Importing Data and Pricing
These software suites both have the ability to import your data from other sources, such as Quicken and TaxCut and TurboTax prior years. TurboTax, however, allows you the opportunity to download your W-2's, 1098 and 1099 forms from either your employers or financial institutions. TaxCut does not. If you have multiple W-2's or are a major investor, you should consider this before purchasing a software program.
The costs vary between the both of them. TurboTax can cost $29.95 for the standard version, $74.95 for the Home & Business version and close to $110 for the Business version. You can obtain a free version if your taxes are more straightforward. You get five free Federal E-files with the desktop version. The state one will cost you $19.95 to process it. If you have TurboTax Deluxe or some of the more expensive versions of the software, the state returns are free with this. You get one free Federal return and one state E-file return with the online version.
TaxCut does not have a free version or a comprehensive Business version of the software. On the whole, however, it is cheaper. The standard version is $19.95 and the Home and Business version is $79.95. So, if you are just looking for some standard filings, you may be able to save some money with TaxCut. You get five free Federal E-files for both the online and desktop versions. While it is free to file your state return with TaxCut Online, it will cost you $30 to prepare the return. You will have to pay $20 for the state return if you have the desktop version.
For advice on preparing your taxes, read Lashan Clarkes Death and Taxes: TurboTax Takes Care of Taxes.