Taxcut Basic Vs. Premium
TaxCut is a tax preparation software product created and distributed by H&R Block. The software can be used on either Windows or Macintosh computers and be purchased through a retail store or downloaded on demand from the H&R Block website. Due to its thorough step-by-step instructions, ability to download current tax information for federal and state taxes, and usually some form of a rebate for electronic filing, millions of people use TaxCut to prepare their taxes every year.
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Purchasing TaxCut
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There are several ways that you can purchase TaxCut software. Some people prefer to buy it from a bricks-and-mortar retailer: Costco, Sam's Club, Office Max, Office Depot or any number of computer software retailers. Another option is to download it directly from the H&R Block website. Each version is only good for the current year. You will need to purchase a new version for each tax year. Once you've prepared your tax forms with TaxCut, you can import last year's taxes into your new version.
TaxCut Basic
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The basic version of TaxCut is the least expensive. It includes the tax software that offers an interview based dialogue to help you determine what forms and schedules are needed to complete your taxes. Unlike competitive products, TaxCut offers free e-filing for up to five returns and DeductionPro software to help itemize your deductions. All TaxCut programs come with free audit support if your return is examined by the U.S. Internal Revenue Service.
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TaxCut Premium
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The Premium version includes everything from the Basic version, such as the tax preparation software and the DeductionPro software, as well as a free ask-a-tax-adviser session where you can contact a tax expert with more complex questions. If you plan on filing state taxes with TaxCut, you will need to purchase this more expensive Premium version. Other features include support for Schedule C self-employed workers and guidance for rental properties. TaxCut will import all of your information into your state return for you. There's about a $15 difference in price between Basic and Premium.
Other Versions
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TaxCut also comes in the Home & Business version, which includes software for your small business. This version includes free free federal e-files for personal taxes, a personal state program, unlimited business state programs, DeductionPro, Home & Business Attorney software and free audit support. You can also purchase the Premium with State Filing or just the State Filing software as a stand-alone product.
Competitors
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TurboTax is the main competitor to TaxCut. The software is very similar but TurboTax doesn't offer free e-filing for state returns when you purchase the software. It does have an online product, however, that allows users to prepare their taxes online without downloading or installing any software. H&R Block also offers an online service. For both of these products, the main differences are mainly a matter of preference regarding the user interface and the difference in pricing for filing state returns.
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