Happy New Year! Happy Tax Season! For you go-getters ready to tackle your taxes, a lot of you want to know what the earliest you can get this headache out of the way. Well…that depends.

Officially, you may start filing your taxes on January 1st, however E-filing will not be available until January 11th (unless you decide to pay the money to go to H&R Block who can start E-filing on January 4th.)

But first thing’s first. You must have acquired all of your paperwork. For some of you with nice considerate employers, you should hopefully have all your W2’s and 1099’s very soon. Once you have these papers, it’s just a matter of plugging in the numbers. For others who have to wait, that’s what you must do…wait. You can attempt to “create” your W2’s using your last paycheck and the information from your prior year’s W2, but this is risky. Miscalculations could cost you dearly. So, just relax.

If you haven’t received your W2’s by February 15th, that’s when you should start to worry and contact the IRS for more information about acquiring those papers.

Ut-oh! Time for taxes again! With the economy struggling, I know most of us can’t afford to pay someone to prepare our returns. Lucky for us, with the technology of the internet, filing your taxes is as easy as ever. But there is overwhelming choices in software! Which do you choose? Some helpful tips!

The e-filing software you choose will depend on the uniqueness of your tax situaton. For our most complex of tax filers, those of you with privately owned businesses or a great deal of investments, you will want to choose software that allows you to easily track deductions. Top choices for this are TurboTax (premiere edition: $24.95 state, $59.95 fed) or CompleteTax ($44.90 state, $29.95 fed). These programs are easy to use and   extremely accurate in their calculations.

Now for you less complicated filers, go with regular TurboTax ($29.99 state, free fed), H&R Block at Home ($49.95 state, $19.95 fed) or TaxAct ($13.95 state, free fed). These walk you through the 1040EZ and other easy forms. With a few answered questions and quick calculations, you can be sure that the information you are sending is accurate and complete. Who doesn’t like one less worry?

**Bonus!** Most of these online softwares offer direct deposit. No more waiting for the mailperson to bring your refund check!

More Software Reviews

TaxAct Free Edition allows you to prepare, print and efile your federal tax returns for free. TaxAct handles all basic IRS forms including 1040, 1040EZ, and 1040A. With TaxAct, you receive your tax return by direct deposit — you’ll have money in your account in as little as 8 days.

TaxAct is exceptionally easy to use. TaxAct has terrific step by step videos, free online tax guidance, and guarantees 100% accurate calculations. Also, TaxAct has one of the cheap state efiles - only $13.95 for your state efile.

TaxAct 2008 is available as an online application, where you can file your taxes directly from your web browser. Additionaly, you may also download TaxAct software and process your tax forms offline. TaxAct Standard 2008 can be downloaded free, or you can request a free CD in the mail.

We’ve always been a fan of TaxAct — it is easy to use and it is affordable. It is a best bet for anyone with a somewhat simple financial situation.

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