Online Tax Software
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Filing taxes is a chore that few people look forward to doing. Not only can it take a lot of time, it’s easy to make mistakes while filing. Additionally, it’s extremely common to miss tax break opportunities if you are filing your taxes by yourself.
Luckily, there is an abundance of online tax software. The tax software can make the filing process faster and can help you eliminate any errors you might otherwise make. Also, you may be able to find tax breaks that you didn’t know existed.
If you want to file your own taxes, using online tax software is highly recommended. Even the IRS highly recommends using tax software. Compared to hiring an accountant to file your taxes, you will end up paying a lot less and you will better understand your own financial standing.
With all the different choices, finding the right tax software for you can be a daunting task. However, below is a breakdown of the top ten online tax software products on the market.
If you are filing a simple tax return, most people find that TurboTax is the best and easiest options. For that reason, TurboTax is the most popular online tax software. You can quickly search for over 300 tax deductions that will help you pay less in taxes. TurboTax claims that the average tax return when using their software is over $2,200. The cost of the TurboTax software varies from a free edition that eFile your federal tax returns to a $99.95 version that comes with professional filing help.
TaxAct offers a cheap alternative for those customers who want to save money when selecting their online tax software. Offering a free federal eFile, the ultimate version is much better and will hardly break your bank. For $16.95 you can eFile your federal and state tax returns with advanced options to help you in the filing process. Customer reviews for TaxAct are almost always positive, with the low price and ease of use being the two things that customers like the most.
OnLine Taxes claims to be fast, simple and accurate – and most of their customers agree. While it’s a relatively new company, it’s quickly becoming a major player in the online tax software game due to its low price and its high customer service ratings. Federal tax returns and state tax returns each cost only $7.95. If you use OnLine Taxes year after year, you can even go back and check prior tax returns because their software keeps a copy of your returns online. Their customer service can be reached by email and chat.
If you are experienced with the process of filing your taxes, TaxExact makes it easy to do so. However, if you need more step-by-step instructions or you are new to the process, it’d be best to go with another service. This online tax software simply doesn’t offer enough customer service or enough tutorials to help a novice. On the other hand, if you are experience, TaxExact is fast and the signup process is a breeze. You will have your taxes filed in no time!
Owned by H&R Block, TaxCut is perhaps the most trustworthy name of all the online tax software products. The H&R Block brand is highly respected and has years upon years of experience in this field. With TaxCut, you can talk with a tax professional who can help you through the filing process. Then when you file your taxes, TaxCut will help you make sure that you did everything correctly. For someone new to the filing process, TaxCut is one of the best options on the market.
When using TaxBrain, there are four different options to pick from. They range from the 1040 EZ version which costs $14.95, to the 1040 Premium version which costs $69.95. The great thing about TaxBrain is that you don’t have to pick the right version – the right version picks you! All you need to do is complete your tax return and TaxBrain will tell you which package you need to purchase. No longer do you need to play the guessing game of which features you need and which features you don’t need.
Do you want to file your taxes in record time? If so, go with RapidTax. RapidTax claims to be able to file your taxes in ten minutes. While not everyone will be able to file their taxes that quickly, this online tax software service is noticeably faster than other options. The different packages are reasonably priced, with the cheapest package costing $14.99. You can also add on other services including an 8-15 day refund to a three-year audit protection. Another great option is RapidTax will subtract your charges from your actual refund so that no credit card is needed to file your taxes.
When you file your taxes with CompleteTax, you will never run into any hidden charges. With other services, hidden charges pop up every now and then but with CompleteTax you don’t have to worry about that. To file your taxes with CompleteTax, just complete a short interview and then you’ll be ready to eFile. The federal tax return service is $29.95, while the state tax return service is $14.95. While the CompleteTax website is relatively boring, the company is trustworthy and will bend over backwards to help their customers.
In every aspect, TaxSlayer is a very solid online tax software service. Nothing will blow you away but you also won’t be disappointed by any aspect. A good thing about TaxSlayer is they listen to their customers and will improve their software on the fly to help their customers. With their services starting at only $9.95 and their premium option starting at $19.95, TaxSlayer is definitely one of the cheaper options on the market. Are you in the military? If so, TaxSlayer offers free filing for you.
While TaxEngine is still an improving product, it’s quickly becoming a favorite. The service is relatively cheap (between $20 and $30) and the customer service is top notch. In fact, TaxEngine is known to answer email questions within minutes, while other online tax software services are known to take hours or even days. As you input your information, TaxEngine will let you know your current standing in terms of how much taxes you owe. That’s especially useful for someone new to the tax filing process.
The best way to go about picking the right online tax software for you is to go to each of the above websites and read all the fine print. As with anything else, the cheapest option isn’t always the best option. Reading the fine print is especially important if you have any special issues or concerns when filing your taxes.
If you are a small business owner, a number of the above websites have online tax software options to help you file your small business taxes. While these software options are usually more expensive than the personal versions, it won’t cost you as much as a hired tax professional.
Also note that a lot of the tax software websites offer free trials. If you want to test out a certain online tax software, you can usually test it out and see if it’s to your liking. Remember, if you have any questions, email or call the company. You will almost always get a quick response with helpful answers.
Millions of people file their taxes online and that number continues to rise each year. If you have never filed your taxes online, you owe it to yourself to at least check out the online tax software options to decide whether or not it makes sense for you.
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Kori, I’d also recommend doing online taxes with OnePriceTaxes. I’ve been using their service for the past 2 years and I really like it.