alot in advance, really appreciate the help!

  22. Carlos February 22, 2014 at 2:29 am Reply

    I am new to paying taxes as I have either worked abroad and made minimal income or been in grad school since college. In previous years, my parents filed on my behalf for capital gains on stocks and bonds, but no employment income was reported.

    I worked as a freelancer in 2009 and made less than 15000USD. I was abroad for most of that time, but because I spent more than 60 days in the U.S., I understand I am not eligible for any kind of tax credit for living abroad.

    Reading online, it also seems I should have been paying on a quarterly basis as an independent contractor. Am I going to be penalized heavily for that?

    Most importantly, will your standard tax software handle my situation? Or should I find a service vendor?

  23. Angelo February 22, 2014 at 3:32 am Reply

    I’ve been doing tax returns for individuals, for about 15 yrs.
    I’m looking to expand on that. Any help would suffice.

  24. Monet February 22, 2014 at 3:48 am Reply

    Ok, I did my taxes for my federal return on the H R Block Tax Software really easy, when It comes to filing and installing the state program software, it says that my internet connection does not work. It does work cause I am talking to you guys right now. So should I try to mess with it or should I just go to the library tomorrow and grab the tax documents for the state of Arizona and write them out by hand.

    It ticks me off that i spend $30 bucks on a tax software and now it doesn’t work on my state file!

  25. Davis February 22, 2014 at 5:15 am Reply

    I saw on tv a commercial for Income tax software that you can input donations that you made to say a second hand store of things like jeans, clothes ect. Does anyone know which software this is and how can you claim donations without a receipt, what kind of donation is this? Charitable? or Tax Shelter donation?

  26. Normand February 22, 2014 at 5:15 am Reply

    I’m a college student, I make about 5k a year, not much. I need to file my taxes and should I use tax software? any advantage?

  27. Willy February 22, 2014 at 6:28 am Reply

    I bought turbo tax last year to file my taxes but do I have to buy another one this year for this year’s taxes or can I just use the same one??

  28. Jesica February 22, 2014 at 6:36 am Reply

    I’m planning to do tax preparation for other people next year. What’s the name of the Tax preparation software that I should buy and where can I buy it ??.

  29. Latia February 22, 2014 at 7:36 am Reply

    I and my sister want to prepare tax for people. We know how to do paper returns but we haven’t touched efile yet (she knows how but not me lol). Here is what we need.

    1) Individual returns such as 1040 (federal and all states)
    2) Business Income like Schedule C, SE, & ect
    3) Partnership Income like 1120.
    We don’t want to touch corporation tax.

    What tax software do you recommend and how much does it cost? We like to do unlimited returns with efiles also. Any software that can save us time. Example) easy return do it in 5-7 minutes. I appreciate your help.

  30. Jaqueline February 22, 2014 at 7:36 am Reply

    We are planning to roll IRA money to a Roth this year. We attempted to do some tax modeling last year so we wouldn’t end up having to pay a high tax rate. Our modeling showed that we could not roll any money over due to a land sale and some other income. When we actually did our taxes (we use TurboTax) we were way off and found we could have moved a sizeable chunk, but of course at that point it was too late. So here we are again, trying to figure out how much to move. TurboTax version for tax year 2008 doesn’t come out in time for modeling purposes and previous years won’t let you import same year results, so using TurboTax doesn’t appear to be an option
    Does anyone have ideas (software, websites, etc.)?

  31. Rosendo February 25, 2014 at 2:58 am Reply

    Can anyone tell me where I can download free tax software for 2011 and 2012 tax years? I have to do a 1040EZ for a friends kid who has not done his taxes since he started working 2 years ago. I would send him to my tax guy, but his mom is not doing well and is in long term hospital care so I want to help him out without paying since it should be easy with just a W2.

    I would need federal and California state.

    I appreciate any help
    I don’t believe he has his 2011 W2. I assume he can just ask his employer for a copy of that or is there a different way for him to get it?

  32. Ross February 25, 2014 at 11:22 am Reply

    Hi,

    What taxes do I need to consider before selling software online?

    I’m from Australia. Its not a business, I don’t have an ABN, I’ve just set up a website and am selling software.

    How do I complete my tax return?
    What if I’m under 18, and therefore exempt from tax?
    Where can I find more info?

    Thanks!
    Isn’t there some sort of ‘Hobby vs business’ thing? If its a hobby I don’t have to declare tax?

  33. Jayne February 25, 2014 at 11:24 am Reply

    What tax software do you use, if any?

  34. Rusty March 18, 2014 at 3:21 pm Reply

    it for the appendix problem 2 in the individual income taxes book

  35. Eugene March 21, 2014 at 7:57 am Reply

    I want a software that has an online interface and allows me to have multiple users. I am in the process of starting a small tax preparation business and want about 20-30 preparers. I want each preparer to be able to login and have their individual progress tracked similar to OLTPRO, but is there anything better out there?

  36. Rosaline March 21, 2014 at 7:57 am Reply

    i am owed a refund for 2009 and 2008 tax year i used turbo tax this year can i buy the software and login into it with the same one i used this year which one do i need im a RN not business owner all help is appreicated

  37. Constance March 22, 2014 at 5:17 pm Reply

    Hey All,

    This is my first year filling my own taxes (without parents doing them) without anyone claming me as a dependent. I had 2 jobs in 2006 and paid a lot in student loan interest (upwards of $2500). I was wondering which tax software do you think will be my best bet.

    Thanks!!!

  38. Florencio April 21, 2014 at 3:23 am Reply

    We are an operating office and currently use one software and do over 1000 returns per year. Please give me your opinion on which software your office uses or which you recommend. Thank you.

  39. Emeline April 21, 2014 at 9:24 am Reply

    My husband and I file married separately and this is the first time we will be itemizing. This is the also the first year we have a rental property (We bought at house last December). Here are my questions!

    (1) We plan to split shared expenses such as mortgage interest and real estate taxes down middle. If the total is $12,000 for mortgage interest, for example, would we enter $6,000 for each of us in the mortgage interest box online or would the tax software automatically split whatever we enter in half because we’re married filing separately?

    (2) I make some charitable donations in my name and he makes some in his out of our joint checking account. Is is ok to just claim the donations we made in our own names or do we need to consolidate and split them 50/50?

    (3) This one’s a bit tricky. We own a rental condo jointly. Our only condo expenses are mortgage interest, real estate taxes, and condo association fees. The rent goes into our joint checking account. Only my husband’s name is on the mortgage and on the rental lease. Do we split the income and expenses 50/50 and each file our own 1040 Schedule E reflecting half of the expenses or can/should my husband file the 1040 E with all of the rental income/expenses?

    Thanks!
    I have a compelling reason. Filing this way for the next five years will save us $40,000 (net) after we account for the deductions we are losing from not filing jointly (student loan interest, etc.). This has to do with how my Income Based Repayment student loan payments are calculated and my eligibility for Public Service Forgiveness. Of course, at this point all they are forgiving is a lot of capitalized interest:)
    Quick Answers provided a good answer on a prior childcare FSA question , which I ended up verifying with a CPA friend (do *not* rely on HR or your FSA customer service rep for this type of information). I don’t have kids yet, so it was more of a pre-emptive question. Most of the $40,000 I’m saving is based on the fact that the IBR program forced me to choose a shorter repayment period (10 years). This is not how much is being forgiven. All of my principal is being repaid with reduced interest. I will have some capitalized interest forgiven at the end of 10 years. My job isn’t exactly low paying, but it is about a third of what I would make as an economist in the private sector. I enjoy being involved in getting at risk, first generation college kids through their programs. I also give to scholarship programs to support this (my charitable donations). Judge me as you like, but I could really use answers to my questions and not my reasons for choosing the filing status.
    Before you ask why I don’t ask my CPA friend these questions, it’s because he is a coworker and I don’t provide him much information about my personal financial situation and he would just try to convince me to use a CPA instead:)

  40. Tristan April 27, 2014 at 7:17 pm Reply

    Hi, I am getting ready to file my tax return. I bought a home in 2008 and i am qualifed for fedetal $7500 tax credit…also i had some loss in stock…i never used online software [like turbotax etc]. I always relied on tax consultant..but this year I am planning to file online.. How friendly are those online software and also can software help to file $7500 tax credit and stock loss etc ? your advice is much appreicated.

  41. Laurette June 20, 2014 at 8:24 am Reply

    If someone lists deductible expenses on their taxes, how exactly does the deduction work? Do they get a bigger refund for the next year?

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