Which Version of TaxCut 2008 Do I Need for My Business?

H&R Block offers two standard versions of its tax preparation software: TaxCut 2008 Premium and TaxCut 2008 Home and Business. The use of the words home and business in the most expensive version of TaxCut can be a bit confusing to those looking for tax software to use for either a home-based business or an out-of-home business. Consumers may well wonder if they need to fork over the premium price if they want a tax preparation program that will help with home business deductions. They may also wonder if TaxCut Premium will do for a small business that is run away from their home. The answer is significantly less confusing than the titles H&R Block gives their tax software.

Despite the fact that the word business does not appear on TaxCut Premium versions, this version comes with all the forms, help and guidance you will need if you are looking to include home business deductions on your personal return. You can fill out Schedule C, determine property and equipment depreciation, and it even comes with a home business assistant section. For any business either inside or outside the home that is essentially a sole proprietorship, you don't need to upgrade to the more expensive and complex TaxCut Home & Business version.

Here's an easy way to determine if you need the more robust package. If you have to worry about payroll taxes and issuing W-2 or 1099 forms then TaxCut Premium is probably not an option. TaxCut Home & Business is targeted specifically to businesses that are registered as Limited Liability Partnerships, corporations, partnerships and non-profit organizations. In other words, those businesses big enough to require that a separate tax form be used apart from the personal tax form. That doesn't mean that you also have to buy TaxCut Premium to be able to fill out your personal taxes, however. TaxCut Home & Business is called that because it allows you to fill out both your own personal tax forms as well as your business tax forms in one simple program.