Only a few years ago there were a lot of software packages for doing taxes being marketed. Many of those companies are no longer in business or have been absorbed into the major tax packages. Part of the reason for this change is that the leading tax packages have integrated their software with business accounting software, making the generation of taxes directly from your regular accounting system a breeze. The two leading tax packages are TurboTax which integrates directly with QuickBooks , and TaxCut, from H&R Block, which integrates directly with Microsoft Money and QuickBooks .
TaxCut, while not as widely used as TurboTax, comes from H&R Block and includes advice from Kiplinger. It takes you through a step-by-step process and offers advice and online filing. The products it offers are:
H&R Block Taxcut 2006 Premium Federal + State + Efile
From the Manufacturer: TaxCut Premium Federal + State + E-file has everything you need in one comprehensive program for your tax situation. Whatever you're filing, from 1040EZ to Schedule C, you'll get important guidance through step-by-step interviews. They'll be customized to your unique needs, helping you make the most of money-saving deductions. Find every feature and form from last year's Deluxe and Premium in just one program - and let TaxCut seamlessly import your data from last year's TaxCut or TurboTax, as well as Quicken and Microsoft Money. TaxCut is the only do-it-yourself tax program backed by the professionals at H&R Block, America's largest tax services company. Includes one federal e-file and one state e-file, at no additional cost. Import data from last year's TaxCut or TurboTax files -- or from Microsoft Money, Quickbooks, H&R Block DeductionPro, or ItsDeductible.
H&R Block Taxcut 2006 Home & Business + State
From the Manufacturer: Taxcut Home & Business + State + e-File is your complete tax solution to prepare your personal and business tax returns. TaxCut Home & Business includes both TaxCut Home for personal use and TaxCut for Business -- giving you the convenience of two tax preparation solutions for one low price. Perfect for sole proprietors and small business owners, these programs include everything you need to file your personal and business tax returns. Also includes H&R Block DeductionPro, free WILLPower, and one free personal H&R Block Live Tax Advice session online or by phone. Import data from last year's TaxCut or TurboTax files -- or from Microsoft Money, Quickbooks, H&R Block DeductionPro, or ItsDeductible Free WILLPower software CD inside.
From the Manufacturer Millions of Americans neglect to claim the full value of their charitable donations each year. The new, expanded version of H&R Block DeductionPro assigns accurate, fair-market value to hundreds of the most commonly donated household items, including clothing, baby accessories, linens, furniture, household appliances, and more.
The No.1 best-selling tax software in America, guides you through your return step-by-step with money-saving advice, help and tips. Included are ideas from tax experts on video; analysis of how new tax law changes will affect your taxes; and onscreen search of IRS publications. There are a number of versions of TurboTax.
TurboTax Federal Basic 2006 Win/Mac
From the manufacturer: Compatible with both Windows and Macintosh operating systems, TurboTax Federal Basic 2006 guides you through your return step-by-step so you can quickly file your taxes and receive an even faster refund. This program asks easy-to-understand questions in plain English and then puts your answers onto IRS-approved forms. To ensure complete accuracy, it then double-checks your return for errors and even flags potential audit risks.
TurboTax Federal + State Deluxe Deduction Maximizer 2006 Win/Mac
From the Manufacturer: TurboTax lives up to its name by finding and maximizing your deductions. It guides you step-by-step through mortgage interest, charitable contributions, education, medical expenses, and more so you won't miss any potential deductions. This program also shows you how to qualify for deductions, looks for deduction opportunities, and tracks how much you've saved in deductions and credits. Deluxe Deduction Maximizer includes ItsDeductible software to help you accurately value items donated to charity, and one free state download to help you handle deductions specific to your state of residence.
TurboTax Federal + State Home and Business 2006 Win/Mac
From the Manufacturer: Includes everything you need for your self-employment and personal income taxes. Expanded interview guides you step-by-step through Schedule C, categorizing business expenses, home office deductions, depreciation and more.
TurboTax Business 2006 Corporations and Partnerships
From the Manufacturer: TurboTax Business 2006 can help simplify the complex process of filing your business taxes. If your business is a corporation or partnership/LLC, and earns up to 250,000 dollars a year, TurboTax Business is ideal for preparing and filing your business income taxes. This easy-to-use software prepares Forms 1120S ("S" corporations), 1065 (partnerships/LLCs) and 1120 ("C" corporations) while also working for estates and trusts.
I don't think you can go wrong with either of the market leaders. Both stand behind their products and have a reputation for customer service. While taxes are never fun, these two companies have done their best to make it as painless as possible.