TurboTax, taxes made easy and almost fun
Written: Feb 10 '01 (Updated Feb 18 '01)
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Product Rating:
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Pros: Easy..Convenient..Inexpensive..Fun (almost)
Cons: You may do better with a professional tax preparer.
The Bottom Line: I recommend it. It's inexpensive enough to buy just to see if you can do as well as your accountant. You may even do better.
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| mcswarsik's Full Review: Quicken TurboTax |
Except for the one year we had them done by H+R Block (gag),
I have done our taxes myself. Many people swear by, and for good reason, the use of professional tax preparers. But, if everything is pretty much the same as last year, you can save a lot of money by doing them yourself with TurboTax. Using last year's return for reference, take the same deductions. No tracking down or ordering this form or that form. They are all there.
I used to dread tax time. It always gave me a headache. In 1998, when we got our home computer, doing our taxes became simple. It's convenient..you don't have to leave the house. It's easy..just fill in the blanks. It's cheap..I only paid $20.00 at Staples. And it doesn't suck.
You don't have to be online to do your taxes with your PC.
The CD installs and uninstalls very easily. The first page informs you that if any time you want to ask a tax professional a question..you can click on "Live Tax Advice" which connects you to the internet. I did not use this feature and don't know anything other than that. You may have to pay.
Now, using your tax receipts and documents (each section tells you which ones you will need), you just fill in the blanks in the following sections.
1. Personal information
Name, address, SSN...blah, blah
All this can be stored for next year. If you use TurboTax again, it will automatically fill it in.
2. Income
Wages, Interest, Dividends, Stock sales (gains and losses). If you sold stock it asks for the net sale price and date of sale...Purchase price(including fee) and date purchased. All calculations are done for you.
3. Deductions
Taxes, alimoney, charitable contributions (cash, clothes, household goods...who qualifies as a deduction), losses, medical expenses. As medical expenses have to be 7.5% of your adjusted gross income, I sometimes would take the time and calculate how much I needed to take an exemption. I don't have to now, as when you get to medical expenses, it automatically has a figure calculated telling you that you have to have paid more than that amount for the year to be able to take the deduction.
4. Taxes/Credits
5. Misc
6. Final Review
Error check, Looks for overlooked deductions, alerts you to potential audit triggers, compares you with US averages (I was almost embarrassed to see how honest I am..I half expected a pair of cartoon hands to come out of the computer, grabbing me by the collar and slapping me upside the head).
7. Print and File
Prints out IRS approved forms on plain paper. You can mail these or file electronically. TurboTax includes a rebate coupon for the $11.95 fee (charged to your credit card if you file this way). I have filed this way for the last 3 years. It is very easy and you get your money much quicker (10 to 14 days). Electronic filing also reduces mistakes...20% of returns done by hand contain errors, compared with 1% filed electronically (they say). You can even get it faster through electronic transfer to your bank (will need routing number..taken from your check or you can call the bank).
I actually enjoy doing my taxes using TurboTax. I could probably squeak out a few more dollars using an accountant...(I know could do it myself). Personally, I just prefer the convenience. H+R block didn't show me anything.
System Requirements
Operating System Windows ME,2000,98,95,NT 4.0
Memory 16MB (32 MB recommended)
Monitor SVGA color (min. 256 color)
Modem 14400 bps or faster (28800 recommended)
Printers Any Windows compatible with at least 1 MB of memory
Recommended:
Yes
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Epinions.com ID:
mcswarsik
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Member: Mike
Location: CT
Reviews written: 60
Trusted by: 106 members
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