TaxCut Home & Business 2008 from H&R Block
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Tax Cut Home & Business 2008 includes two different software downloads, one for filing your personal tax return, and the second for business tax returns.
Included with the software:
The website listed price $79.95.
There are download and CD versions for Windows 2000/Vista. There is no Mac version available.
Business Forms and Interviews for Completing Forms
Business Tax Forms Included
TaxCut Home & Business includes the many federal and state forms for corporations, s-corporations, partnerships, and non-profits. All common employment/payroll tax forms, including W-2s and 1099s, are in the software. Lists of forms are provided on the site (see the "Forms" tab at the bottom of the TaxCut Home & Business page.
Form Completion Process
TaxCut walks you through an interview in a split-screen mode. That is, you see the instructions and insert information on the top, and you can see the information as it is inserted into the form on the bottom. You can view the form in "whole form" mode if you want to enter the information directly without going through the interview process.
For each screen in the interview process, you can see common questions and relevant federal tax regulations and information.
As I worked through Form 1120S for an s-corporation, I was able to move directly to headers such as "Deductions," "Income" and "Credits." At the beginning of each section was a "Get Ready" page telling me what information and forms I would need for that section.
Other Helpful Features
A Business Tax Planner and Deduction Manager were available, as was a calculator pop-up. State tax information was also available on each subject heading. I could also use the cross-reference table showing me what schedules and forms were related to the one I was working on.
Completing Employment Tax Forms with TaxCut Home & Business 2008
The business portion of TaxCut Home and Business walked me through the process of putting in information for individual W-2s for employees and 1099s for contract workers. For the employee information, I could also use a spreadsheet that makes input for many employees faster and easier.
As I entered wages, TaxCut calculated the Social Security and Medicare wages automatically. I put in a large wage for an employee, and TaxCut stopped the Social Security portion at $102,000, the maximum wages considered for Social Security for 2008. This was helpful so I could avoid making a mistake, but it could be a problem if there were special circumstances that I wasn't aware of.
Tax Cut on Preparing Employment Tax Forms, Calculating COGS, and Support
I calculated Cost of Goods Sold to see how TaxCut handled this complex calculation.
Calculating Cost of Goods Sold
Since I had already started a return, I had to go back and find the section about COGS, but I had to do some hunting to find the COGS calculation worksheet. A help request didn't work, so I had to hunt around on my own to find the correct page.
As I entered the information, I received no information from Tax Cut about COGS; it merely sent me to the IRS information sheet. I entered the totals for beginning inventory, purchases, sales, and ending inventory. TaxCut didn't ask me about LIFO or FIFO. Don't count on this program to provide much help with COGS.
TaxCut had several different kinds of support:
Customer Support Page
The TaxCut customer support page is searchable by subject area, so you can find the subject you need information on.
Free Tax Advice
I was reminded by a TaxCut representative that, "All TaxCut Premium software includes one session with an H&R Block tax professional." This is for personal taxes, not business taxes. I don't know if they would answer business tax questions.
Contact Directly
You can also contact a customer service representative by phone or online chat, if you can't find answers on the Customer Support data base.
In Conclusion
A Note on Updates
I started working on TaxCut in December, but I was not able to see the business taxes interviews until mid-January. TaxCut appears to have taken the position that they won't download the interview until the final IRS regulations have been released. This is frustrating for someone who likes to start working early, but it does save problems if the final regulations differ from the initial ones, and it requires the user to download the final regulations. So I can see both sides of this issue.
In Conclusion
I had not used TaxCut before, and I found it easy to download and use. I was pleased with the support and the ease of working through complex business tax forms. I had no trouble understanding the instructions, but some areas (like COGS, as I mentioned) were not as fully explained as I would have liked. In general, I would recommend TaxCut for business taxes for simple corporations or partnerships. For more complex business situations, I would still strongly urge you to get a tax professional to advise you.
Visit Their Website
Visit Their Website
Tax Cut Home & Business 2008 includes two different software downloads, one for filing your personal tax return, and the second for business tax returns.
Included with the software:
- 5 free federal e-files for personal taxes (state e-filing is an additional $19.95)
- One personal state program
- Unlimited business state programs
- DeductionPro® (a $19.95 value)
- Worry-free Audit Support®
- Home & Business Attorney software
- One free "Ask a Tax Advisor" session (for your personal taxes).
The website listed price $79.95.
There are download and CD versions for Windows 2000/Vista. There is no Mac version available.
Business Forms and Interviews for Completing Forms
Business Tax Forms Included
TaxCut Home & Business includes the many federal and state forms for corporations, s-corporations, partnerships, and non-profits. All common employment/payroll tax forms, including W-2s and 1099s, are in the software. Lists of forms are provided on the site (see the "Forms" tab at the bottom of the TaxCut Home & Business page.
Form Completion Process
TaxCut walks you through an interview in a split-screen mode. That is, you see the instructions and insert information on the top, and you can see the information as it is inserted into the form on the bottom. You can view the form in "whole form" mode if you want to enter the information directly without going through the interview process.
For each screen in the interview process, you can see common questions and relevant federal tax regulations and information.
As I worked through Form 1120S for an s-corporation, I was able to move directly to headers such as "Deductions," "Income" and "Credits." At the beginning of each section was a "Get Ready" page telling me what information and forms I would need for that section.
Other Helpful Features
A Business Tax Planner and Deduction Manager were available, as was a calculator pop-up. State tax information was also available on each subject heading. I could also use the cross-reference table showing me what schedules and forms were related to the one I was working on.
Completing Employment Tax Forms with TaxCut Home & Business 2008
The business portion of TaxCut Home and Business walked me through the process of putting in information for individual W-2s for employees and 1099s for contract workers. For the employee information, I could also use a spreadsheet that makes input for many employees faster and easier.
As I entered wages, TaxCut calculated the Social Security and Medicare wages automatically. I put in a large wage for an employee, and TaxCut stopped the Social Security portion at $102,000, the maximum wages considered for Social Security for 2008. This was helpful so I could avoid making a mistake, but it could be a problem if there were special circumstances that I wasn't aware of.
Tax Cut on Preparing Employment Tax Forms, Calculating COGS, and Support
I calculated Cost of Goods Sold to see how TaxCut handled this complex calculation.
Calculating Cost of Goods Sold
Since I had already started a return, I had to go back and find the section about COGS, but I had to do some hunting to find the COGS calculation worksheet. A help request didn't work, so I had to hunt around on my own to find the correct page.
As I entered the information, I received no information from Tax Cut about COGS; it merely sent me to the IRS information sheet. I entered the totals for beginning inventory, purchases, sales, and ending inventory. TaxCut didn't ask me about LIFO or FIFO. Don't count on this program to provide much help with COGS.
TaxCut had several different kinds of support:
Customer Support Page
The TaxCut customer support page is searchable by subject area, so you can find the subject you need information on.
Free Tax Advice
I was reminded by a TaxCut representative that, "All TaxCut Premium software includes one session with an H&R Block tax professional." This is for personal taxes, not business taxes. I don't know if they would answer business tax questions.
Contact Directly
You can also contact a customer service representative by phone or online chat, if you can't find answers on the Customer Support data base.
In Conclusion
A Note on Updates
I started working on TaxCut in December, but I was not able to see the business taxes interviews until mid-January. TaxCut appears to have taken the position that they won't download the interview until the final IRS regulations have been released. This is frustrating for someone who likes to start working early, but it does save problems if the final regulations differ from the initial ones, and it requires the user to download the final regulations. So I can see both sides of this issue.
In Conclusion
I had not used TaxCut before, and I found it easy to download and use. I was pleased with the support and the ease of working through complex business tax forms. I had no trouble understanding the instructions, but some areas (like COGS, as I mentioned) were not as fully explained as I would have liked. In general, I would recommend TaxCut for business taxes for simple corporations or partnerships. For more complex business situations, I would still strongly urge you to get a tax professional to advise you.
Visit Their Website
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