How to Choose the Best Tax Software
Tax software can be an efficient and accurate way to file taxes quickly and accurately, potentially saving the cost associated with hiring an accountant.
Selecting the ideal tax software depends on your unique needs and budget. Look for one with all required IRS forms as well as an intuitive user interface.
TurboTax
TurboTax is one of the most comprehensive tax filing software options available today, providing four tiers of service covering personal taxes for all income sources. Basic, Deluxe and Premier all provide more features than their free counterparts to maximize tax deductions and credits while Premier allows users to import stock transactions directly from financial institutions.
TurboTax, owned by Inuit, features an intuitive user-interface that guides users through the tax filing process with interview-style questions and live expert support. This format makes TurboTax much less intimidating for newcomers compared to programs such as H&R Block which may seem intimidating due to their complicated tax filing procedures and related laws. Furthermore, encouraging phrases are included throughout TurboTax filing processes which may help alleviate anxiety among some customers – yet unfortunately this software option was the most costly we reviewed.
H&R Block
H&R Block’s 2023 software program is easy to use, featuring a user-friendly design that makes entering data in different ways (for instance, you can now import tax files instead of just uploading). Plus, this system helps users save money with its various guarantees and more cost-effective options for professional tax advice.
All of the company’s online versions feature an intuitive user experience and helpful guidance features, such as tracking the amount of federal and state refund or taxes due. In particular, each application will show you a running total for federal refund or taxes due throughout your filing process.
Four primary tiers of service from TaxAct cover most returns: the free version offers support for unemployment income and student loan interest deductions; while Deluxe adds support for mortgage and property tax deductions and tracking health savings account contributions. Furthermore, each tier features an online help pane and text chat technical support – with Premium offering unlimited on-demand chat sessions with professional tax experts via video screen share for an extra fee.
TaxAct
While not the flashiest service available, TaxAct still boasts an intuitive user experience with helpful tools and features like an easy calculator and tips for maximizing deductions. TaxAct also guarantees the maximum refund and provides support via phone, email and live online chat – its paid packages even come equipped with access to an expert tax specialist!
Users can import last year’s return and W-2s from other services, as well as stock transactions, into this platform. Furthermore, users can use the mobile app to photograph W-2s and other documents related to tax filing – enabling multiple returns for one tax year in one account.
This software features an interview-style system that asks you questions about your finances, allowing you to switch between interview-style filing and form-based options, making it ideal for those new to filing taxes. Furthermore, it features a comprehensive FAQ section as well as advice for optimizing deductions and credits.
TaxSlayer
TaxSlayer may offer an economical online tax filing option that’s simpler and easier than TurboTax and H&R Block, with its straightforward user experience and simple app. Plus, its support includes phone and email assistance as well as a searchable knowledge base.
Price-wise, H&R Block’s online filing services are quite reasonable compared to their counterparts – even less costly for self-employed filers than TurboTax! Their lowest tier provides access to all forms and deductions while their Premium and Self-Employed plans provide assistance from a tax professional.
This site’s features include virtual sticky notes that allow users to mark key sections of their tax return for review, a mobile app and online calculator, maximum refund guarantee and accuracy guarantees, maximum refund guarantee guarantees as well as an interview matchmaking tool connecting up to three vetted financial advisors for free interviews.
