It is not only tedious but error prone to try and prepare your 2011 tax returns using a primitive booklet, a stash of receipts collected over the past year, bits and pieces of your pay stubs. You are much more likely to make a mistake and fill in the tax form incorrectly, resulting in a very frustrating experience. On the other hand, paying a tax accountant to prepare your tax returns for 2011 can be more expensive than you want to pay. That is why more and more people are learning to use do-it-yourself tax software that help them fill up their tax forms correctly this year.
You have quite a few choices here, but most people will have only heard of the very popular versions. These professionally developed personal income tax software can gently help you through the complicated process of filing your federal and state taxes even if you are filing for the first time. This way you can maximize your tax refunds and at the same time, reduce the chances of being hit with a very troublesome IRS audit.
Another advantage of using these tax software is that they help you plan your finances for the next year in order to reduce the impact of taxes on your income. These are very valuable professional tax strategies and personal financial planning that will save you a lot of money. And when April 15th comes, it will be a breeze to submit your tax forms.
Depending on the type of income you derive, such as those with investment or rental income, self-employed persons, small business owners etc, there are specific versions of income tax filing software to choose from. Their prices depend on the edition you choose, the functions and features required and the latest discounts available.
No matter which “do it yourself” tax preparation software suites you choose to purchase, most will offer features such as final tax review and error checks, tax data import from other personal finance planning software, refund meter, guided Q&A interview to fill in your tax forms, comprehensive deduction finder, IRS tax law publications, next year tax planner, IRS audit defense, national tax averages for your comparison, joint versus separate filing for married couples etc.
They are also available as boxed software sets or you can download them immediately if you have no time to lose since April 15th is coming sooner than you realize.