Computerized Investing > March/April 2009

The Pitfalls of On-Line Tax Preparation

| | | Add your comment! | A A   Reset

by Wayne A. Thorp

As losses in the stock market continue to mount, along comes tax time to add insult to injury. Like many of you, I use software to prepare my state and federal tax returns (see On the Internet in this issue for on-line tax resources). This year marked the first time I filed my taxes as a homeowner, so I was curious as to what the results would be using different services.

Historically, I have used TurboTax on-line and this year I also tried out the on-line version of H&R Block’s TaxCut service. Both programs walk you through an exhaustive array of potential deduction scenarios to help you minimize your tax liabilities. However, I was shocked by the end results for my Illinois state refund. I would have been willing to live with a minor difference between the two, but they were off by a factor of 10, with TurboTax offering the higher refund.

...To continue reading this article you must be a Computerized Investing Subscriber.

Gain exclusive access to this article and all of the benefits and investment education a Computerized Investing subscription offers.

SUBSCRIBE TODAY for just $24.
Log in
Already a CI subscriber? Login to read the rest of this article.

A subscription to Computerized Investing includes a monthly email and access to the CI Website, all of which aim to benefit your investing skills with respect to computers and the Internet.



No comments have been added yet. Add your thoughts to the discussion!

You need to log in as a registered AAII user before commenting.
Create an account

Log In