What is the best and easiest tax preparation software?

My wife and I have two incomes ($170k +) Many deductions, charity work, options, stock sale at a profit, dividen income, and an office at home. We have been going to a CPA the past few years paying $200 - $300 because of all the documents which is fine, but I'd like to try it myself. Thanks for your help. We don't have children (yet!)

Public Comments

1. Your CPA is giving you a major break on fees. Your time is worth more than that! If you really, really want to try this, the two major packages are TurboTax and Taxcut. I've used both and they are very similar...though Taxcut doesn't seem to annoy it's users to the same degree that TT does.
2. Using software, you will not learn very much-- that's akin to learning arithmetic using a calculator. Also, "best" and easiest" are probably mutually exclusive. I use professional grade tax software, clearly better than retail tax software, and it is certainly not easier to use. If you really want to learn about the mechanics of preparing a tax return, I suggest that you do yours by hand, using a guide book such JK Lasser. Or you can use the IRS Instructions ( yeah, right) and pull your hair out. After you spend several weekends, pay your CPA to do it correctly and see if he does not differ by several times what he charges you. Don't try this at home!! Your time is too valuable and tax law is so convoluted that we who have spent years learning it must stop and look up some of the most (apparently) ordinary things on almost a daily basis during tax season. As a simple example, given all the permutations of with whom a child can live, it is not uncommon to look up to see the order of operation to determine who has the right to claim a child as a dependent. And that is one of the more basic issues.
3. Your tax return does not appear to be complicated. Sure you can give it a try. If it does not work, or to check if you have done it right, you can always go to your CPA.
4. It's always comes down to personal preference, of course, but the local newspaper did a survey and found that people slightly preferred Turbo Tax to Tax Cut for ease of use, but Tax Cut was a bit better at getting all the deductions for lowest tax. One nice thing about TaxCut is that if you start your return, then decide it's becoming a hassle or you don't feel confident finishing it yourself, you can send the data you've already entered to your nearest H&R Block office for them to finish it. (Tax Cut is produced by H&R Block.) If you like to experiment, get a copy of last year's programs (probably could borrow a friend's copy) and do your 2006 taxes. See if you get the same result your CPA did, and also find out if it's somethig you want to do when the 15 April deadline is looming. PS: If your answer for 2006 is different than your CPA's, don't automatically assume he's right and you're wrong.