Analysis Says TurboTax is Killer App

CPAs and accounting professionals often are asked about the advantages of filing online. Here's a new angle to an already crowded playing field: Annette Hamilton of ZDNet News has christened Intuit's TurboTax the next "killer app."

The accounting news channels have been filled with story after story of online preparation sites, including H&R Block, H.D. Vest and Intuit. However, given the fact that this is only the second year taxpayers can file online, the gains are expected to be huge by the tax deadline--as high as 1 million users, according to Forrester Research.

Hamilton deems TurboTax a killer app because of three reasons:

  • the product saves money up front at $9.95--less than half of what the cost was last year;
  • the "hassle" factor is much lower because filing taxes requires no additional software or purchases; and
  • the time spent in receiving a refund is less based on projects by the IRS.

    In the future, taxpayers may even receive a $10 tax credit if President Clinton has his way; he is proposing a credit just for filing online.

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