Monday, February 3rd 2020, 1:00 pm
It’s that time of year again – and it’s not a popular one. But taxes are a fact of life, as Ben Franklin famously said: “In this world nothing can be said to be certain, except death and taxes.” The most we can hope for each year around April 15 is that we’re able to file our taxes quickly, easily and accurately. That’s where tax software comes in.
Our tax software comparison targets the three most popular filing programs: TurboTax, H&R Block and TaxAct. Each one has pros and cons, from the cheapest tax software to the best customer support. We’ll go over it all here.
What’s the best tax software? The answer depends on what you’re looking for. Our professional tax software comparison chart will help you find the best program for your needs, whether you want to save time, save money or get the most help to ensure your taxes are perfect.
*In addition to information found on each of the software’s websites, we also pulled unbiased information from Money Crashers and Grasshopper.
For most people, finding tax software deals is a top priority. If you wanted to pay a lot of money, you’d hire an accountant. The good news is that all of these companies offer free versions of their online tax software that’s perfect for simple tax returns. No matter what you choose, buy early to get the best deals: prices rise on all tax software as the deadline approaches.
Overall, TurboTax is the higher-end option while TaxAct is the cheapest tax software. Check out the details below and see how you can get discounts from Coupons.com.
TurboTax
With TurboTax being the higher priced of the three, be sure to check out TurboTax Coupons to save.
H&R Block
Compared to TurboTax, H&R Block is less expensive, but that doesn’t mean you can’t still save. Check out our H&R Block Coupons to make it even more affordable.
TaxAct
Although it is the least expensive of the three, you can still take advantage of TaxAct Coupons to help keep even more money in your pocket.
You’re probably not an IRS agent, and you shouldn’t have to be in order to do your taxes. The best tax software has clear instructions, a good user experience and an intelligent question system that anticipates your answers. Overall, H&R Block is the easiest tax software, while TaxAct is best for those who already generally know how to fill out their tax return.
TurboTax
H&R Block
TaxAct
Value is a complicated topic: it depends on your priorities, and how complicated your return is. All a tax software comparison can do is tell you which program might be right for you. We rated TaxAct the highest here because it is the cheapest tax software and offers a price lock guarantee, but if you have a complicated return or are inexperienced, you may want to pay the extra money for another program.
TurboTax
This is the most expensive but can be worth it for first-time filers or those who have complicated returns. It’s also good for those who use other Intuit products, because they can import them directly.
H&R Block
H&R Block’s free version is the most comprehensive, as it includes dependent care expenses and other situations that the other programs don’t. Its clear questions and great support also make it a good choice for small businesses.
TaxAct
If you’re a tax pro and don’t need much help, this is the way to go. Plus, TaxAct offers a price lock guarantee – when you create your account you’re locked into that price even if they raise their prices before you file.
Unless you were an accountant in a past life, you’re probably going to need some support. These options provide varying levels of support, and many options come with an extra fee, however, it’s still a steal compared to paying for a CPA. With its free tax advice and in-person audit support, H&R Block wins this category. On the other hand, TaxAct provides very little support – but it’s also the most inexpensive tax software.
TurboTax
H&R Block
TaxAct
No one wants to spend an entire weekend doing their taxes. But inexpensive tax preparation software doesn’t have to be slow. H&R Block’s intuitive questioning, automatic imports and other features make it the winner in this category. TaxAct falls behind again here, as its long interview questions and complicated review process slow it down.
TurboTax
H&R Block
TaxAct
The features available for each tax prep software vary widely by which price tier you choose. This tax software comparison will focus mostly on the best features of the Deluxe versions, a mid-range option that will include the components most tax filers need.
TurboTax
The TurboTax Deluxe version supports W-2, Form 1040 and all your 1099s, plus Schedule SE and Schedule C-EZ. It includes deductions for dependents, itemized deductions and a charitable donation calculator. You can easily import past years’ returns as PDFs, and TurboTax offers accuracy review as well as assessing your audit risk automatically. TurboTax also has a great mobile interface that sets it apart from the other options for mobile filing.
Two add-on features also set TurboTax apart: TurboTax Live help allows you to screenshare and video chat with a certified professional. And the Expense Finder tool helps the self-employed find expenses that might quality as deductions. TurboTax isn’t the cheapest tax software, and these features do cost extra, but it’s still a great deal compared to paying a CPA full price to prepare your taxes.
H&R Block
The Deluxe version of H&R Block includes basic inputs like W-2, Form 1040 and child tax credits, plus forms for homeowners and the ability to itemize deductions. Forms 1099-R, 1099-INT and 1099-DIV are covered. The biggest difference between this program and TurboTax is that H&R Block Deluxe does not support Schedule SE and Schedule C-EZ. You’ll need Premium for that. The Deluxe version will also take the extra step of creating your estimated tax payment vouchers.
It is worth noting that H&R Block’s free version covers the most situations of all the programs in our tax software comparison, for example, student loan interest deductions and Schedules 1 through 6 for dependents. And it offers similar add-ons to TurboTax: Tax Pro Review lets a CPA review your return. However, because it has in-person help available, there is no video chat with H&R Block.
TaxAct
You might expect the cheapest program in our tax software comparison to be the lightest on features, and you’d be right. The TaxAct Deluxe version does include many of the same forms as the other two programs: W-2, 1040, and 1099s. One cool thing about TaxAct is that you can vary the level of help you receive by choosing the Step-by-Step Guidance feature for beginners. But overall, you’re giving up some features in return for the cheap price.
Filing your taxes doesn’t have to be stressful. You can save money and still ensure your taxes are accurate and on-time by purchasing inexpensive tax software instead of ponying up for CPA fees. And now that you know what to look for, your tax season will be even easier. Happy filing!
Information contained on this page is provided by an independent third-party content provider. Frankly and this Site make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact pressreleases@franklymedia.com
February 3rd, 2020
December 13th, 2024
December 13th, 2024
December 13th, 2024
December 13th, 2024
December 13th, 2024
December 13th, 2024