It would be nearly impossible to tell you threw out the first return to start the 2014 tax season. Preparers have been working on returns for some days. But after a delay stemming from the government shut down last year, the There are some major factors on the volume of filings won't really be known until this season winds up. Those are healthcare, the delay in the opening of tax season and just how strong the economy was last year.
Intuit addressed one of those issues last week with the release of TurboTax for Health, an online tool that is designed to help taxpayers understand the Affordable Care Act. The online tool utilizes an interview-like experience, just as TurboTax does, to guide users through the process. It is available at www.TurboTaxHealth.com.
To entice consumers, Intuit has added a Refund Bonus program to its market-dominating tax preparation product. Customers can choose to use part of their federal tax refund to purchase an Amazon.com Gift Card. TurboTax will add an extra 5 percent to 10 percent to the amount on the card.
And slightly earlier, H&R Block unveiled a retooled H&R Block 1040EZ app, which can be downloaded for iPhone and Android smartphones. The free app is available in both English and Spanish throughout tax season. Through February 15 taxpayers can file federal and state returns via the app for free.
The tax store chain says it will release tax filing statistics through February 28 when it reports its third quarter results on March 6. Full season results will be reported in late April.
Another consumer player, TaxAct, introduced a smartphone App, TaxAct Express, for taxpayers "with straightforward situations to prepare, print and e-file tax returns." The product is available for both Android and iOS devices.
TaxAct Express supports W-2s, dependents and dependent credits, 1099-INT and 1099-DIV, education credits and deductions (1098-E, 1098-T), unemployment compensation (1099-G), the Earned Income Credit and the Retirement Savings Contributions Credit.