Which Tax Software Do You Guys Use?
 

I was thinking about buying TurboTax...but I see there are four versions:

1) Basic - For simple returns. $15

2) Deluxe - For more deductions? Maximum refund guaranteed. Qualify for over 350 deductions, including those for mortgage interest and donations. $30

3) Premier - For those with stocks, bonds, mutual funds, and rental properties. Easily calculate your basis for selling shares. $50

4) Home and Business - For you sole proprietor, consultant, contractor, or LLC owners.

Here is their website:
http://turbotax.intuit.com/?cid=ppc_gg_b_stan_ts-ts+btt+nm&priorityCode=4138500000

I am thinking about buying the Deluxe version as I have a farily straight forward return - what are your thoughts?

Yasin

I've used Turbotax basic for 3 years and like it. The Deluxe and Premier don't offer you any more features which actually will affect your return, you can create the exact same return with basic. Deluxe just walks you through it a little more and has little doo-dads that will estimate what your donations are worth and such.

I have a mortgage, stocks, retirement funds, charitable donations, educational loan interest and a home business and do all my taxes with Basic.

I get Home and Business since I have two LLC's...since it is cold and rainy out I am, in fact, doing my taxes right now:p

ND is right about basic...it does it all as well.

We used TurboTax this year. Ours are pretty simple so my wife did them in just a few hours. I believe the total cost was around $75. The check will be deposited Feb. 2 in our account. WooHoo!!!!!!
I should just sign it over to Pelican.:)

I've used TT for >5 years at least. Usually takes me <2 hours total as it saves basic data from the previous year and "learns"..i.e."is your home office still 200sqft?".

Great product.

+ 1

If most people weren't so intimidated by the IRS and the unintelligible tax forms, Turbo Tax would put H&R Block and the other tax preparers out of business.

We've been using "Mother-In-Law", by Marriage for the past several years. :D She does this for a living so has all sorts of high-dollar applications.

The upside is, she knows all sorts of personal things about us so she's able to really work the deductions.

The downside is, she knows all sorts of personal things about us... :(

Randy

I used Tax Cut up until 2 years ago. Then we got an accountant.

This year, we are firing her and going back to using software. I guess we had some idea that she was going to able to find some mythical tax cuts that we mere mortals did not know about. She didn't.

Cindy does our taxes, uses Turbo Tax deluxe. Says it makes reporting earnings easier with our investments...stocks, bonds, payments on commercial property we hold the mortgage on, etc.

Turbo tax is a bargain compared to what we used to pay to a CPA firm.

I've been using turbotax since '96 or '97. Basic is fine as long as you don't have a lot going on, but I think I usually get deluxe for some reason. One thing that it seems I remember from years past is that the Deluxe may have a rebate for free electronic filing, but I can't remember for sure. I always have to read the boxes when I go to buy the darn thing.

I think Deluxe comes with state, the basic does not?

TurboTax since "forever".
Edit - yeah - Deluxe includes state return - The box cover of the TT Deluxe compares the different features of Basic, Deluxe, Premier and Home & Business. Deluxe includes the State tax download, etc. Premier adds features for stocks, funds, cost basis etc. Home & Business adds Schedule C, etc.

I see my local accountant. I used TurboTax and TaxCut and found numerous flaws with each that almost cost me much $.

azasadny,

Can you tell us more?

turbotax basic plus 1 state == turbotax deluxe.

Thats the only reason that I went with deluxe.

That's true, if you have state income taxes you need Deluxe. No income tax in Texas though...

Ive used Tax Cut for about the past 7 years....and its been good...

But this year Im using a professional accountant because things are on a much grander scale in every way. She is absolutely great and in our meetings over the past 7 months, she has found so many things that Tax Cut could never fully explain, deductions, writeoffs etc. She used to work for the IRS.

I had her examine my last 3 returns (prepared by Tax Cut) and she said that basically they were OK and didnt miss much...however there was one error that I got a way with and a couple small things that would have benefited me but the Tax Cut software had overridden the proper changes.

Tax Cut is good for a smaller scale, but when you get multiple deductions, credits and an overall complex situation....I think its best to see a good pro who will work with you.

* Make sure though, that they do not "farm" your return out to India or some other country.... many accounting firms are starting to do this to save themselves money...its BS and borderline fradulent, but unless you ask about it...they will not tell you.

By the way, my accountant says "I make all of my clients swear that they will not e-file... return must be turned in on paper"

The reason for this is that e-file is much less forgiving, as the computers track and analyze each and every line item. This is impossible to do with paper forms being checked by humans. So, returns submitted via e-file are more commonly flagged for audits because the variables are much more exposed than paper. So dont e-file...it only benefits the IRS.

We've used both in the past, and now have settled on TaxCut. They are pretty similar, but TaxCut seemed a little simpler to use and a little more intuitive.