E-Trade has started to offer its customers tax service and by logging into the E-trade I can fill out my Federal and my State taxes for $9.95. I believe that the whole TurboTax product line is doomed and it will sit on the shelves. Why? Because people that use TurboTax also have an Internet connection. Consequently, why should they purchase any of the Turbotax software when they can get their taxes done online without having to install any software on the computer. On top of that, it is far cheaper than purchasing TurboTax Federal ($29.95) plus TurboTax State ($24.95).
Intuit is in for some real problems with their tax software. Their stock is now at $90. I predict the stock will be down to 20 by February.
Hence, it seems that Intuit will only be the Quicken product line (which is great, I may add). |
