Special Offer: Save 20% Off QuickBooks Pro, CD/Downloadable Version + Free Shipping

Sunday, January 14, 2007

TaxCut from H&R Block

Premium + State Taxcut Software2006 from H&R Block and Premium Taxcut Software 2006 have an improved interface, making this software both easier on the eye and simpler to navigate than the 2005 edition. The rewritten tax interview has fewer words and the retail price is much lower than the of Intuit’s TurboTax price. Premium + State + E-File TaxCut Software costs $60.

Premium 2006 Taxcut Software
has more aesthetic appearance, complete with softer, green-shaded buttons and menus, which replaced the look of previous years. More prominently is Premium's rewritten tax interview with fewer screens and less text. The Home Mortgage Assistant, for instance, manages to eliminate a sentence or two of instructions from the many screens of the 2005 version. These enhancements mean fewer clicks, less reading, and a faster tax-preparation experience.

You can install H&R Block Premium + State + E-File TaxCut Software just for five minutes. This application runs on Windows XP, Windows 98 and 2000 systems. H&R Block doesn't assume that its users will have the newest equipment. You can use the same disk for Mac OS 10.3.9 and later. TaxCut still offers DeductionProfor estimating deductions. But if you want to use it, you need to install DeductionPro separately. TaxCut 2006 also includes WillPower, an app for wills and other legal documents, on a separate disk.

Another plus is this year's one-box-fits-all approach. Rather than force customers to choose between Premium, Deluxe, or Standard editions, Block has abandoned the latter two, leaving only Premium. The Premium Taxcut Software version is too much for 1040EZ filers, who instead should save some bucks by using an online tax-preparation site, which also tends to be quicker than tax software for the desktop. TaxCut has a tool for keeping historical data of stock prices, which helps you to determine the cost basis of a stock or mutual fund.

H&R Block's Premium-for-all strategy makes sense. The tax-payers won't have to study the list of features on the TaxCut box to find out which version is best for them. The exception is the small business owner, who'll probably need the specific business tools of the Home & Business edition. But, TaxCut still comes in several varieties, including the $20 Premium federal; Premium federal & state for $30; the $60 Premium federal, state, & e-file; and Home & Business with state and e-file for $80.

You can import TXF data from other financial software, including Intuit Quicken and Microsoft Money. Unfortunately, neither TaxCut nor TurboTax can import data from Microsoft Excel.

Key Advantages of TaxCut Online:

- Electronic filing is included in the price.

- No need to install anything on your hard drive.
- Work on your tax return from any Internet connected computer.
- Low-cost solution for simple tax returns: TaxCut Basic.
- You can try it before you buy
- Imports previous year’s tax data from an H&R Block Tax Office, TaxCut Online or TaxCut software.
- Quickly imports data from TurboTax, Quicken, Microsoft Money and more!

Key Advantages of TaxCut Software:

- Customers no longer need to make a purchase decision based on tax complexity.
- Prepare as many returns as you want and e-file up to 5 returns (additional fees apply per e-filed return).
- Save your tax data locally on your hard drive.
- Import your charitable donation data from DeductionPro, and your financial data from Quicken, Microsoft Money and more.
- Imports last year’s TaxCut Online or Software data, H&R Block Office data and TurboTax software data.

Key Advantages of TaxCut by H&R Block vs. Competitors:

- Selecting a product is easier.
- Backed by a large network of H&R Block tax professionals.
- Free audit support help and representation for do-it-yourself filers. Included when a user successfully e-files federal, or federal and state return, with a paid DIY product.
- Import last year’s tax data regardless of what H&R Block or TaxCut solution was used the previous year.


TaxCut Premium users get free phone, e-mail, and chat assistance. The software includes brief video tutorials. Support hours are weekdays from 7 a.m. until 7 p.m. Central Time. We found TaxCut's support representatives to be both polite and knowledgeable about the software. For peace of mind, H&R Block also provides free audit support for federal and state returns that are e-filed. This means that if you're ever audited by the IRS, an H&R Block tax pro will help you prepare for the IRS visit.

View TaxCut Software Complete Features List
and TaxCut Online Product Comparison Chart

Special Offer: Save 20% Off QuickBooks Pro, CD/Downloadable Version + Free Shipping

Thursday, January 11, 2007

Tax Help for Small Business

It’s almost income tax tame for Small Businesses. Don’t put off thinking about income taxes until the last minute. Let’s face it: preparing your income tax return is one of the most unpleasant responsibilities you ever have. Let’s make tax time easier. However, there are some things that you can do to make tax time easier:
- Review all components of your income and expense accounts
- Review and adjust your balance sheet accounts
- Make a file for all of your tax documents
- Print out your reports and create a backup of your company file
Review all of your income and expense accounts
Review the profit and loss report. Create a profit and loss for the previous year. You can begin with the income accounts; double-click each line item to view a detailed report for that account and review the detailed report for consistency. Make sure that the transaction types are proper for that account, that vendor or customer names are correct, that the amounts are appropriate. Generate a comparative profit and loss report for the previous and current year. Compare each income and expense account to the previous year. See if revenues increased or decreased and think if this makes sense for you. Compare each expense account to the previous period. There should be some consistency between periods. If you see expenses that were not there in the previous period you must understand if they should be there. With this process you may expose unrecorded or misclassified transactions. Review your cost of sales percentages if you sell products Calculate the cost of sales percentage for each cost of sales account to be sure that the percentages are logical. Verify that these numbers are correct, consistent with past periods, and make sense to you.
Review your balance sheet accounts
The balance sheet accounts are permanent accounts. They have a balance that carries over from year to year. Contrast these with incomes and expenses. Income and expense accounts are closed out at the end of each year and begin the every new year with a zero balance.
Bank accounts (Assets)
Always start review from the bank account. Reconcile it monthly; fix discrepancies between your books and your bank statement. Review the outstanding transactions for entries that shouldn’t be there. All un-cleared transactions in your bank account should be reviewed, but if you have old outstanding deposits on your bank reconciliation, they need to be addressed right away. Reconciling and adjusting your bank account on a monthly basis will make each consecutive month’s reconciliation much easier.
Inventory (Assets)
It is one of your most important assets if your business has inventory. Taking a physical inventory is the best way to ensure that your cost of sales is accurate. Most small business owners dislike taking inventory, but tax time is a good time to verify that you have an accurate inventory and that your cost of sales is correct.
Accounts receivable (Assets)
Accounts receivable are a critical asset. They represent money that has been earned, but not collected. Review your customer accounts monthly by producing an accounts receivable aging report and see amounts due from customers arranged in columns based on how old they are. Studies show that the older a receivable becomes, the less probability there is that it will be collected. Tax time is good time to write off those old accounts that are really bad debts. Review your accounts receivable monthly — or more often. Fixed assetsCreate a detailed report of changes in your fixed assets and make a depreciation schedule for the next year. Every time when make record of new asset purchases enter a detailed description of the asset in the memo field. Then, at tax time, create the report showing the changes in fixed assets. The resulting report will contain the date of purchase, vendor, a check or invoice number description of the fixed asset and the amount of the purchase.
Accounts payable (Liabilities)
Accounts payable to vendors should be reconciled to your vendors’ statements monthly. Keeping these current will ensure that you have accurate records at tax time, and have not missed any deductions.
Credit card accounts (Liabilities)
Your credit card account is an account that can easy get out of control. Reconciling this account monthly to your credit card statement will help to ensure that you have all of your tax deductions recorded. Enable on-line banking with your credit card accounts so that you can download all of your credit card transactions into your accounting software. This helps to have all details of each credit card transaction into your register and, because it has been downloaded from the credit card company, you know the information will match your statement.
Notes payable (Liabilities)
This is an area where small business owners often make mistakes. Don’t mix the entire loan payment with the interest expense account. Compare the balance per your general ledger to your bank’s balance. Payments on amortizing loans must be broken out into principal and interest. The principal is applied to the liability balance and the interest recorded as an expense. When your lender sends you a monthly breakdown of principle and interest, it’s only an estimate. The actual amounts applied to your loan balance will vary based on when the bank received and posted your payment to your account. Use the bank’s monthly estimate to record your payments, but request a loan history at year-end to adjust your accounts to agree to the bank’s records.
Sales tax and payroll taxes payable (Liabilities)
Review your sales tax and payroll tax liability accounts monthly making your tax payments. Verifying these accounts is necessary because you want to know that you’re paying the proper amount and it will ensure that your year-end liabilities are correct.
Create a file for all of your tax documents
At the beginning of the new year, you will receive plenty of tax forms, forms from your bank, brokerage house, vendors and state and federal governments. Label a file folder “Tax forms”. Include this file folder in the package you take to your tax accountant.
And remember: If you receive a tax notice about a delinquency or past due amount, send it to your accountant immediately!
Print out your reports and create a backup of your company file
Print out a balance sheet as of the end of the tax year and a profit and loss report for the entire year. While you are reviewing your accounts, make notes about what you’ve found and what doesn’t make sense for you. Then create a backup of your company file as of the current date. Your accountant can restore the backup file to view transactions and create detailed reports. In addition, you must prepare these additional reports:
- Copies of payroll tax returns
- All components of accounts receivable and accounts payable
- Accurate inventories
- Copies of sales tax returns
- A schedule of fixed assets additions
- Copies of notes payable
- All tax forms
When your accountant has made their adjusting entries, and you have entered those adjustments in your accounting system, create another backup.
Find the best Tax professional
This is very most important: Hire a competent tax professional and pay them well. Small business owners tried to be self reliant, independent individuals. They often attempt to prepare their own income tax return. However, when it comes to income taxes, you need to hire a competent tax professional. With the complexity of today’s tax code and constantly changing regulations and interpretations of that code, income taxes are just too complex for the small business owner. A good tax accountant can not only save you money on your income taxes, but help you reorganize your business and make it more profitable. Tax Accountant can assist with tax planning, retirement planning and estate taxes. But your responsibility is to give your accountant good information to work with.

Special Offer: Save 20% Off QuickBooks Pro, CD/Downloadable Version + Free Shipping

Tuesday, January 02, 2007

2-day Tax Refund

Tax Brain Online Service announced that the 2-Day Tax Refund Loan Program for 2007 is now open for you to file your tax return and Get your money for just 2 days.You can file your tax return today with TaxBrain Online for 2007 and get the fastest 2-Day Tax Refund Loanswith the lowest fees. With TaxBrain’s program you can get your money delivered by Direct Deposit or by Paper Check - the choice is yours.

Faster tax refunds, guaranteed accurate.

NEW and improved features now available to TaxBrainOnline customers:

- TaxBrain Exclusive! Fastest Refund Possible featuring the uppermost rated loan processing system used by tax professionals countrywide is now available direct to the consumer - ONLINE!

- New for 2007! FREE Tax Calculator By popular demand, TaxBrain is making our Tax Calculator available so that taxpayers can calculate approximately their taxes before hand. Simply provide some basic information and find out what TaxBrain says about your taxes - Free!

- Lowest Fees! Online Pricing beats tax office fees because you prepare your own tax return and file online! Best of all, it's convenient, easy-to-use, free to try and guaranteed accurate. TaxBrain Online handles IRS and all state tax filing - everything is done online and guaranteed accurate. No software to install, always up to date with live, U.S.-based customer service included FREE to handle your questions anytime.

Plus, you know you can trust TaxBrain because they are the ONLY online tax service that has been IRS Authorized since 1987. In addition, they’ve been featured in national media like USA Today, Smart Computing, PC World, CNN and more. TaxBrain Online has everything you need to prepare and file your federal and state taxes online, and offers the fastest and lowest cost tax refund loans in the business. From simple to complex returns, TaxBrain has the most state tax services and federal tax forms, giving you the power to prepare your resident, non-resident, school district, city, federal and prior year taxes. TaxBrain automatically selects the forms & schedules that are right for you. Nearly 18 million taxpayers have found peace of mind e-filing their own taxes.

State Taxes - Prepare and E-file Online Fast Refunds. Any State. Live Help. Guaranteed Accurate. Online Tax Preparation - Fast Refund Loans IRS approved and guaranteed accurate. All 50 states. E-file your tax return at TaxBrain.com.

With TaxBrain you can Deduct Tax Prep Fees Directly from Your Tax Refund:

- No Credit Card or Bank Account Required - When you're expecting a tax refund you don't have to use your credit card or pay anything out of pocket!

- Direct Deposit or Paper Check - Request a paper check or direct deposit funds into your bank account. The choice is yours.

Organize, prepare, and e-file your income taxes at the TaxBrain Online Tax Center.
Learn More

Get Money in 48 Hours - TaxBrain.com
TaxBrain has the most comprehensive product support and income tax help available on the web:

- Live ChatOnline income tax help! No need to wait on hold when you have questions. TaxBrain support is just a click away. Live Chat support team can answer your tax questions and help you get the most out of online TaxBrain.

- Email SupportObtain general email support by emailing support@taxbrain.com. For security purposes we ask that you never send sensitive information via email. A TaxBrain representative will never ask you to email private information such as your username, password, address, or social security number.

- Knowledge BaseTax Brain's in depth Knowledge Base is available to help you with your income tax return preparation. TaxBrain's Knowledge Base contains helpful tax law information and line-by-line instructions to help you every step of the way. To access the Knowledge Base simply login or create a new account today!

- Secure Web MailGetting income tax return help is easy and secure. TaxBrain allows you to send income tax questions via secure web form. Web Mail tax questions receive a response within 24 hours, with the majority of questions answered much sooner. To access the Secure Web Mail simply login or create a new account today!

- Telephone Support. Friendly, knowledgeable support team is available to answer all your filing income tax questions, toll free,
Mon-Fri. 9 am to 4 pm Pacific Time.

Start your return today and get your tax refund the fastest way possible.
Would You Like Money 2-Day?
Get started now! TaxBrain Online