There was a time when tax season used to be a very stressful time of the year. One had to either hire someone expensive to have the taxes done or spend loads of time doing it themselves. Now, tax preparation software has taken the pain and expense out of preparing taxes. The only issue these days is finding the right software that suits the individual needs. There is a large variety of tax software available, everything from free to expensive software capable of calculating the simplest taxes to the most complex deductions.
This year some of the best software is available to be downloaded, or one can buy the CD and install it in their personal computer to carry out the calculations. Additionally, the software is available in different versions like basic, deluxe, and premium. Depending on what the individual needs are the appropriate one can be selected.
To Install or Download
The general opinion is that downloading is better than installing. Issues like compatibility and interference are automatically eliminated. Also, the latest tax laws and any changes in laws are automatically updated. Hence, the downloaded tax preparation software is the safest way to go.
Free, Basic, Deluxe, or Premium?
It is possible to prepare one's taxes and file it electronically using the IRS Free File website. The IRS, along with nineteen first-class software companies, have put together tax preparation software that is free or at nominal cost for a majority of Americans. The general rule with free versions is if one only has a few W2 forms and no deductions to speak of, then it is safe to use the free versions or even the basic package is good enough. The deluxe versions are better suited for individuals with charitable or other deductions, like mortgage interest. If, however, one has more diverse assets, like individuals with small businesses or investments like stocks and bonds, then they are better off using this version. Usually, the premium versions are the most expensive, while the basic versions are the cheapest ones. Sometimes, the basic versions are even offered for free or as a bonus by some companies.
Support
The best tax preparation software provides accurate tax information and audit support. It supplies all types of guarantees and good customer support with a user friendly interface. Due to stiff competition, a lot of the companies offer free "play when you file" trials which lets one test the software before buying it. This allows them to get used to the interface and test it to see if it suits their needs before investing any money.
Another important feature to look out for is to make sure it is possible to file electronically with the software chosen. It would indeed be very disappointing to find out after putting in all the hard work that it does not allow electronic filing. Most of the new software will allow this. If using software that has to be installed, make sure it has been updated with the latest tax information. Finally make sure the selected software is able to check the forms for any mistakes. Most of the new programs have this feature and can be very helpful by running a check to see if any errors have been made in the returns.
Since such a large variety of tax preparation software is available, it is a good idea to take the time to read the reviews and familiarize oneself with what each has to offer. This way one can be sure if a particular software fulfills their needs before making an investment.
Author Resource:
The author is a creator and specialist of small business programs and options on topics such as tax preparation software . Please visit http://www.tax-compare.com for more info on tax software providers and services.
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