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Taxes

One Simple Trick To Save Money On Tax Preparation Software

tax preparation tips, tax preparation advice, saving money on tax preparation

A few days ago I purchased this year’s copy of H&R Block tax preparation software as it’s time to roll out my W-2s, invoices, and other tax documents and do my once a year correspondence with the IRS. As a blogger, I’m technically a small business owner, so I purchased the Premium and Business version for $79.99. The software is much cheaper than paying a tax professional to prepare my tax return, but $80 is still a significant chunk of change. The good news is, there’s an easy way to make doing my taxes even less expensive.

By splitting the price and sharing the software with friends and family, the cost of doing my taxes will drop significantly.

I noticed that each version of the H&R Block tax preparation software comes with 5 free federal tax e-files. I’ll use two of the files, one for the joint return for my wife and I, and one for my son. That leaves three unused federal e-files. This is the bait I’ll use to sweeten the pot with my friends. If I could convince three friends or family members to split the cost of the software, not only would we all get use of the software at a reduced price, but we could all still file our federal tax returns for free.

Here’s the cost breakdown:

If I find three family members or friends to buy in, that means we split the cost 4 ways and we all get to e-file our federal returns (remember, I used 2 of the free e-files).

$80 / 4 = $20 per person

Sharing the software is easy. Since I have a hard copy CD, I installed it on my computer, and walked it next door to install it on my neighbor’s computer. The CD gets passed around until all 4 users have it installed. We each get our taxes done, we each get to file our federal tax returns for free, and we all save money. Finally, if you want to get a downloadable version of the software consider picking up a copy on Amazon.com – the price is a bit better – $55 instead of $80.

How about you, Clever Friends? Do you purchase tax preparation software? Have you ever split the cost and shared it with friends and family?

Brought to you courtesy of Brock

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Brock

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