Best tax preparation software 2011 - In 2011 how to select best tax preparation software
Best tax preparation software for 2011 selection is a decision that is based on different things depending upon your financial data & needs. In the process of how to select the best software for your 2011 tax returns, I am going to present various characteristics that a good software should have to be worth spending & getting the best refund. Here are the characteristics features that you must consider:
1. Do you need a "Deluxe" or "Premier" or "home & business" version- To choose the best tax return software for 2011, before spending on a higher version, always always consider spending on a lower version if your needs are being fulfilled by that. No need to spend more on a higher one if you don't have many itemized deductions & you don't have rental property income etc. Here's some brief points about the versions:
a) Deluxe-If you have kids & you own a home, and also if you made donations or incurred medical expenses, you can go for the Deluxe version for the best refund
b) Premier- If you own stocks, bonds, mutual funds or rental properties, go for Premier
c) TurboTax Home & Business- If you are a sole proprietor or a consultant/ contractor or even a single-owner LLC, Home & Business should be the one you are looking for
d) Business- If you are an owner of a corporation, partnership or multi-member LLC, you must go for the Business version.
2.Do you need the Efile feature and the fastest refund - these days, almost all the tax return softwares offer the efile feature. I would suggest that in the comparisons of how to select the best tax software in 2012, analyze the worth of spending on the efile feature. If you are not in urgent need of refund money then you can skip on the efile feature. But go for efile it saves you a lot of interest money & urgent money then you can always go for one of the best tax return software for 2011 like Turbo Tax which makes you efile & gets you the refund in as less as in 72 hours.Generally its around 72 hours of processing time if you use efile method of filing. e.g. you submitted the return between Jan 17 and Jan 18, there are chances that you may get the direct deposit in your account on or before Jan 25.
3. Does your tax software provide you FREE ONE-on-ONE tax advice- This is a very important feature that you should always consider in choosing the best tax preparation software for 2011. Some tax softwares like Turbotax offer free one-on-one tax advice that helps when you are about to take a deduction that can save you lots but you are not able to figure out how it works. It is also helpful when you feel stuck in your tax preparation process & you need a little help. So always consider this feature before taking the decision.
4. Does your tax return software for 2011 offer Free Audit Support Guarantee- This is one of the most important feature among all. There are softwares in the market like Turbo Tax that offer Free Audit Support Guarantee. This is so important because it gives you the confidence to go ahead with your tax return & forget about the worry of a Tax audit. No worries at all. Before paying for any other software, always check for the Free Audit support feature.
Above listed are my recommendations for the year 2011, how to select the best tax preparation software. So, go ahead & use the features in getting the biggest refund using the best tax preparation software for 2011.