It's Tax (Planning) Time: TurboTax and TaxCut Debut 2001 Editions Choose Your Coach -- H&R Block or Quicken Eric Grevstad
Mon 12/3/01 -- April 15 will be here before you know it, so it's not too early to start thinking about your 2001 tax return. The two titans of tax preparation software, H&R Block's TaxCut and Intuit's Quicken TurboTax, are ready to help with their annual, complete revisions that keep each popular program in pace with the new tax laws -- all 440 changes, according to Block -- and speed data entry or import.
This year's TaxCut claims the largest number of new tools, specialized advice services, and financial management features ever, led by a Tax Law Assistant that explains how tax changes will affect you for 2001 and the next five years. An Auto Entry feature imports Form W-2 and Form 1099 earnings data directly from participating financial institutions, while Education and Retirement Financial Planners offer personalized, Web-based advice and "what if" scenarios.
TaxCut Basic costs $15, while TaxCut Deluxe -- which includes one free TaxCut state program and one free e-filed federal return, both after mail-in rebates -- is $25. Individual state programs are $20 each, while TaxCut Platinum Home & Business is $50. An optional Professional Review feature sends your return to an H&R Block tax advisor who'll review it and answer any questions before filing.
For its part, Quicken TurboTax has grown from one program to an array of software- and Web-based services. Windows products include TurboTax ($20); TurboTax Deluxe, including one free state program and one free federal e-filing after rebates ($30 after a $10 mail-in rebate); TurboTax Premier ($40 after a $10 rebate); and TurboTax Home & Business for sole proprietors with Schedule C's to file ($50 after a $20 rebate). Regular and Premium online (browser-based) services, like Block's, will be available starting in January.
This year's TurboTax Premier features a Tax Law Advisor that details how the new laws will affect you now and throughout their 10-year phase-in; a 401k Maximizer that shows how to increase contributions to your retirement account without reducing take-home pay; and an expansion of Intuit's Instant Data Entry feature from 10 to more than 40 financial institutions, brokerages, and mutual fund providers. The Live Tax Advice option offers immediate help via phone or e-mail, while "Review My Return" offers a complete evaluation.
