With the New Year right around the corner, now is the time to start thinking about filing federal income taxes. Every year, more and more companies are offering tax preparing software; programs that individual taxpayers can use on their home computers to fill out and file their taxes. One of the leaders in tax preparation software is H & R Block’s TaxCut Basic.
TaxCut Basic Federal software is available for download through the H & R Block website or it can be purchased at most major retailers such as WalMart, Best Buy, Target and Staples. There is no difference between the download or the boxed version, they both offer the same program features. However, users may be able to find the boxed in-store version on sale as tax time looms nearer.
The tax preparing software only covers federal income tax and e-file; filing state taxes can be done for an additional fee. TaxCut Basic is for designed for individuals who file simple returns, 1040EZ, with no itemized deductions or other complications.
The purchase of the software allows users to e-file through H & R Block’s website five times for free and free H & R Block support in the event of a tax audit. Software users can use the software multiple times to prepare their taxes. However, users will need to download updates regarding changes in the income tax laws every year.
TaxCut Basic Federal software allows users to import financial data from different financial programs such as Quicken or Microsoft Money. The software will also import information from past returns if these returns were filed using a version of Block’s TaxCut. This feature saves a lot of time because it automatically fills out a lot of the basics such as names, addresses and employer contact information.
TaxCut Basic Federal program walks the user through the entire 1040EZ form using a series of step-by-step screens. The program is broken down into sections, such as: taxpayer information, employer information, W2 information and standard deductions. The screen handles one portion of the tax return at a time where users fill out the required data by answering questions and filling out easy to understand boxes.
Users are able to go back and forth between sections, perform edits and even fill out the tax form in multiple sessions. TaxCut Basic Federal software automatically saves user information at regular intervals so nothing will be lost in the event of an untimely computer (or user) meltdown.
The program also comes with a series of tax preparation guides designed to find additional deductions for specific occasions such as charitable donations and other advisors designed for retirement funds, the self-employed, home office expenses and business deductions.
The best feature of TaxCut Basic Federal software is its price. At under $20, it is one of the least expensive of the tax preparing software programs available. It is a solid program for people with uncomplicated tax returns that makes the entire process fast and easy.
H & R Block’s TaxCut Basic Federal Website