With "tax time" fast approaching, Intuit (NASDAQ: INTU) is perhaps one of the few that are happy. After all, it sells the dominant tax software product, TurboTax.

Yet, as seen with the fiscal Q2 results, things are not so rosy. Revenue increased 11% to $834.9 million and profit was $115.2 million, or 34 cents per share, down from $145.4 million, or 40 cents, a year earlier.

True, Intuit's tax business remains strong (especially the online sales). However, the company is showing some strains with its QuickBooks line (which is an accounting system for small business).

So, is this because of the slowing economy? Well, according to the conference call, Intuit wasn't sure. For example, the problem could be the result of the timing of marketing expenditures. Or, there may be strains from the credit crunch (such as the difficulties of refinancings and even getting credit lines).

As a result, it should be no surprise that Intuit has provided meager guidance. Basically, the company expects revenue growth of 5% to 7%.

Although, looking for the long haul, Intuit remains optimistic. For example, the company recently purchased Homestead, which provides websites for small businesses. This should be a nice cross sell with other Intuit products. What's more, Intuit's payroll business is still strong.

But, in today's trading, Intuit's shares are getting slammed - down 11% to $26.53.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates DealProfiles.com.

Intuit taxes investors originally appeared on BloggingStocks on Fri, 22 Feb 2008 12:52:00 EST. Please see our terms for use of feeds.