I do my taxes myself, no computer involved, just lots of foul language and high blood pressure because of the horrendous complexity even with my pretty-simple return. A friend gave me a trial version of TurboTax, so I let it lead me through preparation by asking me questions. It missed $6,900 in deductions, and gave me an outright wrong answer on how much of my IRA contribution was deductible.
Anyone else have troubles like that? What tax prep software have you used that DOES work well and is easy to use?
I am an accountant and I actually use H&R Block Tax Cut. If you know tax law and understand changes then these software pieces are great. The way they market them though they make it seem like anyone can simply pop them in the old computer and file thier taxes with 100% accuracy. The fact is that nothing can take the place of an accountant who is up to speed on the complexity and changes made each and every month if not week. You can use Turbo Tax or TaxCut but at the end of the day if you don;t know what to look for or where to fill in information yuo will file a false return.
My old tax guy passed away. I just had my taxes done by a new guy...an older childhood friend that I hadn't seen in 20 yrs. He's been doing taxes by hand for over 30 years, but 4 years ago started using software. I don't know it's name, but he said the updates were over $1,000 a yr. He also mentioned that it's darn good stuff. I never tried, but I'll bet Turbo tax would have flipped and croaked with my paperwork. His software gobbled up the numbers and did a good job. Point being that there is some good software, you're just not going to get it for $35.