Preparing your 2014 tax return may not yet be on your radar screen, but when it is, there's some important information that you need to know. The word is already "on the street" that the IRS budget has been cut by about 11%, so they have announced that they will be doing less with less. They are estimating that less than 50% of the taxpayer calls will eventually be able to talk with some one to have their tax questions answered. In a nutshell, we're on our own now, out in "bad guy territory"!
While there are many choices for tax preparation software, the top three are 1) TurboTax, 2) H&R Block, and 3) TaxAct. Unfortunately, in comparison with many past years, one of these has changed horses on us in mid-stream!
A consultant in Missouri has explained it all pretty well:
"the boxed software/download version of TurboTax Deluxe + State for 2014 lists for the same $69.99 as did the 2013 version (you can currently buy the 2014 version for $59.99 on the TurboTax site and $49.97 on Amazon). But you can no longer use Deluxe to electronically file a Schedule D , for capital gains and losses; Schedule C, for profit and loss from a sole proprietorship business; Schedule E, for rental real estate, royalties and distributions from partnerships; or Schedule F, for farm income. While you can report dividends and mutual fund capital gain distributions through Deluxe, investors who sold any stock or assets need to trade up to Quicken Premier (list $99.99, selling for $89.99 through TurboTax's site and $79.97 on Amazon) to E-file. For a sole proprietorship with more than $100 of deductions in certain categories, even Premier won't do. To E-file, you'll need Quicken Home & Business (lists at $109.99, selling for $99.99 on TurboTax and $89.97 on Amazon).
Yes, you've guessed it already. It's not about "customer satisfaction", it's all about realizing more profits on the same products.
Here's the link to the entire article: Irate TurboTax Users Can Get Free Upgrades -- Or Jump Ship
We now have at least two options, after we determine exactly which forms that we'll actually need and whether they are available in the product that we plan to buy:
Option 1 - Continue to use the same product. If it's TurboTax, you may be required to pay more for the same forms and filing;
Option 2 - Use another product. If so, be sure that it has ALL of the forms that you will need, and that you can easily convert your 2013 TurboTax data in to the 2014 version, unless you want to do it all manually, which I never recommend.
Here is a link to a product comparison for the top three products: Best Tax Software for 2015 - The Simple Dollar
Tax return accuracy is extremely important. I'd never buy the least expensive product, if it was not the most accurate. I have no desire to explain my tax return errors to an examiner!!
I hope that this information is helpful to you. I'll also do my best to answer any PMs.
While there are many choices for tax preparation software, the top three are 1) TurboTax, 2) H&R Block, and 3) TaxAct. Unfortunately, in comparison with many past years, one of these has changed horses on us in mid-stream!
A consultant in Missouri has explained it all pretty well:
"the boxed software/download version of TurboTax Deluxe + State for 2014 lists for the same $69.99 as did the 2013 version (you can currently buy the 2014 version for $59.99 on the TurboTax site and $49.97 on Amazon). But you can no longer use Deluxe to electronically file a Schedule D , for capital gains and losses; Schedule C, for profit and loss from a sole proprietorship business; Schedule E, for rental real estate, royalties and distributions from partnerships; or Schedule F, for farm income. While you can report dividends and mutual fund capital gain distributions through Deluxe, investors who sold any stock or assets need to trade up to Quicken Premier (list $99.99, selling for $89.99 through TurboTax's site and $79.97 on Amazon) to E-file. For a sole proprietorship with more than $100 of deductions in certain categories, even Premier won't do. To E-file, you'll need Quicken Home & Business (lists at $109.99, selling for $99.99 on TurboTax and $89.97 on Amazon).
Yes, you've guessed it already. It's not about "customer satisfaction", it's all about realizing more profits on the same products.
Here's the link to the entire article: Irate TurboTax Users Can Get Free Upgrades -- Or Jump Ship
We now have at least two options, after we determine exactly which forms that we'll actually need and whether they are available in the product that we plan to buy:
Option 1 - Continue to use the same product. If it's TurboTax, you may be required to pay more for the same forms and filing;
Option 2 - Use another product. If so, be sure that it has ALL of the forms that you will need, and that you can easily convert your 2013 TurboTax data in to the 2014 version, unless you want to do it all manually, which I never recommend.
Here is a link to a product comparison for the top three products: Best Tax Software for 2015 - The Simple Dollar
Tax return accuracy is extremely important. I'd never buy the least expensive product, if it was not the most accurate. I have no desire to explain my tax return errors to an examiner!!
I hope that this information is helpful to you. I'll also do my best to answer any PMs.
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