Unless you are a Certified Public Accountant, this is just not your game. You need tax software so that you don’t go to jail or worse still loose everything you have worked so hard to obtain.  When it comes to money owed, Uncle Sam doesn’t play nice.

If the recent bankruptcies of the Lehman brothers, AIG and not to mention the shady accounting practices of the Enron years that brought us to where we are today.  If the resultant domino effects have taught us anything it is that you have to get in there, pull up your sleeves and deal with your own money.  Long gone are the days of forking over your personal responsibility to another and hoping for the best. We live in a very competitive world where you can almost anything with the touch of a button.  A hand-prepared return, no matter how well is a passive downright non-productive method of handling your personal finances.  Tax software not only increases the speed and ability with which to process returns while increasing accuracy simultaneously. 

Advantages Of Tax Software
 
1. They do all calculations for you with guaranteed accuracy

2. They show your tax refund add up in real-time

3. They explain how common life changes—such as buying a home, getting married, changing jobs, or having a baby—will impact your taxes, and tells you what you can deduct

4.Show you what you’re importing and where it goes in your return.

5. Many come with downloadable Audit Support Centers which give you step-by-step guidance on everything you need to know and do if the IRS contacts you e.g., Turbo Tax  Others have audit guarantees e.g., H&R Block

6. Many will search your return for up to 350 or more deductions, including mortgage interest, education, and medical expenses, to get you the biggest refund.

7. Tax Software, depending on your needs will provide extra guidance for investments sales such as stocks, bonds, mutual funds, and employee stock options plans.  Additionally many will help you qualify for deductions for your IRA contributions that will reduce your taxable income, thereby boosting your refund.

8. If you have a home based business for example, tax software programs will help you determine which depreciation method will get you the biggest deduction for your large purchases.  Which  one of you doesn’t want to know which depreciation method will get you the biggest deduction You will also be guided on whether you are eligible for a bigger vehicle deduction using actual expenses or the standard mileage rate.  You will also be shown what startup costs new businesses can deduct.

9. For those people who are property owners, you will be walked through the painless process to find as many as 20 deductions for landlords, from travel to advertising to repairs to insurance.  Additionally you may get guidance about how to deduct points, appraisal fees, and recording costs to maximize refinancing deductions depending on your needs.

10. For the serious entrepreneur you will get with some tax software packages expanded Schedule C guidance showing you precisely which expenses you can deduct for your vehicle, supplies, home office expenses, and more to maximize your business deductions.  You will also be led by hand through the process of tax write-offs for your industry to help you spot commonly overlooked deductions helping you ensure you don’t miss a thing.