H&R Block’s TaxCut
January 30, 2009 by Tax Blog
Filed under Federal Tax, Softwares, State Tax
TaxCut Free Federal Edition + E-file, TaxCut Basic + E-file and TaxCut Premium + E-file all make filing your taxes easy by taking you through a simple, step-by-step tax interview. TaxCut Free Federal Edition + E-file is best for people with very simple tax situations. If you’d like to import your prior year personal and tax data, TaxCut Basic + E-file would be best for you. Or, if you’re looking for extra tax help and guidance with a Schedule C, home mortgage, rental property, home office, business expenses or asset depreciation, TaxCut Premium + E-file would be best for you. With TaxCut Premium + E-file, you’ll also receive 1 free tax consultation with an H&R Block tax professional at no additional cost.
In addition H&R Block offers TaxCut Signature if you prefer to do your own taxes, but want the added reassurance of having a tax professional review your return and then sign and e-file it with the IRS for you. Signature makes completing your taxes easy by taking you through the simple, step-by-step tax interview of TaxCut® Premium + E-file. Then, at the end of the interview, you’ll be able to choose to send your return to a tax professional who will complete the process for you. And, it includes the TaxCut Premium + E-file’s extra tax help and guidance for filers with a Schedule C, home mortgage, rental property, home office, business expenses or asset depreciation.
- An easy interview process that helps you complete your return before submitting it to your tax professional for review
- Automatic double-checking of your return for errors
- Easy access to IRS publications
- Imports data from TaxCut® online and software, H&R Block Offices, and TurboTax® software
- Advice for getting key tax benefits as your life changes (marriage, home buying, career changes and more)
- Store your return on H&R Block’s secure servers for 3 years
- Built-in multimedia video tax guidance
- Guidance to maximize tax savings associated with home ownership, education and more
- Additional assistance on investment income and stock options
- Business Expense Assistant
- Extensive help for the self-employed on home office and business expense deductions
- Guidance for rental property income and expenses
- Federal e-file included free
- Only from H&R Block: Unlimited year-round tax advice from a live H&R Block tax professional
H&R Block, founded in 1955, is not only the world’s largest tax services provider but also a fully-integrated financial services company that partners with its clients, helping them save for retirement, buy a home, pay for college, manage a business and much more.
H&R Block operates more than 12,000 offices in the U.S. and more than 1,300 locations in Canada, Australia. We have prepared 400 million tax returns since 1955. But it takes a team to serve our clients, whether it’s in the office or via the Internet.
Today, our focus is on delivering outstanding customer service and helping our clients reach their financial goals. As we see it, their success is a key measure of our success, now and in the days to come.
Supported Forms:
Federal Tax Forms Supported Varies by product:
Free Federal Edition
Basic Federal Edition
Premium Federal Edition
Signature Federal Edition
State Tax Forms Supported
All States Plus DC
Pricing:
Pricing Chart
Free Federal Edition + E-file
- A simple return excludes self-employment income (Schedule C), rental and royalty income (Schedule E), farm income (Schedule F) and shareholder/partnership income or loss (Schedule K-1)
Basic + E-file – $14.95
- Only from H&R Block: Worry-free Audit Support®
Worry-free Audit Support is available for clients who purchase and use H&R Block tax software or online tax preparation solutions to prepare and successfully file (via e-file or print and mail) their 2008 individual income tax returns (federal or state). It does not provide for reimbursement of any taxes, penalties or interest imposed by taxing authorities. Additional terms and restrictions apply.
Premium + E-file – $39.95
- Only from H&R Block: Worry-free Audit Support® offers guidance plus an H&R Block enrolled agent to represent you in the event of an audit
- Only from H&R Block: With 1 included Ask a Tax Advisor session, an H&R Block tax professional can help answer your tax question via
1-on-1 phone or e-mail consultation (a $19.95 value)
Signature – $79.95
- All the benefits of TaxCut® Premium + E-file and more
- Only from H&R Block: Unlimited live tax advice from an H&R Block tax professional, during tax preparation and year-round
- Only from H&R Block: An H&R Block tax professional can review, edit, sign and e-file your return for you
- Only from H&R Block: Worry-free Audit Support® and the H&R Block Guarantee assures that you’ll have support of an H&R Block enrolled agent if the IRS audits your return
State (base price) – $29.95
Free federal online tax preparation and e-file if your adjusted gross income is $56,000 or less and you are age 50 or younger. Includes Form 982 (Mortgage Forgiveness Debt Relief).
Reviews:
H&R Block and Intuit are the two leading Tax Service Providers. H&R Block offers a full suite of product and service to help you with your tax needs. They offer online tax software, desktop software, and over 1300 local offices. At this point, it’s only a matter of preferences for not picking H&R Block.
Their interview style tax preparation is very easy to follow. What impresses me the most is the abundance of information and assistance available to users while they are preparing their return. TaxCut provides assistance in the following forms:
Granted, some of these assistance do not come free. However, it’s nice to know that you can get help whenever you needed. Different versions of TaxCut is designed based on the level of complexity of your tax return. For people with more complicated returns, the Premium Edition and Signature Edition both provides tax professional assistance for a very reasonable cost.
The only downside is that State E-File is expensive at $29.95. Once you have completed your federal tax return, the state tax return more or less simply imports data from your federal tax return. I suppose this is their marketing strategy where since you have spent all your time preparing your federal tax return, you would go somewhere else to do your state return.
Screenshots:
W2 Form
Federal Deductions
Do I need to save receipts for small amounts for IRS and audit purposes?
January 29, 2009 by Tax Blog
Filed under Questions & Answers
I have a credit card issued by the nonprofit I work for. I am expected to turn in receipts, which I get, but sometimes receipts for small things–like postage–get lost. Does the IRS really care about a missing receipt for $4.95? Is there a threshold amount for saving receipts–say, anything over $75?
Thanks, in advance, for your help with this! If you can point me to any tax code that discusses this, I will be even more grateful!
Don
How much estimated tax do I owe on the taxable part of my fellowships?
January 29, 2009 by Tax Blog
Filed under Questions & Answers
So I am a grad student and i’ve received some fellowships for the coming academic year. They are as follows:
$7500
$10530
TOTAL: $18300 (all of it taxable because it will go toward living expenses)
So, according to my calculations for Federal Estimated Tax (form f1040es), my standard deduction is $10,700 (married filing jointly) and I can claim two personal exemptions, one for myself and one for my husband: $6800. The total amount I can deduct from my gross income is therefore: $17500.
Thus, subtracting $17500 from $18300 = $800 in taxable income. I would therefore not have to pay any estimated tax because the amount is below $1000. This just doesn’t seem right to me. That would essentially mean that i would be walking away with $18300 tax free. Also, I have a salaried job that I’ve netted $12000 from and the federal govt has taken out about $3000 from. Can somebody please explain this tax mystery to me?
Thanks!
I also have a salaried job that has withheld taxes. Do I have to take this into account when I list my gross income on the estimated taxes form? I thought that gross income on the estimated taxes form was only for income that has not been taxed.
I have already filed my taxes. Am I not entitled to the tax break congress just passed last week?
January 29, 2009 by Tax Blog
Filed under Questions & Answers
I filed my taxes in Mid-January. Last week conress announced that every tax paying adult will recieve $600 and $300 per child, in an attempt to avoid a recession. Since my taxes were already filed, am I not entitled to this extra tax break?
How much do you think I will have to pay the IRS ?
January 29, 2009 by Tax Blog
Filed under Questions & Answers
Hi… I never filed my 2005 Tax return. Long story why..I was misinformed..anyways…. In 2005 I was claimed as a dependent and according to my 1040-EZ I owe the IRS $303. But thtas only if I would have paid them by April 2006…. Does anyone know any idea how much the penalties will cost me for filing late?
Basically here is the short list of my tax problems?
January 29, 2009 by Tax Blog
Filed under Questions & Answers
I need to file the paper work for an LLC/sole proprietorship.
I need to file the paper work to declare the money I made ($9525) and I have about 2200 in deductions.
I also need to figure out something on my personal taxes:
I also have a letter from the IRS about a W2- I got on April 15th after I sent im my efile already. I never filed an amended return so they are counting the $158.xx of federal taxes not paid as income for this year.
Those are the issues I got. I know that my revenue is for now pretty low so I don’t have to worry about an instant IRS audit, but I don’t want to ever get one so I want to have someone file this right the first time, and I’m pretty sure that I’m not that person.
Basically, the issue is whether I should file this as personal income, or file as a business. Either way I file I dont know the forms to fill out and if I did them myself the danger is that I dont know enough to catch my own errors. Which is why I need someone to do em for me.
Is a sales tax as fare to those who barely make a living, as an income tax?
January 29, 2009 by Tax Blog
Filed under Questions & Answers
With no sale tax those with high incomes and no income tax have it made. A $10 sales tax hurts low income people making say 6000 a year. But what is it to those making 50,000 or 100, 000 a
year. So you think if every poor person ‘puts their nose to the grind stone’ they too can make that kind of money. Ha!
How long should I expect the IRS to take to clear an estate valued under $800,000.00?
January 29, 2009 by Tax Blog
Filed under Questions & Answers
After the 2005 personal taxes were paid all monies were distrbuted except for $50,000.00. Beneficiares were told this was being held until the IRS cleared the estate for closing. We were told this could take 18 months to 2 years by the CPA for the estate. We have been told by others this should only take 4 to 6 months.
What kind of tax return can I expect to get back now that I pay mortgage interest?
January 29, 2009 by Tax Blog
Filed under Questions & Answers
My wife and I just bought our first home in Los Angeles and I know that this coming tax year we can deduct mortgage interest and property tax. We both have full-time jobs, file jointly (both filed with 0 claimed dependants), and have a, before taxes, combined income of roughly $100k. The mortgage interest and property taxes for the year will total just over $30k. What kind of number could I roughly expect to get back in my taxes this year?
We don’t have any kids and no other deductable interest. Last year our return was under $3k.
What screen in turbo tax do I enter my tax credit adjustment amount?
January 28, 2009 by Tax Blog
Filed under Questions & Answers
Turbo Tax and the Certificate for Income Adjustment
I am itemizing and I have a Certificate for Income Tax Adjustment from Department of Defense for my overpayment of a debt to the federal govt. What screen in turbo tax do I enter my adjustment amount? It is over $3000. I want to take the tax credit not the tax deduction.