There was a time that the person had to bring out the old receipts for the entire year and then use a pencil, a calculator and paper when preparing the federal income tax report. After double-checking the figures, the document is finalized and then filed on or before the deadline.
These days, there is a faster way of doing it and this involves the use of the computer. The individual will just have to get the tax preparation program to be able to finish this faster than before.
Individuals who want to get the software can either buy the program or get one that is absolutely free. Here are a few examples of those that are available.
1. The first one is called Turbo Tax. This is only free if the taxpayer is only earning a gross income of $50,000 or in the military service. Those who are earning more can still use the program but will have to pay close to $40.
This can even be used for small business tax preparation. The person can buy the CD or download this from the web. If this is going to take awhile to finish, the information can be saved so this can be continued later on.
2. Tax Act is another software program. The eligibility requirements in order for it to be free are the same as Turbo Tax. Those who choose to use the deluxe or ultimate version will have to pay to be able to use it.
3. Next is Tax Slayer that can be done online or downloaded into the person’s computer. This company has been providing this service since 1992 and has made the program available to the public since 1998.
This can be used when filing for federal and state tax returns, which includes all the necessary forms. After submitting this online, a copy can be printed for reference.
4. Tax Cut can also be used when filing the federal income tax. This is user-friendly and works just was well as the others ensuring that there are no mistakes when this is ready to be submitted.
A consumer report shows that 53 million people last year used free or paid federal income tax software programs in filling the return before submitting this to the government. This number is expected to increase next year as more individuals are beginning to realize that this makes the job easier at no extra cost to the taxpayer.