Income Tax Software 2014 - 2015
Income tax software makes the chore of filing your return fairly easy and, saves you lots of money.
Performing as an enabler to help file your income taxes, you'll find that tax software actually educates and opens the door to new deductions you may not have considered.
Anyone who knows they are going to owe taxes should always prepare their own return using top brand software. Why add insult to injury by shelling out money to CPA's or other tax accountants when you can do it yourself. Even if you aren't confident in your ability to prepare your own taxes, it's a good idea to consider preparing your own return, then compare the results with your tax preparers result.
Income Tax Software Reviews
HR Block or TurboTax: Top brand income tax preparation software developers have a matured process that fully guides you every step of the way. You can choose either TurboTax or H&R Block and complete your income taxes in a quick and easy manner without frustration. Other good but less popular choices include, CompleteTax, TaxBrain, 1040Return, OnePriceTaxes and FreeTaxUSA.
I personally recommend TurboTax, but that's because I've used it for six years and know the formats well. If I had used HR Block [Formally TaxCut] for several years I'd be using that, so my endorsement is only out of familiarity. Try either one for online tax return preparation and filing by efile for fast refunds.
What's really important when choosing income tax software, is to figure out which edition of TurboTax or HR Block best fits your income tax situation and filing needs. I'll list three tax filing scenarios below that will help you select the best edition and version to get your taxes done while meeting all your filing requirements.
Basic - Online Income Tax Software:
If your filing a 1040 - 1040EZ or deducting dependants and home mortgage interest, this may work well for your needs. Note: no support for small business or home office expenses, just basic tax software that's used for standard deductions for kids and home. This type of tax filer would use a Basic Edition and possibly add on a state tax software program if needed.
Deluxe - State and Federal Income Tax Software:
For those who know they want to file state and federal income taxes along with home ownership and other deductions, Deluxe Editions would be the right choices for you. These editions provide extra help with deductions such as medical and educational write-offs. It will work well for standard 1040 and investment income as well as deductions but, it will not handle stock options or a schedule C for small businesses.
Premium & Premier - Income Tax Preparation Software:
If you have investment income to report or a small business requiring a schedule C, than TurboTax Premier or H&R Block Premium would be the correct software editions for you. I use TurboTax premier and I am able to file a standard 1040 with investment and stock option income as well as a lengthy schedule C for my small business. I am able to do everything myself with TurboTax Premier and I have not had to pay a tax preparer since I started doing my own taxes.
HR Block Premium Edition is also able to process your investments and schedule C income tax forms. In this case go with whichever software you are most familiar or comfortable with using.
Hopefully I've convinced you to try using tax software to save money by doing your taxes yourself...
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