H&R Block Loss Widens In Fiscal 3Q On Tax Delays

KANSAS CITY, Mo. (AP) - H&R Block's net loss widened in its fiscal third quarter because of a delay to the start of this year's tax season.

The tax preparation company, based in Kansas City, Mo., said Thursday that its net loss in the three months ended Jan. 31 was $17.7 million, or 7 cents per share. That compares with a loss of $3.3 million, or a penny per share, in the same period a year earlier.

Revenue fell 29 percent, to $472 million.

Adjusting for one-time items, H&R Block's loss was $60 million, or 22 cents per share.

The results were weaker than Wall Street had expected. Analysts surveyed by FactSet had, on average, anticipated an adjusted loss of a penny per share on revenue of $563.6 million.

Tax season started late this year because Congress and President Barack Obama reshuffled the tax code in legislation passed in early January. The legislation was designed to avoid the so-called fiscal cliff, a package of tax increases and government spending cuts that were set to take effect in January if Congress and the White House failed to reach a deal.

The final agreement included boosting income tax rates for the wealthiest Americans and extending the existing, lower rates for everyone else. The deal also changed the way investment income is taxed and allowed the expiration of a temporary reduction in the Social Security payroll tax.

The IRS needed an extra two weeks to implement those changes, H&R Block said. It did not begin accepting tax returns until Jan. 31, the end of H&R Block's quarter. The IRS usually starts accepting returns in mid-January, 2012 – 2013 H&R Block said.

Some forms were not accepted by the IRS until early March, the company said.

As a result, total U.S. tax returns handled by H&R Block fell 5.8 percent through Feb. 28, compared with the previous year.

H&R Block said, however, it believes that tax filings are arriving roughly two weeks later than last years' and volume will recover and increase 1 to 2 percent over last year's levels.

The company's stock rose 52 cents, or 2 percent, to $25.50 in extended trading following the release of the earnings report. It is up over 30 percent so far this year

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2012 -2013 H&R Block Taxes Drawbacks

H&R Block Free File does not support certain forms including Form 6252 (Installment Sales), Form 8853 (Archer MSAs), and Form 6198 (At-Risk Limitations). If a form is applicable to you but is not supported, it will give you the option to upgrade to the Basic or Deluxe Edition.

    While there is a help center available, you should have some basic tax knowledge to use H&R Block. I suggest using H&R if you understand your taxes and know your way around the different tax forms.

Bottom line: H&R Block is the best tax preparation software for people who have basic tax knowledge and have an idea about the different types of deductions that apply to them. Despite the fact that H&R Block has some of the best tax software for tax savvy individuals, taxes can be a challenge if you don’t know what you’re doing. There, we’d suggest this isn’t the best online software for beginners.

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H&R Block At Home Premium Edition Review & Giveaway inc. $50 Amex GC

Tax season is almost upon us. Dave generally handles the taxes in our family. He went to school for Finance and I was an English major, so it’s really a no brainer for us.

TaxesHe usually handles everything on his own and hasn’t relied on tax software in the past but when we recently learned about all of the benefits to using H&R Block At Home Online Premium Tax Edition he decided to give it a try.

H&R BlockThis online edition offers some great features including:

    Searches over 400 deductions to ensure you get the maximum refund

    Ability to import your W-2 and 1099

    Ability to import your prior year’s return

    E-filing your federal return for free

    Knowing your taxes are accurate with a guarantee

    Accurately values your charitable donations

    Use of advanced tax calculators

    Uncovers deductions for rental property owners

    Free real time advice from expert tax professionals

    …and more!

We have been pleased with it and happy to see how easy it is to use.  You can start using the online software for the Premium Edition for free. After you create an account, you are brought to the Main Menu where you can  choose to prepare returns, file returns, or check the status of returns.  The next step is the option to import data from last year’s return. You can select to import it from H&R Block Online or Software, TurboTax Online or Software, TaxAct Online, or from a Tax Preparer. You also have the option to skip the import as well if you prefer.

Then you go through the next few steps based on your needs and follow the simple walk through to input all of the information needed. I was excited to see that H&R Block At Home has a maximum refund guarantee. I think it’s wonderful that they promise the biggest tax refund that you’re entitled to or you tax preparation is free. It’s also a great way to do your taxes faster and on you own time. I also really like that tax experts are available along the way if any questions do come up. Dave doesn’t generally have many questions when doing our taxes but knowing someone is there to help if something does arise is comforting.

The H&R Block At Home Online Premium Tax Edition is a helpful online service that helps makes preparing and filing taxes easier. It’s a great way to make sure you are getting the refund you deserve, and the ability to import your forms & documents keeps things simple.

While we’re talking taxes don’t forget to enter the Dreamfund Sweepstakes where H&R Block At Home is giving away $20,000 each week & chances to win $100 instantly each day. Simply share what you fun thins you would do with your tax refund to be entered to win. The giveaway ends February 14th and you can enter once per day. So head on over for your chance to win!

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