TurboTax, TaxACT, and TaxCut

Posted By: Dr. Frugal in Taxes on 08/22/2007 at 11:41:45

There are three major vendors of personal tax preparation software and numerous others that command a smaller piece of the market. Since all of the tax preparation programs have to identify and solve all the major problems there should really be no difference between vendors. However, there are. The next few entries will review and compare TurboTax, TaxACT, and H&R Block's TaxCut.

While there are many ways to arrive at the same answer, the IRS is not amused by creative solutions. The sam return prepared by all three packages should include the same forms and arrive at the same conclusion on the tax liability. All three packages have undergone numerous user tests and have all passed by completing returns accurately.

Income tax law is so complicated and individual returns can trigger such unusual situations that may trip up even the best software (or even CPA). For most of us though, any one of these three packages should be able to easily handle your return.

Each of the products offers different versions ranging from very basic to more complex. If you are doing the 1040EZ filing, the basic package should work for you, although that form is so easy to complete you can probably save your $80 and just do it yourself on paper. Even if you are taking the standard deduction, the more sophisticated products will help you file your return more accurately and faster than many people can manually.

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