Sunday, January 22, 2012

Tax Time!

FrontPageMag

Okay, it's that part of the year that most people dread.  Tax time.  And some of you may be wondering the following:

  • Are we going to owe money or does the government owe us money (that they've been holding interest free)?  
  • Where will we do our taxes at?
So there are a lot of places that will either do your taxes for you, or there are websites that will guide you in doing your taxes.  These places are NOT free.  If you don't mind doing your own taxes and they aren't too complicated for you, then your best bet will be to go with one of the online sites that guide you through doing your own taxes.  Now it's FREE to do your taxes on these sites, just when it comes time to submit does it actually cost you money.  Here are a couple of websites to choose from and the cost associated with them (I did not include the options for self employment or rental properties, but they are options on these sites):

H&R Block (3 options)
  • FREE Edition - This allows you to prepare, print, and e-file one Federal tax return.  This is the most basic edition.  It is FREE but if you are needing to itemize or you are wanting to import last year's taxes, then you will have to choose a different option.  Also, to e-file your state return that will cost an extra $27.95.
  • Basic Edition $19.95 - This allows you to prepare, print, and e-file one Federal tax return.  This version will allow you to import last year's taxes but if you need to itemize then you will have to choose a different option.   Also, to e-file your state return that will cost an extra $34.95.
  • Deluxe Edition $29.95 - This allows you to prepare, print, and e-file one Federal tax return.  This version also will allow you to import last year's taxes, import your W-2's and 1099's, as well as itemize (such as your mortgage and charitable donations).   Also, to e-file your state return that will cost an extra $34.95.
TurboTax (2 options)
  • FREE Edition - This allows you to prepare, print, and e-file one Federal tax return.  You will not be able to import last year's taxes or itemize with this option.   Also, to e-file your state return that will cost an extra $27.95.
  • Deluxe Edition $29.95 - This allows you to prepare, print, and e-file one Federal tax return.  You will be able to itemize with this option.   Also, to e-file your state return that will cost an extra $27.95.
TaxAct (3 options)**
  • FREE Edition -  This allows you to prepare, print, and e-file one Federal tax return.  You will not be able to import last year's taxes or itemize with this option.   Also, to e-file your state return that will cost an extra $14.95.
  • Deluxe Edition $9.95 -  This allows you to prepare, print, and e-file one Federal tax return.  You will be able to import last year's return and itemize with this option.   Also, to e-file your state return that will cost an extra $8.00.
  • Ultimate Bundle Edition $17.95 -  This allows you to prepare, print, and e-file one Federal tax return.  You will be able to import last year's return and itemize with this option.  This option also includes state e-file.
I used to always use TurboTax, because I generally could get an extra discount through the bank or insurance company, but my coworkers introduced me to TaxAct a couple of years ago and I have found that this gives me the best deal.  It's still as simple as TurboTax, just less upfront costs, and we're all trying to save money, so check out these options and see what is best for you.  

If you are interested in filing with TurboTax then check out some of these websites to get a % off when you do your Federal e-file (you don't necessarily have to be a member of these companies):

Now, if you still prefer to take your taxes to someone else to do it for you, then have at it, but just remember that you will be paying more, and if they fill out extra forms for you (i.e. just to see if you qualify for itemizing) then they will charge you for it, even if you don't qualify.


**TaxAct does not include a separate Edition for self-employment or rental properties, but I do believe that there are forms to fill out on the Ultimate Bundle Edition.  Please check for yourself as I do not need to fill out these sections.

No comments:

Post a Comment