I haven't done tapes, but I've done my Dad's old LPs. This is my setup:
- A phonograph
- Audio cables
- Griffin Powerwave (which I just looked up and I see is discontinued)
- Roxio Toast
- iMac
The Powerwave is a USB device that converts the sound coming from the phonograph to digital. I was disappointed to see that they discontinued it, I have sent them an email to see if they have a new device; I looked on their website but didn't see anything similar. It was about $100 at that time.
Roxio Toast is software that cleans up the sound (does a good job removing cracking and hissing) and I use it to burn the CDs. If your CD player can display song names, you can use Toast to add the names to the CD before burning.
I did the converting for my Dad about a year and a half ago, I can't remember all of the small details, but it took me a while to get everything set up properly. Once I did that, it took me a week or so to record about 30 albums and create the cover art for the CDs and burn them. I bought him a nice CD case and presented it all to him for his birthday, since he doesn't have a phonograph that works anymore, and he loves his old music.
Check out this website, they have a nice tutorial, and have a simpler setup option for connecting the tape deck to the sound card in the PC:
Converting Tapes and Records to CD