This is arguably the busiest day to file taxes. If you still haven’t filed, there might be one more difficult decision to make before even starting to report the numbers and that is, how to do it and what product to use. If you plan to file by yourself, there are certainly many products on the market to choose from. Here is a short summary of what’s available and what can suit your objectives.
One of the most popular and recognized tax software for individuals who want to file online is TurboTax. It is a little bit more expensive comparing to similar product available on the market, but it’s one of the most trusted and tested. Additionally, it’s one of very few companies that offer download versions. This online tax software has a product to fit any life situation and includes versions for self-employed with industry specific credits and deductions. It is intuitive, easy to use, and allows going back and forth seamlessly between different sections. Over the years it has worked on streamlining tax-filing process and adding features by working on ability to import W2s and prior year returns, check of your financial health (Turbo), or talking live to a CPA for a final review.
H&R Block is the best-of-both-worlds solution to filing taxes. The company offers online and onsite tax filing. This year it has also added a service called TaxPro Go where you submit all the tax backup documents and a tax professional does the taxes for you. But the initial pretense is that the taxpayer can either come to an office and prepare taxes with professional help or do it from the comfort of his/her home. The company offers a broad range of products that fit all life scenarios and assures maximum refund and 100% accuracy of calculations. It is one of the highest ranked tax software available. Throughout the tax season it makes the refund available immediately as soon as you file in the office without having to wait for it.
This popular software is a no-frills but reliable product to file your taxes. It offers a simple and easy to navigate page that gives you a solid idea where you are in tax filing process. It is disappointing that it doesn’t import W2s, but if you only have one or two of them, it may not even matter. It does import prior year return and that’s when timesaving come in. Its premium version includes audit defense and covers all tax scenarios. It gives you access to your past tax returns for 7 years without any additional fees and backs up the accuracy of calculations and maximum refund with $100K guarantee. That means if other software can help you get better results, TaxAct will refund your money, pay the difference between the original and new refund, and cover any legal costs up to $100K.
This product has been available for a long time now and is a good solution for easy tax situations. A combination of low pricing with simple tax returns is what has drawn people back to this product. It allows importing of W2s and PDF of prior year returns, assures accuracy of calculations, and maximum refund. The filing process differs a little bit from other platforms, as it doesn’t have a final review before submitting the return. Instead, it won’t let you proceed if it finds an error until it’s corrected. Once you finish, you get an option to receive the refund via check, direct deposit, or American Express Serve card.
Similar to H&R Block, this company enables you to file taxes online or in the office with help of a tax professional. It counts with more than 4,000 offices throughout the country. Liberty Tax website is clear and easy to navigate. It includes handy tools, such as refund, mileage reimbursement, or withholding calculator and tax estimator. Its online product offer is divided into 4 categories: EZ, Basic, Deluxe, and Premium and covers most tax situations. Premium version is best suited for business owners and additionally covers situations such as property management, self-employment, business expenses, and Health Savings Accounts. If you were using different software in the past, you can switch and Liberty Tax will import data from competitor software. It also includes free chat and tax advise and audit assistance.