Regardless of whether you go through tax software that prompts you for all the information, do your taxes by hand, or if you give all your information to your accountant – being organized still pays off at tax time.

Organizing Tax Documents

If you file your receipts and tax forms as you get them then it’s much easier to find them when it’s time to file your tax return.

There are multiple ways you can create a system to store your financial documents.  It can be as simple as using manila folders and labeling them, or there are systems you can use that come with pre-set categories of documents.  The one I’ve used is called HomeFile and it’s basically a set of laminated dividers with a top tab that tells you the category of document. On the front of each divider it lists all the potential documents that might fit into that category.

Whether you use a system or come up with your own, the main point is to figure out how you’re going to store your documents as they come in the mail throughout the course of the year.  

Tax Kit Giveaway

The people from Office Depot understand the importance of organization. That’s obviously what they specialize in, helping you keep your paperwork and your office organized and categorized.  They contacted me about sponsoring a tax kit giveaway on Money Smart Life and I agreed, who doesn’t want to be more organized right?

Here’s what’s in the tax kit:

• H&R Block At Home Basic Edition (Federal & State)
• Office Depot Reciept File Box
• Ativa Tax Calculator
• Ativa Flash Drive

If you want to get more organized this tax season you can enter this promotion by leaving a comment below with a good tax preparation tip or a story about how being organized/disorganized made it easier/more difficult when doing your taxes. You can also get an extra entry by subscribing to my email newsletter.

The tax kit giveaway will end on February 14, 2012, where a winner will be randomly selected.  Once the winner is announced, I’ll need to have your address so Office Depot can mail you the organizers and the software, giving you plenty of time to get your taxes filed for 2011 and to start your organization system for 2012.

Thanks to Office Depot for sponsoring the giveaway, leave your comments below to enter.

Brokerage or Bank Tax Discounts
Some banks and brokerages offer access to discounted tax software. One good example is Vanguard. The brokerage offers you access to a discounted version of TurboTax. If you are a “regular” client, you get access for 25% off. Flagship Services clients at Vanguard actually get free access to TurboTax. Fidelity also offers access to discounted tax software.

Banks and credit unions like FNBO Direct and USAA also offer discounted tax software. Check with your bank or credit union, or with your broker, to see if you can access discounted software through their site, or if there is a special promo code you can use when purchasing tax software.

Business Tax Promotions
You can also check with other businesses to find out if there is free or discounted tax software available. Some office supply stores offer it at a discount when you buy other items. In some cases, you might get it free when you make a large enough purchase. A local car dealership offers free tax prep software when you go in for a test drive. Keep your eyes and ears open to possible discounts and promotions. And, of course, look online for special sales and discounts at retailers like Amazon.com.

Customer Tax Discounts
If you are already a customer, you can usually go to the source and get updates. Some tax software programs offer discounted updates that let you use what you already have, but then update for your current tax return. Or if you’re already a customer, lets say you use H&R Block, you might be able to get a discount on their software, like H&R Block at Home. Jackson Hewitt also regular offers promos and discounts. Be sure to check with the TurboTax, TaxCut, TaxACT and other web sites to see if they are offering specials and discounts for repeat customers.

Tax Coupons and Deals
Naturally, you can look for tax software discounts with the help from coupon sites. There are any number of discounts and deals on sites like Dealio to find the latest coupons and discounts. You can also search online for “tax software discounts” or “tax software coupons” to find more deals. Just be careful; not all coupons and promos you find online are reliable.

FreeFile
Another option is to check out FreeFile from the IRS. If your adjusted gross income is less than $58,000 a year, you can actually go to IRS.gov and get access to tax software. You fill it out and e-file for free. The tax software comes from The Free File Alliance, LLC members. This includes a number of  tax software providers including:

• H&R Block
• TurboTax
• TaxSimple
• TaxACT
• TaxSlayer

Even if you make more than $58,000 a year, you can get help from the IRS by using the free fillable forms available. These come with directions, and can help you with fairly simple calculations. You may have to pay to file your taxes if you use a tax provider, though. Or you can simply print the finished forms and send them in.

If you don’t pay what the IRS says you owe it’ll end up costing you a lot more than your initial tax bill. When you skip out on your taxes, there are some fairly harsh penalties.

Even if you know you can’t pay what you owe, you are better off filing a return and working with the IRS than just ignoring the problem and skipping taxes altogether.

Penalties and Interest
When you don’t pay your taxes, the penalties and interest start to add up. The IRS will levy penalties against you, and start keeping track of interest. The interest starts from the day after taxes are due.

So, if your quarterly taxes are due on June 15, the IRS will start charging you interest from June 16. The longer you wait to pay your taxes, the more the interest and other penalties add up. Coming up with the money to pay these penalties and interest is even more difficult than finding the money to pay the initial amount owed in the first place.

It is also important to remember that there is a similar process when you skip your state income taxes. Your state will also have its own penalties and interest charges. So, if you don’t pay your federal taxes or your state taxes by the tax return deadline, it could get very expensive really fast.

Failure to File a Tax Return
Many people believe that, if they can’t pay their taxes, there is no reason to file a return. This is not true at all. In fact, the penalty for failure to file is rather hefty. It’s more than some of the penalties for not paying taxes.

If you don’t file your tax return, you will be subject to an even bigger penalty. Ignoring your tax problem won’t make it go away. In fact, the longer you wait, the worse it gets.  You can access most of the best tax software for consumers online.  There are ways you might be able to find some tax software discounts and in some cases you can file your taxes online for free.

Working with the IRS
The IRS actually offers you the chance to pay your taxes using an installment payment plan. You don’t have to pay all at once if you can’t afford to. As long as you owe less than $25,000 in taxes, penalties and interest, you are usually eligible to apply for an installment plan.

You can even do this online at the IRS web site . As part of the application process, you tell the IRS how much you can pay each month, and the IRS reviews your situation and determines whether or not to accept your proposal. You should realize, though, that the installment plan is, in fact, a loan.

You will have to pay a one-time fee for origination, and you will pay interest. However, the interest that you pay is likely to be better than what you would pay if you used a credit card, or got a payday loan. And, by setting up an installment agreement, you can avoid paying some of the penalties.

If you are willing to show that you want to pay your tax obligation, and you make an effort, in many cases, you will be able to get some help in making the whole situation a little more affordable.

If you’re not aware of the possible investment tax deductions one that you should think about is investment loss – the losses that result from your investments can offset some of your income.

Offsetting Capital Gains

First of all, your investment losses should be used to offset your capital gains. You pay capital gains when you see a net profit with your investments. However, if you have investment losses in other areas, you can use them, dollar for dollar, to offset your gains.

So, if you sell an investment for a $5,000 gain, and you sell another investment and end up with a $6,000 loss, your losses completely offset your gains. You owe no capital gains tax on your increase! When figuring out whether you have a gain or a loss overall, make sure that you start off by pairing off long-term gains with long-term losses, and short-term gains with short-term losses.

This is important, since short-term gains are taxed differently than long-term gains. If you have a net loss over all, though, it makes the situation a little easier. Double check your work with the IRS or with a knowledgeable tax professional before filing your tax return.

Offsetting Other Income

In the example above, there are losses “left over” from offsetting capital gains. If you still have losses after offsetting your capital gains, you can use those, up to $3,000 a year, to offset other income. So that left over $1,000 becomes a tax deduction from your “regular” income.

But what if your net losses are much bigger? In some cases, you might find that you have $4,000 left over after offsetting your capital gains. Well, you can still only use $3,000 of your left over losses to reduce your income. However, you can carry forward losses indefinitely.

So, you can carry the remaining $1,000 to the next tax year, and use that to reduce some of your tax liability. When deciding what to sell, think into the future. While it’s a benefit that you can carry forward losses, you don’t want so many losses that you are constantly carrying them forward with no end in sight. Make sure you carefully consider your situation, and decide on a strategy that works best for you.

Selling Your Losing Investments

As you prepare to sell your losing investments and harvest the tax loss, it is important to make sure that you do it right. First of all, understand that you can’t use losses on paper. The sell transaction has to actually be complete before the end of the year if you want it offset your income.

Also, if you want to gain a tax advantage from selling your losing investment, you have to avoid violating the wash sale rule. The IRS wash sale rule is simply that you can’t buy back a “substantially identical” investment within 30 days of selling your investment.

It’s not illegal to buy back an investment within that time period, but it will prevent you from claiming your losses as a tax deduction. So, if you decide to sell, make sure you don’t re-purchase the investment within 30 days. Your losing investments can be turned to your advantage with the right strategy. Take a look at the options, and consider that you might be able to benefit by reducing your taxable income by harvesting investment losses.

What is Investment Cost Basis?

Cost basis is simply the price you pay for a share or asset, including any sales charge that is paid. It is used to determine if you will be paying a capital gains tax or if you will be able to deduct the loss when that occurs. Cost basis also includes any reinvested dividends and capital gains distributions.

For example, if you bought 100 shares today in a mutual fund and the per share price was $20 and you were charged $10 to buy the shares, your cost basis would be $2,010. (You would also factor in your brokerage charge to sell the shares at some point in the future.) You would use this cost basis to determine if you made a profit or loss on your investment whenever the investment is sold in the future.

If you bought at $20 per share and the shares rise to $30 per share when you sell, you’ve made a profit. Your capital gains tax would be factored off of: $3,000 (100 shares x $30/share) – $10 (selling brokerage charge) – $2,010 (initial cost basis including purchasing charge from broker). Your profit would be $980 and capital gains tax would apply to that amount.

What is Changing to Mutual Fund Cost Basis Rules?

Mutual fund companies have, in the past, only reported the cost basis to the investor and not the IRS. This will change in January 2012 and cost basis will be reported to the IRS for all shares acquired after January 1, 2012 (to be called “covered shares”). Fund companies will report this information on Form 1099-B to both the IRS and the investor.

Traditionally the cost basis has been calculated using an average cost (the average price of all shares purchased). However, investors will now have the option to choose one of seven ways to calculate the cost basis.

• Average Cost -  typically the default method for fund companies; the average price for all the shares you currently own is calculated and used when your shares are sold
• High Cost, First Out (HIFO) - the shares with the highest purchase price are sold first
• Low Cost, First Out (LOFO) - the shares with the lowest purchase price are sold first
• Specific Identification (SpecID) - the investor chooses which shares are to be sold, this determines the gains or losses for that particular share.
• First In, First Out (FIFO) -  the oldest shares are sold first
• Last In, First Out (LIFO) - the newest shares are sold first
• Loss Gain Utilization – shares are sold by those with losses first and then gains last

Each company will provide you with a way to choose a method for calculating the cost basis method. Typically, if you do not make a choice, the average cost method will be chosen for you. You are given additional options so you can tweak your tax strategy moving forward. It might be beneficial for you to hold onto the shares you first purchased many years ago at a lower price while selling your most recent shares that were acquired at a higher price because your capital gains would be lower.

For example if you have been investing in a mutual fund whose price was initially $10 per share and has now risen to $60 per share, you would want to sell your $55 shares first rather than your $10 shares. The difference in capital gains could be huge. However, managing your specific shares you are selling to maximize your tax benefit requires you to be very hands on with your investments.

Covered vs. Non-covered shares

The IRS is only changing the rules for a certain set of investments. For mutual funds, the covered shares (or the shares the changes will begin impacting) are those that are acquired on or after January 1, 2012. If you invested in a mutual fund earlier than that, your cost basis rules will not change on those shares.

Does the Change Only Impact Mutual Funds?

The new regulations are impacting cost basis reporting for all securities: individual equity positions (stocks), mutual fund shares, ETFs, fixed income products, and options. However, not all of the changes are impacting all of the investments at the same time. Stocks acquired anytime on or after January 1, 2011 will be considered covered securities. Mutual funds and ETFs are considered covered as of January 1, 2012, and options and fixed income securities are covered beginning January 1, 2013.

As I mentioned the last time I offered free TurboTax codes, waiting until the last minute is no fun.  If you owe the IRS money like I did this year, I don’t blame you for holding onto your cash as long as possible.  However, the downside of waiting until the last minute to prepare your taxes is that if you need documents that you don’t have or can’t find then you’re in a pinch.

You don’t want to miss out on taking a deduction and you definitely don’t want to miss reporting any income and have it come back to bite you with fees and interest if you ever get audited.  Of course, you can always file for a tax extension if you have to but I’d rather get it over and done with if possible.

Anyhow, for those of you that are scrambling around searching for your W-2, 1099, or other tax forms I might be able to help ease your pain just a little by giving you free federal filing with TurboTax.  I usually hold a TurboTax giveaway at least once every tax season, this year’s been the best so far, I’ve been able to give away free access to the winners three different times.

Since the tax deadline is Monday I know you’ll need to get your return filed this weekend so it will be a quick giveaway. I want to be able to reach the winners quickly by email so if you want to enter, put in your email address below.  You’ll be added to my free email newsletter and entered to win TurboTax Deluxe Federal.

Upgrading & Downgrading TurboTax

I’ve dealt with several people who have filed using TurboTax this year through my previous giveaways.  One thing I learned through this process is that if you fill out your tax form online and then decide you want to upgrade or downgrade versions of TurboTax, there are options for that.

Upgrading Turbotax

The most common scenario is if you’re filling out your tax forms and run across scenarios that you need to account for that aren’t handled in the version of TurboTax you’re using.  You can upgrade from inside TurboTax online pretty easily.  The way to do it might change in the future but for now you just go to Home tab > Program Options and click on the Upgrade link.  So if you used the free version of TurboTax but realized that you need the Deluxe version you can upgrade.  The codes I’m giving away are for Deluxe so you can enter it when you file to waive the federal fee.

Downgrading Turbotax

On the other hand, if you started out with TurboTax Premier but think that you really only need the Deluxe version you can also downgrade.  This is unfortunately not as simple as upgrading but there’s a reason for it.  Before you downgrade, TurboTax will review your account, and make sure there’s no data that you’ll lose by downgrading.

From the TurboTax Support Contact page you choose the Buying -> Billing -> Account -> My Account and Downloads option and then get ahold of TurboTax with online chat or by calling them up.  If your tax return can be filed using Deluxe, they’ll help you downgrade.

I had one reader who won a previous giveaway run into this situation, TurboTax was very accomodating and worked with her to get it sorted out. So, if you still need to file, enter your email below to enter the giveaway, good luck!

Thanks to the team at Intuit, I’m giving away free access to TurboTax Premier to six of you! We covered using the software to file your income tax return earlier this year in the TurboTax review so I figured it would make sense to give some of you a chance to try the tax software for free.

Actually, if you’ve been paying attention, you’ll recall that I’ve written before about how anyone can get a free trial of TurboTax.  There’s no charge to go through the process of entering all your information in the online edition, you only pay when you go to file. 

The winners of this giveaway will get a special TurboTax coupon code that you’ll enter when reviewing your tax return that will waive your fees.  The promo code is good for TurboTax Premier Online 2010 – one federal & state preparation with e-file. 

Why I Like TurboTax

There’s a guy at my office who’s about to retire who’s been doing his taxes by hand for decades.  Every year during tax season he takes vacation days for part or even all of a week to prepare his tax return.  It’s become kind of joke that whenever he’s out for a few days he must be working on his taxes.

Of course his are a little more complex than average because he has things like rental properties and a side business.  Regardless, I don’t think many of us would want to use up a whole week, or even a day, of vacation time to work on taxes.

I’m busy enough now that I actually use my old college roommate, turned tax attorney, to prepare my taxes for me.  But for years prior to that I always used TurboTax to do the tax prep, then I printed out my return and mailed it in.  The years I probably appreciated it the most were the ones when I put my taxes off until the last minute. 

Don’t Procrastinate

There were some late nights when I was really glad to have the software walking me through it so I could get it finished and mailed in the next day. What always seemed to get me was a form I couldn’t find. I knew it was filed somewhere in my office but didn’t want to go through my whole desk again at 2 AM. 

So don’t wait until the last minute to file your taxes.  Even if you can’t sit down and do them all at once, at least spend a few minutes on them each night so you’re not scrambling the night before the tax deadline.

TurboTax Versions

Last year I had some conversations with Bob Meighan at Intuit about TurboTax vs manually filing a tax return.  Turns out about 15% of people that use TurboTax use the Free 1040 EZ edition. If you qualify for free filing, you’re welcome to try and win the Premier edition but it’s definitely more than you need.  

I also learned that around 60% of their customers use TurboTax Deluxe; which doesn’t have some of the investment (cost basis tracking, retirement contributions, stock sales) and rental property (real estate depreciation, landlord deductions, loan fees) features in TurboTax Premier. Of course, if you only need the Deluxe version, the Premier edition will work for you so feel free to enter to win.

Win TurboTax Premier

So how can you get your hands on TurboTax Premier? Well you don’t actually have to worry about messing around with the mail because the versions up for grabs can be accessed via TurboTax online. As I mentioned above, the winners will receive a Turbo Tax code that gives you one free federal, free state, and free e-file with the Premier edition.

I ran this same giveaway last year with fewer copies and it was really popular so I’m pretty excited to offer it again. I imagine some of you have already finished your taxes but if you haven’t then certainly give this a shot.

How to Enter

The rules are simple, all you have to do is signup for my free email newsletter to win.  I’ll randomly select 6 people as winners and notify you via email.  If I don’t hear back from you in 3 days after emailing, or you no longer need it, I’ll randomly select an alternate winner.  I’m afraid I also have to limit it to residents of the United States.

Enter your email address below to signup for the newsletter and enter to win:

Of course, being your own stock tax calculator isn’t such a big deal if you only have a few transactions but if you buy and sell mutual funds or stocks more frequently – then keeping track of those details can be time consuming.  Today we take a look at the tools that some of the online brokerages provide to help you make your job a little easier.

Scottrade
If you are looking for helpful information about your taxes and your Scottrade account, there are some helpful webcasts. One of the most helpful is the one that tells you how to download gains and/or losses to your tax software. The Gain/Loss & Tax Center is free of charge to Scottrade online customers. You can see your realized and unrealized gains/losses, as well as export data into TurboTax and other software, or to export it into Excel or Text. Also available is an audit trail to help you follow particular holdings. Use the helpful webcast on finding your Scottrade tax information to help you make sure that you are getting everything you need to have your taxes prepared properly.

E*Trade
E*Trade offers you a free trial and a discount on the capital gains tracking software Gainskeeper. The ability to automate your Schedule D is a definite plus, as are the portfolio tips that allow you to optimize your performance for tax purposes. Try the promo code ET2004 to help you get a discount on your initial GainsKeeper subscription.

Etrade also offers a 25% TurboTax discount for versions of TurboTax online for it’s customers.  You can also check out the Online Tax Center at E*Trade to find tax forms, calculate cost basis, find dates needed for filing, and use any number of other tools to help you gather the information you need to complete your tax return.

Vanguard
If you have questions about preparing your taxes with information from your Vanguard account, the Tax Center FAQs. Learn more about what to expect, and what to do with your tax forms and how to report the gains and losses from your holdings.

On top of offering a tax center, it is worth noting that Vanguard also offers two versions of TurboTax to clients: Online and Desktop Download. You can prepare state and federal returns using this software through Vanguard. Pricing depends on the version you use, but it is available at a 25% discount when you get it through Vanguard, rather than simply buying it elsewhere. Flagship clients actually receive access to TurboTax free of charge.

In order to receive the discount, you have to log into your Vanguard account before going over to the TurboTax site. If you save your progress and come back later, you have to go back through the Vanguard site.

Charles Schwab
Schwab doesn’t offer any tax software discounts but it does give you the option to download your account and tax information into Quicken, TurboTax, and CompleteTax. When you’re using any of the software tools they may ask if you’d like to retrieve information from your online broker.  All you have to do is enter the same login and password as you do when accessing the Schwab website, and the tools will download your account information. You can also find your 1099 forms and other tax information on Schwab.

Fidelity
If you use Fidelity, it is possible for you to import your tax information right into TurboTax. This is helpful, especially since you can import your 1099 directly from Fidelity into your tax preparation software. This includes your 1099-R, which can be helpful for those who took retirement account distributions. Your W-2 can also be imported if your paycheck is processed by Fidelity. Cost basis information and other important tax information can also be imported to your tax prep software.

Zecco
Zecco also provides a free trial of Gainskeeper to it’s investors.  Here are the three main tools their highlight in the GainsKeeper suite:

GAINSADVISOR allows you to get an idea of different capital gains scenarios. You use trade simulations to figure out what will happen when you sell different tax lots. You can also get information about moving into long-term from short-term, and have a look at wash sales.

GAINSTRACKER is another tool that can help you. Look for gains (realized and unrealized), and keep up with your portfolio performance over time. You can optimize your tax costs, and look for specific trades.

Their TAX CENTER offers the tax prep tools you need to fill out investment portions of your tax return. You can export data from Zecco to your tax prep software, and you can automate the preparation of your Schedule D.

Firstrade
Firstrade also offers a discount on Gainskeeper to its customers. As we’ve mentioned, it can help you keep track of gains and losses, and get helpful planning tips to learn more about how you can reduce your tax liability. You can also get help filing your taxes with the automated Schedule D.

Firstrade also lets you download your account information in multiple formats that you can import into tax prep or personal finance software. From a tax planning perspective, Firsttrade offers some helpful information on tax planning and the implications of trading on your taxes in its Tax Education Resources. 

TradeKing
TradeKing offers the Maxit Tax Manager from SciVantage to let you track your capital gains and losses and help you create a Schedule D.  There’s no fee to use the cost basis and tax reporting software, current TradeKing members have access to Maxit.

TradeKing is pretty big on investor education, once a month they hold education webinars for new investors.  Recently they did a Maxit tutorial that walks you through how to use the software and generate a Schedule D.  TradeKing does say to double check your Schedule D to make sure Maxit didn’t miss anything.  This really also applies to customers of any online brokerage using software like Gainskeeper or Turbo Tax, you know your trades better than the software so be sure to double check.

Hopefully this was a decent overview of some of the tax software and education you can find at online brokers around the web.  Good luck with your taxes!

Turbo Tax, Tax ACT, and H&R Block offer free filing options to cover the basics and they all offer more sophisticated versions to help you take advantage of tax credits and deductions. Before we get into an overview of their services and what they have to offer, I’ll also mention two additional tax software packages that I’ve heard about recently but haven’t had a chance to evaluate – Citizen Tax and Complete Tax:

Turbo Tax Free e-File

• Free tax file for 1040EZ and other simple returns
• Turn around time for tax return in as little as 8 days if signed up for direct deposit
• Audit Support Center included

If you’re filing needs are simple you might be able to use the Free Edition or the Basic Edition of TurboTax.  If you’re filing the 1040EZ and don’t have a mortgage, childcare or medical expenses, or charitable donations then these might be all you need.  Keep in mind they don’t cover tax schedules C, D, E, or F and don’t include state filing. 

Turbo Tax Deluxe ($29.95) helps you maximize your deductions. Good for people who qualify for a lot of tax deductions such as home owners. State filing is an additional price. – Click Here to Learn More

Turbo Tax Premier ($49.95) helps you with investments and rental property. If you have more than average investments and one or two rental properties, this package takes a look at their tax implications. – Click Here to Learn More

Turbo Tax Home and Business ($74.95) designed for people who own a small business. If you’re dealing with business taxes its smart to hire a CPA but if you don’t then this software is designed for sole proprietors, contractors, or single owner LLC’s.  I know Ben used this package for a year or two before hiring a CPA for business taxes. – Click Here to Learn More

Turbo Tax Business: ($129.95) built for corporations, parnterships, or multi-member LLCs to help file business taxes. Again, it might be wise to hire a CPA rather than trying to do it yourself unless you are very savvy with federal tax returns. I am sure the product is great at helping you identify many deductions, but there are a lot of tax implications to consider when dealing with corporations. – Click Here to Learn More

Tax Act Online

Tax Act is the program I have used for the past three years. I think it’s the best value for people with simple returns, but want help with tax deductions and credits.

Free e-File

• Offered through Tax Act with a tax deduction helper and walk-through videos
• Prepare, print, and e-file federal returns for free
• State filing costs $14.95

Tax Act Deluxe ($9.95) I have purchased this each year, because the extra tax tools included are worth the $10 bucks. State fee is reduced to $8.00. – Click Here to Learn More

Tax Act Ultimate ($17.95) This includes all of the free and premium services, and also it includes your state filing. – Click Here to Learn More

Tax Act Business ($39.95) Tax Act has seperate federal and state editions for business tax forms 1065, 1120S, and 1120. – Click Here to Learn More

H&R Block at Home (formerly Tax Cut)

H&R Block e-File H&R Block at Home has no free e-file that we can see. They offer a basic service for $19.95 that gives you up to 5 federal e-filings. They also allow unlimited free printing for filings. – Click Here to Learn More

H&R Block at Home Basic ($19.95) Gives you 5 free e-files, a state file is an extra $19.95. This package is designed for simple returns, the 1040EZ form. – Click Here to Learn More

H&R Block at Home Deluxe ($44.95) This version is designed for people that need to handle the tax details of owning a home (mortgage interest), selling investments (stocks, bonds mutual funds), or make charitable donations.. – Click Here to Learn More

H&R Block at Home Premium Federal ($64.95) for the self-employed or people that own rental property. It also includes an “Ask a Tax Advisor” session where H&R Block will help answer a tax question via a 1-on-1 phone or e-mail consultation.  For an extra $15 also get state filing. – Click Here to Learn More

Home & Business ($79.95) This version offers includes everything from H&R Block Premium and also addresses business tax needs such as vehicle deductions, depreciation, business expenses, payroll and employer tax forms. Its designed for corporations, S corporations, partnerships,  or LLC’s. – Click Here to Learn More

All members of the Money Smart Life newsletter are eligible to win the software so enter your email below

Is H&R Block At Home Deluxe the right version for your taxes? Here are some of the common IRS tax forms and schedules that are supported by the software:

    * Form 1040A Individual Income Tax Return
    * Form 1040EZ Income Tax Return for Single and Joint Filers
    * Form W-2 Wage and Tax Statement
    * Form 1098-E Student Loan Interest
    * Form 1098-T Tuition Payment
    * Form 1099-DIV Dividends and Distributions Income
    * Form 1099-INT Interest Income
    * Form 1099-MISC Miscellaneous Income
    * Form 2441 Child and Dependent Care Credit
    * Form 8863 Education Credits
    * Form 8917 Tuition and Fees Deduction

Office Depot contacted me about the giveaway after I interviewed Farnoosh Torabi as part of their getting organized initiative.  Farnoosh offered up some tax tips as part of the giveaway.

The version of H&R Block At Home Deluxe that Office Depot is giving away is desktop software so winners will need to provide a shipping address – I’ll contact the winners via email. As I mentioned, all members of the Money Smart Life newsletter are eligible to win, it will be a random draw, so enter your email below.