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TaxBrain is another stripped-down alternative tax preparation solution that aims for a speedy return. It uses a form based approach compared to interview format used by its competitors. TaxBrain is available in different versions. But the uniqueness of TaxBrain is it automatically select the most cost effective version depending on the tax profile while preparing tax return. This could be advantage to the taxpayers as they need not purchase any specific tax software version in advance as in case of other competitors. It could save money for some taxpayers who are may tempted to purchase costly tax software version even though a less costly one was sufficient to file their tax return.
Version
TaxBrain 1040EZ is for those who file most basic return for single or married taxpayers to report income under $100,000. As the name suggests the 1040EZ will be filed and the cost is $19.95. Taxbrain will automatically select 1040A version, if your tax include IRA deduction, Itemized deductions, Child & Dependent Care Credit, Interest and Dividend income as well as the Credit for the Elderly or Disabled. If you itemize tax deductions or file Form 4137, or have Unreported tips, TaxBrain Basic version is selected to file the 1040 long form. TaxBrain Expanded includes forms 2106\, 4684\, 4952\, 5329\, 6251\, 8606\, 8880\, Home Sale Worksheet \&\; Schedule D. The most advanced version TaxBrain Premium includes forms 4136, 4562, 4797, 4835, 6198, 8582, 8829 & Schedules C, E, F and SE.
Features
Tax-related features supported by TaxBrain are minimal compared other top tax software. You can't import data from anywhere. Users who have grown used too real-time refund and deduction trackers will be disappointed. On the bright side, TaxBrain does shine in a couple of areas, feature-wise. Technical assistance via email or immediate live chat is provided for free.
Some users will be frustrated by the nature in which the forms are presented as you are not allowed to skip ahead to another form or section until you are finished filling in the current section. This is 180 degrees from almost every other suite out there and will frustrate almost anyone who has used any other software to file. Even the basic tax calculation of the site has a manual side to it, requiring you to go back to the main screen and click on a recalculate button every time you make a change to any of your forms. There is a modest FAQ system, but it is several clicks away from the front page, which can be extremely frustrating.
In a unique move, they will send you a bound copy of your taxes for $19.95, although it is hard to see how anyone with taxes complex enough to justify this option would want to file with TaxBrain. The best feature is probably the QuickAccess refund system , which basically gives you an automatic interest-free loan in advance of your return, deducting the fee for the service from your expected return. Users without bank accounts can even receive their loan via paper check.
Conclusion
TaxBrain is a unique among filing solutions as it automatically selects the tax version for the user. The downside is anyone with a complicated return could end paying more as it automatically selects the most advanced and costly versions as your tax return increase in complexity. They may want to look at other cost effective solutions like TurboTax or TaxCut. Those with simple finances who have only a 1040-EZ can file TaxACT or TurboTax to file Free of charge. TaxBrain is a good option for someone who has a federal 1040 and perhaps one other form, is somewhat familiar with the tax structure, and who perhaps would like an easy option for an advance on their return.
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