Word: turbotax
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...Many newbies, strapped for start-up cash, will likely try to cut corners by forgoing the use of accountants and attorneys and picking up TurboTax or other software to handle their taxes on their own, says Gold...
...respect, you could argue that doing your taxes has never been easier. Let's take me as an example. A few weeks ago, I ripped open my copy of TurboTax Deluxe Deduction Maximizer, popped the CD into my laptop, and happily followed the step-by-step on-screen prompts - I didn't have any losses from straddles to report, but it was nice to be asked and given a hyperlinked explanation (turns out, they're offsetting positions on property like stocks). Within a few hours, I was ready to e-file. The only annoying part - aside from the whole taxpaying...
...doing a return. Pricing at these companies regularly rises 5% to 7% a year, according to Kartik Mehta, an analyst at FTN Midwest Securities - evidence that neither is exactly scrambling to hold on to customers. And the business model works even when the $49.95 price tag for TurboTax Deluxe Deduction Maximizer is taken out of the equation; that is, when the cost of switching is low, or nothing at all. Consider that nearly three-quarters of Jackson Hewitt customers have incomes of $30,000 or less, and that anyone with an adjusted gross income of $52,000 or less...
...generation of Web-based products, such as TaxAct, are slowly needling their way into the market dominated by Intuit and H&R Block. One reaction of the established players has been to offer services more akin to those of a professional preparer. People who sign up for Intuit's TurboTax Professional Pro supply tax data over the Internet and then have a phone conversation with a preparer, who ultimately does the filing. H&R Block's TaxCut Tango and Signature online products also have live tax advisers just a phone call or e-mail away. And so even the brands...
...yourself filers (about 45% of returns), the IRS gives free access to tax software from companies like H&R Block and TurboTax at irs.gov...