Deciphering Tax Season Discounts
This year lets save some of that hard earned cash and get you some discounts on your income tax products. Tax season can be expensive enough without having to drop a boat load of cash on tax preparation software.
What’s a good deal? How do I choose the best product for my needs? Where should I look to get the best bargain? How can I estimate my taxes? These are all good questions and we are here to get you some answers. Bargain hunting for tax software can be a mind boggling experience, but we are here to take all the internet surfing and confusion out of it for you.
Getting Started With Tax Season Tasks
Before we jump right into the hunt, lets perform the first few tax season tasks so that we know what we are dealing with, and how to attack your tax return preparation process from the right direction.
To start with, you should perform an income tax calculation to determine what your tax liability is this year. The true reality here is that you should be doing this several times a year to stay on top of tax debt.
Next it’s time to gather up all those receipts and documents that are needed to prepare your tax return. A tax preparation checklist can help you cover all those loose ends to avoid forgetting something.
Once you have pulled all your paperwork together, we now have a good picture of what type of tax software discounts we will be bargain hunting for.
What Tax Software Discount Suits Your Needs?
Each tax software edition offers specific capabilities so determining which one will work best for your tax filing needs is a matter of looking at their features.
IRS.gov FreeFile Alliance: The IRS has partnered with a nonprofit coalition of industry-leading tax software companies to form the Free File Alliance. Free File helps Americans prepare and e-file their federal tax returns for free. Income limitations exist, ($58,000 or less based on tax year 2013)
Free Tax Software Editions: Well, it doesn’t get any cheaper than FREE. If you have a very simple 1040EZ/A tax return, you can easily prepare, print and efile your federal tax return for free. They include various tax return support options. Free Editions are online versions accessed through a secure connection on the internet.
Military Tax Software Editions: Tax support for active-duty armed force military members and reservists. Take advantage of tax breaks for military members and their families. Includes guidance for civilian income, military and combat pay, BAS and BAH benefits, along with deducting military-related expenses.
Basic Tax Software Editions: Basic tax software editions are generally available as online and desktop computer based download / cd installation versions. They include added support and guidance for preparing and filing your simple tax return. In most cases these Basic Editions also include transfer and import capabilities.
Deluxe Tax Software Editions: Depending on the brand you choose, the Deluxe Editions offer many features along with extensive deduction and credit support including: home mortgage interest, closing costs and property taxes, some investments, charitable donations and contributions. Plus get support for audit risk management.
Premier / Premium Tax Software Editions: Variables exist here as well but based on the Premier or Premium software brand you choose you can expect support for self-employment income (Schedule C), investments and rental property income and expenses (Schedule E), plus advanced cost basis tax calculators and forms for reporting investment sales.
Home and Business Tax Software Editions: Get everything in one package to file your personal and small business taxes together. Again variables exist based on brand but support may be included for small business owners or sole proprietors to corporate, partnership, and LLC tax returns. Some also offer payroll and employer forms, asset depreciation and reporting, business tax deduction support, and more.
Business Tax Software Editions: Where the edition above doesn’t cover specific business support in some brands, the business edition takes over. Get small business owner or sole proprietor support in preparing your business or trust taxes.
Includes tax forms to report income and expenses for S Corp, partnership, C Corp, multi-member LLCs, and trusts. Guides you and double checks entries along the way.
Now you should have a decent picture of which editions may be the best choice for your needs.
So, on we go, let’s get shopping for some tax software discounts that can save you big money on this years tax preparation and filing process, and keep you from missing out on tax deductions you should be claiming.