If I use Turbotax from a CD installed on my laptop, and I lose the .tax file, can I import the data next year?.
So, if I buy the CD in the store (it is cheaper for State and Deluxe than online), and I finish my return. Can I import the data next year into TurboTax from Online or do I need to have an electronic copy in my posession to do so? Thanks for your help!
The .tax file has all of the data in it. If you lose that file, there will be nothing to import next year. You do NOT need to keep this year's software installed to import the data into next year's version, but you MUST have the data file.
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How To File Your Taxes Online For Free
Filling taxes online is becoming increasingly popular in today's society mostly because it saves a lot of time and it is much less stressful than trying to get an accountant by the date deadline and file your taxes on due date. Moreover, besides being simple and safe, it is also for free or for a significantly lower fee than using a tax preparer or an accountant.
The first thing you should know if you have decided to file your taxes online is that you don't need to buy online tax filling software. Basically, what you do when filling your taxes online is to transfer your tax information to the Internal Revenue Service (IRS) similarly like you would have done if you had reported your income on paper. Yet, the slight difference between the two methods is that when filling online requires electronic transfer of your data to the IRS via the Internet and this requires the appropriate software. However, most online websites do not charge for the use of their databases.
How to file you taxes online?
You can file your taxes online either by input the figures directly to the software or by doing your calculations on paper and then plug in the numbers on the software. Here are the necessary steps for the online method:
a) Make sure you have gathered all the necessary paperwork so that you are ready to plug in any number is required during the filling process. Normally, the software allows saving your progress and return later on to continue, after you have collected additional information. As already said, filling taxes online is stress-free. However, excessive delay may result in having to start over again if you don't save your progress and the time is out.
b) If you feel insecure with electronic filling and digital transferring of your data to the IRS, perhaps you should consider filling out a paper tax return first and then filling out the electronic form. This would be particularly helpful for the parts where you have to enumerate deductions and make sure what to file where.
c) After you have entered all the necessary information into the software and you have double-checked, sign the electronic tax return.
d) Submit the tax return to the IRS using the E-Filer. The software adds us all the numbers basically double checking that they make sense and it transfers your tax return to the IRS.
What software to use?
Two of the best services currently available in the market for filling your taxes online are TurboTax and H&R Block.
For many people, TurboTax is the #1 rated tax software. TurboTax offers the Free Edition for simple tax returns, but also Deluxe (for own property, donations or medical expenses), Premier (for investments & rental property), Home & Business (for sole proprietorships, consultants, contractors or single-owner LLCs) and Business (for Corporations, Partnerships and LLCs). TurboTax allows users to enter useful information at their own pace and modify the tax return form before submitting it to the IRS.
H&R Block is also a well-respected service that doesn't require you to buy online software because the tax return can be filed through their online application. The software cross-checks the numbers you input and then submits the form to the IRS. With H&R Block, many people have seen their federal return to be automatically transferred to the state return for them.
What are the benefits?
Filling your taxes online is overall beneficial, but you need to familiarize yourself with the process. By reviewing and understanding the procedure through the IRS website, you will save yourself from both the frustration and the time to collect all necessary information and complete the electronic filling process correctly. Once you do that, you achieve accuracy in your calculations, faster return in your taxes and good reputation for using reliable online software.
Besides, filing your taxes online gives you a secure feeling. You know that you can correct any mistake you possibly make in the process before submitting your tax return to the IRS.
About the Author
Christina Pomoni has acquired her MBA Finance from the American College of Greece. Her advanced familiarity with financial statement analysis, capital budgeting and market research has been acquired through her professional career at high-esteemed organizations. Besides, having lived at Chicago, IL, Boca Raton, FL and Paris, France has helped her, not only to be a successful professional, but mostly to see life under a more creative and innovative perspective.
Since 2005, Christina provides high quality writing services to Helium.com where she is also appointed as a Channel Steward of Economic Values (http://www.helium.com/users/edit_show/279681). Besides, she contributes her knowledge and expertise to several websites and research companies. Her areas of specialization are Business, Finance & Investment, Society, Politics & Culture. She also has a very good knowledge of Entertainment, Health & Fitness and Computers & Technology.
Christina recently launched her own writing company (http://analysiswriting.com).
November 21st, 2009 
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