Its Tax Time! Helpful Tips to Maximise Your Tax Return and Find the Best Tax Preparation Software

By Kyle Andrews

As more than 2.5 trillion dollars go up for grabs in tax returns come April 15, the complications of both preparing for and getting the most out of the four tax quarters each year are daunting. So let's start with some key dates for U.S. taxation over the coming year:

* April 15: Tax return date - you need to file your 2009 income tax return. Estimated tax payment (your estimated tax from Quarter 1 (Jan-March)) needs to be paid

* June 15: Estimated tax payment (your estimated tax from Quarter 2 (April-June)) needs to be paid (Form 1040-ES)

* Sept. 15: Estimated tax payment (your estimated tax from Quarter 3 (July-Sept)) needs to be paid (Form 1040-ES)

* Oct. 15: Income tax return due (your income tax return file from 2009) is due if you filed an extension using Form 4868.

* Dec. 31: Deduction deadline last date to make payments that can be deducted from your 2010 tax return.

Got it? understood? Kicking back on the Lazy Boy with all the above absolutely, categorically under control? You're either a liar or an accountant, but unfortunately accountants are outside of the price range for most of us in the current economic climate. An average accountant charges $50-$100 and it is nigh on impossible to get a tax return completed by a professional for under $250 once you include commissions and tax filing fees.

The case for using tax software has been argued both widely and vehemently in financial circles since companies like Intuit and H&R Block appeared on the scene. The days when your everyday worker found his or her personal/business accounts both incomprehensible and uncontrollable come tax time are seemingly long gone, and the monopoly of the accountant in the taxation arena has slipped accordingly.

The fact is, (without even considering the joys of convenience) the single outlay necessary for any of the latest tax software stacks up surprisingly well against the repeated costs incurred through professional consultancy, particularly at this time of year as the big software publishers go into discount frenzy.

This has become increasingly true as pioneering companies like Intuit continue to fine-tune their products to place the information and techniques used by the professionals at the fingertips of any common folk who can use a computer. By simplifying the tax-world jargon and making the processes and requirements of taxation clear and simple, they are cleverly returning control of their tax back to the user.

The range of tax software available continues to grow and diversify - from wholesale, all-inclusive tax software for businesses to specific, home-user applications. Under the umbrella influence of industry behemoths Intuit and H&R Block, a string of dedicated tax software lines have emerged, catering flexibly to a varied market of users ready to take taxation costs and taxation outcomes back into their own control.

Tax preparation hits the right note for millions of tax payers by:

* Remaining cheap. For personal tax software expect to pay under $50.

* Discounting heavily in key tax periods (at the time of writing for instance Intuit has dropped 20% off their popular Quickbooks tax software

* Continually making their software easier to use for Joe The Plumber tax payers

* Improving the software for various industries and occupations

The ultimate irony about tax software is that you can claim it as an expense in your tax return!