Former TurboTax Executives Launch TaxNet.com Free Online Tax Preparation Solution; The Next Generation in Tax Preparation

[November 15, 2004]

Former TurboTax Executives Launch TaxNet.com Free Online Tax Preparation Solution; The Next Generation in Tax Preparation

OCEANSIDE, Calif. --(Business Wire)-- Nov. 15, 2004 -- Tom Allanson, former senior vice president and general manager of Intuit(R)'s consumer tax group, today announced the launch of the TaxNet web site, www.taxnet.com. This innovative web site, designed with the taxpayer in mind, provides a tax preparation alternative that is tailored to each user's unique tax situation. TaxNet(TM) offers millions of taxpayers a new approach to consumer tax preparation by combining a customized interview and depth of tax content with a clear, easy to follow interface that makes preparing tax returns a simple and personalized experience.

Allanson has partnered with a number of tax and software usability experts representing over 200 years of combined experience to create and design TaxNet. Two of the senior members of the TaxNet founding team are David Murray, former director of innovation of Intuit's consumer tax group, and Fred Grant, CPA and former senior tax analyst for TurboTax(R). Murray, vice president of product development of TaxNet, focuses on the company's overall design principles. Grant serves as director of tax content for TaxNet.

"At TaxNet our goal is to give taxpayers a simpler way to prepare their tax returns: a free online tax preparation solution that is extremely easy to use and built to fit their unique situation," says Allanson. "For millions having to prepare a tax return every year, TaxNet is going to make the experience what it should be -- personalized, simple and affordable."

Customized Tax Solutions

Customized tax solutions sets TaxNet apart from all other tax software products. TaxNet begins by asking the user to identify their income and expenses. Based on this information, TaxNet creates a customized interview that focuses on the issues specific to each user's unique tax situation while excluding irrelevant questions. The benefit for the user is a more streamlined approach to tax preparation with significant time savings and a more accurate tax return.

TaxNet also uses a number of innovative design features not available in other products to make the tax preparation process simple and easy to understand. The TaxNet frame allows the user to access only relevant tax information (FAQs) on the same screen while preparing their return. This "split screen" feature gives the user access to all the tools and information necessary to create an accurate tax return without ever leaving the page. (See attached screen shot.)

"TaxNet is the next generation in tax preparation. Its innovative approach makes what has always been complex about preparing a tax return, amazingly simple," adds Allanson. "Taxpayers can file accurate returns and get every deduction and credit legally available by only answering questions relevant to them."

Pricing and Availability

TaxNet's tax preparation product will be available online in January 2005 to assist taxpayers in preparing their 2004 tax returns. Anyone can use TaxNet to prepare, complete and print their federal income tax return for free. A nominal amount, which can be paid for with the user's refund, is charged if someone chooses to file electronically or prepare their state tax return. To learn more about TaxNet, its product features, benefits and pricing, visit www.taxnet.com.

NOTE: TaxNet and TaxNet.com are trademarks of TaxNet Inc. Intuit and TurboTax are registered trademarks of Intuit Inc.

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