Welcome to TheTaxPlace.com, the home tax & finance site. Continue reading to learn how to pick the right tax software for yourself, family, and small business tax needs.
Home tax software is a very big help to anyone who wants to keep their financial records organized and easily accessible. The software keeps information together in one place, so the time spent searching for financial documents is greatly reduced or eliminated. Paper clutter is also decreased because once the information is entered into the software, receipts and other paper can be thrown in the trash. In addition, it is easy to see how much you have spent on different budget categories with this software. By simply glancing over an annual spending record, you can see how your income is being spent. Home finance software is a popular budgeting tool that can track every penny spent.
Quicken is a popular brand of personal finance software that can be used for budgeting and money management. It is available for both Mac and Windows. All accounts are kept in one place with this software, so banking information related to checking and savings accounts, credit cards, investments, and debts can be easily viewed. Besides showing the figures, Quicken also displays a colored pie graph to show where money is being spent. Knowing how much you spend in various budget categories is the first step to reducing the amount spent and transferring these funds to savings or to investments.
TheTaxPlace.com has found another helpful function of Quicken is that it can be used to keep bills organized and to help the user know the amount of money left after debts have been paid each month. It also allows the user to create a plan to reduce debt by taking the extra funds each month and using them to pay down balances on credit cards and other bills. Those who do not like to spend time on their personal finances appreciate this software because it is so simple to use. Once the financial information is entered, creating a budget is simple to do. The program will set up budget goals that are based on previous spending in each category to simplify the budgeting process.
There are various editions of Quicken that meet the needs of those with different financial records that need to be organized. The starter edition allows you to see how much money you are spending. It sends reminders to pay bills so that they are always paid on time, and it is also helpful in setting up a budget. TheTaxPlace.com readers who own this edition of Quicken have reported that it is simple to use and it is highly recommended. Quicken Deluxe has even more features for only a little more cost, such as automatically categorizing financial transactions. It also keeps investment and retirement accounts organized along with bank and credit card records.
Another edition of Quicken, Quicken Premier, is helpful for those who want to track and grow their investments. It simplifies recordkeeping at tax time because it records all tax deductions on each investment account that you have. A big advantage to this software is that it allows the user to see their assets and liabilities in one glance. This is beneficial when making investment choices. Quicken is also very helpful to use in managing business finances. The Quicken Home & Business edition allows personal and business records to be kept in one convenient location. With this software, it is possible to know exactly how much profit or loss a business is experiencing.
There are also subscription based services that are free to use. TheTaxPlace.com recommends Mint.com. It is offered by the same company that sells Quicken. One of the differences between software and an online service is that your financial information stays on your own personal computer with the software, whereas your financial information is online with a service like Mint. However, Mint uses the same security practices that major U.S. financial institutions use, so it is considered safe to use. In addition, Mint monitors accounts and alerts customers of any suspicious activity on their accounts.
For free tax filing we recommend you check out FreeFileFillableForms.com which we deem to be the best free tax software out there. If you are used to filing paper returns then the look and feel of this free service will be comfortable for you to navigate. All of the various tax forms at available to add to your return. In several years of rigorous testing we have never had a data loss or encountered any kind of corruption which is the last thing you need during the stressful tax filing season. The only real downside is you must export your returns during each filing season. All returns get wiped every year for security reasons so if you forget to download your forms within a certain amount of time you can lose it forever.