HP Upline to close in March; Research alternatives on NextAdvisor.com
February 26th, 2009 - Posted by Joe
Hewlett Packard announced in an email to subscribers today that the company's online backup service, HP Upline, will be discontinued effective March 31, 2009. The service will stopped backing-up subscriber data this morning at 8am PST.
In a very pro-consumer move, HP will be providing full refunds to all subscribers in an amount equal to the fees they paid while they were an active paid member of the service.
We would strongly suggest that former Upline subscribers invest their refunds in a new online backup service such as Carbonite or Mozy. You can compare online backup services at NextAdvisor.com.
We never included HP Upline in our comparison of online backup services because of the various issues that plagued the service during it's short lifespan such as an extended downtime last April that left subscribers without file backups for days.
Below is the full text of the email sent to subscribers today:
Thank you for your interest in HP Upline.
HP continually evaluates product lines and has decided to discontinue the HP Upline service on March 31, 2009.
HP will no longer be backing up your files to the HP Upline servers as of Feb 26, 2009 at 8 am Pacific time. HP will keep the file restore feature of the Upline service operational through March 31, 2009 Pacific time in order for you to download any files you have backed up to Upline.
If you have a paid subscription to HP Upline, you will be refunded the full amount of the fees you paid for the service. That refund will be credited to the credit card account or PayPal account that you used to subscribe to the Upline service. If you do not receive the refund prior to March 31, 2009, please contact our customer service team at https://www.upline.com/support/email.aspx.
HP looks forward to offering you additional technology products and services in the future.
Thank you.
HP Upline team
Explaining the credit crisis
February 20th, 2009 - Posted by Caitlin
This slick cartoon does an excellent job of explaining the credit crisis in only 11 minutes. Of course, some details are lost for the sake of brevity and simplicity, but overall it offers a great visualization of how our current credit crunch occurred.
The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.
Is a free, online tax preparation service a good choice?
February 19th, 2009 - Posted by Caitlin
The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.
Q: Is a free tax service online (TaxAct) just as good as buying a program like TurboTax?
A: TurboTax, H&R Block and TaxAct all offer various online packages, including a free, very basic option for filing a federal return, as well as physical software. (The reviews on NextAdvisor.com are for the online services only.) If you only need to file a 1040EZ, you can use any of the free options. If a 1040EZ is not adequate for your tax needs, but you would still like to file your federal return for free, TaxAct's online service is your best option. All of these services will charge you a fee if you also need to file a state return. If you would prefer physical software to an online service, you can download a tax program or order software on a CD-ROM from TurboTax, H&R Block or TurboTax. This software will be more or less the same as the equivalent online tax preparation package.
So, yes, an online service is just as good as a physical program. But no, a free service is not just as good as one that you pay for, because it will only include a very basic federal return, and not a state return. The tax preparation package that you choose should correspond to the complexity of your financial situation. If you own a home business, for example, there are tax preparation packages specifically tailored to your needs, but they will be more expensive.
To learn more about online tax preparation services, see our reviews and comparison chart.
Choosing the right tax preparation service
February 18th, 2009 - Posted by Caitlin
I have never done my own taxes. And unfortunately, it's not because I have so much money and so many investments that I require the assistance of a professional. No, it's because up until now, my parents have always filed for me.
This year, though, is going to be different. This year I am doing my own taxes, for the first time ever. Since I'm feeling rather daunted by this intimidating task, I definitely want a tax preparation service to help me out. So naturally, I'm turning to the NextAdvisor.com reviews and comparison chart to help me decide which tax preparation service is right for me.
I need to file a federal return as well as a California state return. Since I need to file a state return, filing for free is not an option. But I would still rather pay a relatively low fee, especially since my financial situation is fairly simple. On the other hand, since I've never filed my own tax return before, I would prefer a service that will provide thorough and reassuring guidance throughout the process.
After reviewing the tax preparation and filing services comparison chart, I initially considered TaxBrain, because of my uncertainty about my financial needs. Rather than choosing a tax package right away, you fill out a short questionnaire and then TaxBrain generates the appropriate forms for your specific financial situation. I found this unique feature appealing. But after reading the tax preparation and filing services FAQ page, I determined that I should be able to fill out a 1040EZ, since my income is less than $100,000 per year, my taxable interest is not over $1,500, I have no dependents and I do not need to itemize my deductions. Since TaxBrain charges $14.95 to file a 1040EZ, while most of the other tax preparation services allow you to file one for free, I decided that TaxBrain would not be a cost effective choice for me.
Next, I considered TurboTax, because it is the top ranked tax preparation service on NextAdvisor.com, and according to the bottom line, it is the easiest service to use and offers the best online deduction finder tools. TurboTax also includes audit protection. However, I found TurboTax's state only fees to be a bit high, at $34.95. Also, since I am planning to file a 1040EZ, I won't be itemizing my deductions, so I would not benefit from that feature of TurboTax.
I then considered TaxAct, which is the cheapest of the services reviewed on NextAdvisor.com and, according to the bottom line, offers the best overall value for online tax preparation and filing. TaxAct does not offer audit protection, which would be nice to have, but given my financial situation, I am reluctant to spend the extra money for this assurance. TaxAct does offer unlimited email support, which I appreciate, since the process of filing tax returns is new to me.
After considering my options, I have decided to use TaxAct to file my federal and state returns. Although I would prefer a service with audit protection, I am willing to go without it in order to save money. With TaxAct, I can file my federal return for free and pay only $13.95 for my state return, which is definitely a good value. I am confident that TaxAct is the right tax preparation service for my needs.
To learn more about tax preparation and filing services, see our reviews and comparison chart.
Equifax continues to offer FICO despite Experian dropping the popular score
February 18th, 2009 - Posted by Joe
Equifax will continue to sell FICO scores according to a statement by a senior official at the credit bureau. This affirmation comes just a few days after Experian announced it would no longer be making FICO scores available to consumers.
According to Steve Ely, president of Equifax's Personal Information Solutions subsidiary:
"We remain committed to empowering consumers to take charge of their credit by continuing to deliver innovative products — including the FICO score — that enable consumers to understand their personal credit information, protect their identity, and maximize their financial well-being".
We reported earlier this month that Experian would no longer be offering the FICO score as of last Friday February 13, 2009.
What is the best tax service for a home business?
February 11th, 2009 - Posted by Caitlin
The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.
Q: What is the best tax program for a home based business to use? Always used my CPA? Thank you.
A: TurboTax offers a Home & Business tax preparation package, which is specifically designed to make it easy to handle your personal and business taxes. TurboTax Home & Business provides step by step guidance and identifies deductions that are specific to your business. TaxBrain also offers a package aimed at small business owners. And if you would feel more comfortable with assistance from a tax professional, you may wish to consider H&R Block's Signature or Online Office packages.
To learn more about TurboTax, H&R Block, TaxBrain or other online tax preparation services, see our reviews and comparison chart.
Can you accept schedule D transactions?
February 10th, 2009 - Posted by Caitlin
The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.
Q: Can Turbo Tax or H&R Block accept electronically the Schedule D transactions for capital gains or losses from Merrill Lynch accounts? If so, what is the limit on the number of transactions?
A: All of H&R Block's tax preparation packages include Schedule D, for capital gains and losses, as well as Schedule D1, for additional gains and losses. H&R Block does not limit the number of transactions. All of TurboTax's packages also include Schedule D and D1, with the exception of their free edition, which does not support these forms. TurboTax Online allows up to 500 transactions. TurboTax's desktop software, which is available via download or CD, allows unlimited transactions.
To learn more about H&R Block, TurboTax or other online tax preparation services, see our reviews and comparison chart.
A cautionary tale about data backup
February 9th, 2009 - Posted by Caitlin
The passengers on US Airways Flight 1549, which landed in the Hudson River last month, were lucky enough to escape unharmed. Their luggage, however, is another story. Approximately 50,000 items were recovered and are currently frozen in refrigerated trucks, waiting to be dried, cleaned and returned to their owners, which may take up to 8 weeks. In the meantime, the passengers are wondering whether they'll ever get back clothes, suitcases, car keys or iPods.
One passenger, William Wiley, lost a laptop, and years of work along with it. He estimated the value of the lost data at $30,000. Fortunately, all that data was backed up on a second laptop. Unfortunately, the second laptop was also on the plane.
Chances are very slim that you will find yourself in Mr. Wiley's exact situation one day. But his story does demonstrate why online backup is preferable to backing up your data on another piece of hardware. If you lose your laptop bag, you'll also lose your backup disks. In a flood or fire, an external hard drive is just as vulnerable as a computer. Online backup, on the other hand, will keep your data secure, regardless of what happens to your hardware.
To learn more about online backup services, see our reviews and comparison chart.
Last year's stimulus checks were tax free
February 9th, 2009 - Posted by Caitlin
If you received a stimulus check from the government last year, you do not need to pay taxes on that check this tax season. You do have to acknowledge receiving a stimulus check, for bookkeeping purposes, but you should not calculate your check as income.
About 15% of those who have already filed their 2008 returns have made the mistake of declaring their stimulus check as income, which has resulted in these taxpayers receiving smaller refunds or making higher tax payments than they should have.
To about tax preparation software, see our reviews and comparison chart.
How many returns can I do?
February 6th, 2009 - Posted by Caitlin
The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.
Q: If I buy the full package with federal and state e-file from TurboTax or TaxAct, how many returns can i do? I have a family of 6.
A: The various packages offered by the tax preparation services reviewed on NextAdvisor.com include, at the most, one federal return and one state return.
Depending on the composition of your household, a single tax return may be enough. If you are married, you and your spouse can file jointly, and if you have children, you can include them as dependents. If other family members live with you, they may also qualify as dependents, as long as they do not provide more than half of their own financial support. If your family members do not qualify as dependents, they will have to file their own tax returns seperately.
To learn more about TurboTax, Tax Act, or other online tax preparation services, see our reviews and comparison chart.
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