Turbotax or Taxcut ??????

[LOL!]

We use TurboTax at home. A colleague of mine bought TaxCut a couple years ago and asked me to help him do his taxes at home. So I got chance then to use TaxCut. I vote for TurboTax ... it just suited my style better.

I use TurboTax throughout the year to ask "What if?". One can use "SaveAs..." after making changes and keep these different scenarios around. For example, "What if I pay my 2005 property taxes in Jan2006 instead of Dec2005?"
I have found running scenarios has helped avoid AMT.

One thing I do not like is that in my area, TurboTax Deluxe is sold and not TT basic. With the deluxe version you pay for state return software. Only problem is that Texas has no state income tax and thus no need for the superfluous software.

[HFWR]

God bless Texas!!

[Sundance Kid]

I just bought Tax Cut, including the state tax program, for 19.99, at WalMart.

Better deal than I could get from Vanguard and better than from the other discount dealers in my area. It really is amazing, what some companies charge, for like services At Best Buy and Circuit City, they want 24.95 and up, for the same package.

Just thought, I'd pass this on. Don't think, I've ever used Tax Cut before. Seems to be just as good as TT, for basic ,uncomplicated returns.

As long as it gets me thru the &%@*^ mess with AMT, I'll be happy!

What a bag of %#@*&, that wonderful program is!!

The fun, is explaning how it works, to the DW

[cute fuzzy bunny]

Here ya go
http://www.fatwallet.com/t/18/570405/

Taxcut, federal only no state, $19.99 with a $5 off coupon and a $15 "easy rebate" staples gift card back, making it free.

Might be able to buy it with Money at the same time to get Money free after rebate.

[wabmester]

Quote:

Originally Posted by () Taxcut, federal only no state, $19.99 with a $5 off coupon and a $15 "easy rebate" staples gift card back, making it free.

Why would you prefer this to the free version I posted above? No rebates, coupons, etc.

[REWahoo]

I used wab's link to download Taxcut yesterday. Yep, the price is right.

[nwsteve]

Been using TT for at least 5 years and other than Intuit's bonehead move a couple of years ago trying to control software use, I have found it reliable and easy to use including handling rental property and self employed expenses.
Costco has a coupon book special this week for $10 off their shelf price of $28 for the Deluxe version
nwsteve

[just_hatched]

I just downloaded the free TaxCut standard (thanks wab!).
I've used TaxCut for about 3 years and TurboTax before that.

I had a problem during installation of the free TaxCut download, but the FAQ page says if that occurs, to download a font patch from them, restart the computer and try again. (I'm going to do that after I finish this message.)

Anyway - yesterday I also found another free tax software option - TaxAct at taxact.com

I saw it mentioned on bankrate.com or someplace.
The functionality is similar to TurboTax and TaxCut "caveman-basic" editions.

It provides another free option for comparison, if you can handle the in-program ads
every other page asking if you want to upgrade for $12.95.

Now I have to decide which one I'm actually going to file with.

[Sundance Kid]

I'm just scared of offers, that are "FREE." Last time I got something for "FREE,"
Cost me 1,300 and danm near a marriage.

Seriously, I just don't like downloading free stuff, off the internet. Just me and my naturally consertive upbringing.

Have a good day!

[wabmester]

Yeah, I can understand being sceptical of a free lunch, but this TaxCut offer seems legit. They'll send you a CD if you prefer not to download. They ask you for your email address and some other stuff, but they don't appear to validate it (not that I would ever lie about such a thing, of course).

They obviously hope you'll buy the state version or some other upsell, but for those of us living in states with no income tax, it's basically a FREE LUNCH!

[cute fuzzy bunny]

Quote:

Originally Posted by wab Why would you prefer this to the free version I posted above? No rebates, coupons, etc.

A bunch of reasons:

One is that a lot of people would rather have the disks in their hands for 3 years from now when the IRS sends a letter and you have to reinstall the s/w. Granted a smart person can burn their own disks if they have the burner and the blanks and remember to do it. A smarter person might know that cd-r blanks sometimes go south on you after 3-5 years while a manufactured cd should remain readable for 10+ years even under poor conditions. Granted they'll send you cd's if you pay them five bucks.

Some people are on dialup or a slow DSL dont have the bandwidth to download a huge file.

You also have to give them your name, address, phone #, email and so forth to do the download. Not everyone really wants to end up on every snail and email spam list on the planet.

Also, this is the Deluxe version; the free download is the Standard version.

[astromeria]

Our accountant has gotten tres expensive and I'm retired now, so I'm finally seriously considering doing our own taxes--my husband isn't, so I'm on my own here. That must sound funny to the rest of you, but neither of us has native talent or learned skills in financial matters--other than LBYM and paying our bills in full...and usually on time (we're not very organized either...probably related skills...2 INTPs, accent on the Ns and Ps).

Neither of us has done our own taxes for 30 years, since we were in our 20s, didn't own property or investments, and used the short form. We have most of our loot in taxable accounts, so there's a fair bit of complexity to deal with (why our accountant charges so much), but there's no rental property or anything else interesting (I think...). Can someone who can barely balance a checkbook (but never bothers to) use TurboTax? Is it wizard-like, prompting and walking you through ecverything, or is it like a spreadsheet, where you need a deep understanding in order to even know what info is needed?

=Nervous (Clueless) Nellie

[LOL!]

Quote:

Originally Posted by astromeria Neither of us has done our own taxes for 30 years, since we were in our 20s, .... Can someone who can barely balance a checkbook (but never bothers to) use TurboTax? Is it wizard-like, prompting and walking you through ecverything, or is it like a spreadsheet, where you need a deep understanding in order to even know what info is needed?

TT is wizard-like and not at all a spread sheet to the use.

The best way to answer whether you can do this or not is to try it. If you can, then no accountant fees. If you can't, then find another accountant. I can imagine that most of the accountant fee is getting your stuff organized if it shows up in a shoebox. If anything, trying TT might help you get more organized for the accountant.

It would be more work, but you could also re-do last year's taxes with last year's information and see how it compares to what the accountant did.

Also based on what you wrote " ... short form. ... taxable acccounts, .... no rental property " I cannot imagine that you have any complexity at all. You are mostly copying numbers from statements into TT.

[MJ]

Quote:

Originally Posted by astromeria Neither of us has done our own taxes for 30 years, since we were in our 20s,

Me too, I have been using a reliable accounting firm for years. They are pretty inexpensive.
They have offices worldwide, I highly recommend them, the firm's name is TT Intuit.

MJ

[astromeria]

Thanks--I'm trying to get my courage up!

[BUM]

Quote:

Originally Posted by astromeria Thanks--I'm trying to get my courage up!

Hi Astro,

If you have the time and inclination to dump the CPA do your own taxes, here is what I did.

Take your last return as prepared by your paid porfessional (presumably 2004). Go on Ebay and buy the 2004 and 2005 Turbo Tax deluxe versions. Copy the pro's data into the 2004 software. When you're satisfied (when the numbers come out right or very close), migrate the data into your '05 version and plug in the interest and dividend info and you should be about done.