Money Under 30

Phew, 2007 Taxes Are Done

I just had an exciting Saturday evening with my stack of W2s and H&R Block’s TaxCut Pro.

I swear, I’m not actually so nerdy that doing my taxes is my idea of a good time, but it does feel great to have them done. (April 14th has often been a long night for me in years past).

This was the first year I used TaxCut Pro. I used to go over to my parent’s house to use the copy of TurboTax my dad buys each year, but last year I forgot paperwork — twice — and had to go back and forth to finish my return. I opted for the convenience of doing everything online, and to pay the $44.95 (for federal and state). TaxCut Pro also offers a $14.95 package for a simple federal return only or $19.95 for a full federal return.

TaxCut did a fair job of walking me through the basic steps (entering W2s, determining deductions), although I don’t think it asked as many questions as TurboTax. Since I have spent time researching tax issues that pertain to my return this year, I knew where to click, and so I think I got my return done with TaxCut faster than I would’ve with TurboTax. However, I think the average filer may benefit from TurboTax’s thoroughness.

One other complaint about TaxCut: I do not think it explained an error it found on my federal return well. In an IRA rollover I entered my contribution as $1 more than my withdrawal, triggering an error. But based upon the description of the error provided by TaxCut, I had to look at it three times before I caught what was wrong.

The other nice thing about TaxCut is the included audit support — hope I never need it, but it seems like a good insurance policy.

How are you doing your taxes this year? Are you done?

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• Ever Wondered What Happens If You Don't a File Federal Tax Return?
• Quarterly Estimated Tax Payments: Who Needs to Pay Them, When, and Why

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