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Tax Time
by rob

H&R Block TaxCut Premium Federal + State + e-file

Intuit TurboTax Deluxe

It's that time of year to give the government its due or for it to refund what you've been paying from each paycheck. The two big names in tax preparation software are Intuit TurboTax and H&R Block's TaxCut. Each one has multiple versions based on how complex your needs are. While the software you previously used might influence your choice this year, it's always good to review your options.

All versions offer data import from previous year's tax information as well as data from financial software. TaxCut imports data from TaxCut, TurboTax, Microsoft Money, Quicken, DeductionPro and ItsDeductible while TurboTax only imports from Quicken, Quickbooks and last year's TurboTax.

The basic versions of each (TurboTax Basic and TaxCut Premium Federal 2006) offer individual federal returns for a low price. To file a state return, each company has feature for filing a state return for an additional fee, though purchasing packages that include state returns are more cost-effective.

Beyond the basic packages, TurboTax and TaxCut have different levels and features. Let's go through TurboTax and see which features make sense for you:

  • TurboTax Basic includes a walkthrough of the data gathering, data transfer and importing, and the option to e-file or file on paper.
  • TurboTax Deluxe builds on Basic by including your state return, ItsDeductible, Deduction Maximizer Center, and a summary of deductions.
  • TurboTax Home & Business adds investment tips, guidance for rental property, and everything you need for Schedule C businesses.

Similarly, TaxCut has three tiers of product for different needs:

As you can see, both software options are similar but have their strengths and weaknesses so compare their features before you buy.


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