Income Tax Preparation Software

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When looking at income tax preparation software, it's important to determine if the software will be used from year to year or updated manually. Find out what will add to the cost of preparation software with help from a certified public accountant in this free video on income tax preparation software.

Part of the Video Series: Tax Advice
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Video Transcript

Income Tax preparation software, the first thing you need to do is determine what are you looking for in an income tax preparation software. Are you, do you plan to use from year to year to year and update each year annually, so your basic information such as your name and address is all retaining in the unit? Those are the good systems, others are number of bench systems. If you want to just use it to prepare just your taxes, there's personal packages. Intuit puts out a really basic package for the personal income tax. But you need to understand when you're buying all these packages, there are limits because of fees. And so, if you want to add a different state, if you have more than one state to add in, it will cost you more to add that additional state, sometimes it's just a per return item. And are you going to leave it on the computer or you're going to be able to print it, can you print it more than once? Can you print it twice, can you try scenarios, can you do tax planning? Each one of those items will add to the cost of the preparation software. Commercial tax vendors such as myself as a CPA or an enrolled agent or commercial services, there are number items out there. Just creative solutions of alter tax. There's CCH with their professional programs, CCH has it's program as there's Intuit. Intuit has a couple levels of programs, one for the professional, they also have a program called the Cert for another professional. There's a number, check it out what you want to do with it. If you want to be an income tax preparer, you'll need to find out what states they can do. Will they do businesses, will they do corporations? What states, will they electronically file, does that cost me more to do? You need to make sure, you know what you want to do with it. You can again, use it from year to year, you would find a good program that will have to go. You can go to the local office supply place and many times buy different programs. Do you have time to test it, how much do you want to learn? Is it worth the hundred dollars that you're going to pay them or should you just literally go hire a professional to do that? You need to make that judgement, but there are excellent programs out there. Make sure it'll do what you want it to do today, tomorrow and for next year.


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