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Tax Prep Software
Posted on 1/22/14 at 9:32 am
Posted on 1/22/14 at 9:32 am
I used to have access to Lacerte to prepare my taxes, but won't this year. I've been comparing prices for Turbo Tax with H&R Block for the download/CD products. I have a Sch C & E. Do I need to get the Premiere versions, or will the Basic versions allow me to complete the Sch C & E with out all of the extra guidance?
2
Posted on 1/22/14 at 9:38 am to CubsFanBudMan
You would need the premier edition. Search amazon and download for $20 cheaper than msrp.
Posted on 1/22/14 at 9:38 am to MG
If you didnt have the schedule E, you could have used the home & business version.
Posted on 1/22/14 at 9:50 am to CubsFanBudMan
I used the online version or Turbo Tax and they said that we owed around $700.
I then plugged my information into TaxSlayer and it said I was owed like $80.
Huge difference. Not sure why the difference is so large, but I am going to try one more software online and see which one it is closer to.
I then plugged my information into TaxSlayer and it said I was owed like $80.
Huge difference. Not sure why the difference is so large, but I am going to try one more software online and see which one it is closer to.
Posted on 1/22/14 at 10:54 am to PurpleAndGold86
Thanks for mentioning TaxSlayer. Looks like I can file my Federal on there for free. I've been playing around with it a little, and only issue I've run into so far is that I was previously depreciating my rental property with a life of 27.5. TaxSlayer didn't like it, so I rounded it up to 28.
Posted on 1/22/14 at 10:59 am to CubsFanBudMan
quote:There is no such thing as a free lunch.
Looks like I can file my Federal on there for free.
You have to agree to let them use your information for solicitation purposes.
Posted on 1/22/14 at 11:12 am to LSURussian
quote:
You have to agree to let them use your information for solicitation purposes.
Have I already gone too far to where I have agreed to that, or does that only come up once I got to efile?
Posted on 1/22/14 at 11:26 am to PurpleAndGold86
quote:
I used the online version or Turbo Tax and they said that we owed around $700.
I then plugged my information into TaxSlayer and it said I was owed like $80.
I know the two softwares dont have different interpretations of the law. I would print out the forms from each and go line item by line item and reconcile the difference. My guess is that you inputed a deduction in TaxSlayer that you left out of TurboTax.
Posted on 1/22/14 at 6:30 pm to CubsFanBudMan
quote:I have not used TaxSlayer, but I can't believe it doesn't allow for 27.5 year recovery for residential real estate assets. That has been the required useful life for such assets placed in service after December 31, 1986. I seriously doubt TaxSlayer has been calculating depreciation incorrectly. Their software must pass an IRS validation every year.
I've been playing around with it a little, and only issue I've run into so far is that I was previously depreciating my rental property with a life of 27.5. TaxSlayer didn't like it, so I rounded it up to 28.
Posted on 1/23/14 at 9:27 am to Poodlebrain
For depreciation method it has "MACRS 27.5 YR", but in the "Useful life" field, it does not allow your to put 27.5. It does use 27.5 though, so I guess the useful life field is only needed when selecting a depreciation method that does not have the life included in it.
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