Generally, there are two ways to file. This involves a hard-copy submission that gets mailed to the IRS as well as a more timely resolution like filing online. So, what are some of the best, do-it-yourself tax software for completing the necessary obligation?
1. Turbo Tax
Turbo Tax is arguably the most popular method of filing taxes regardless of status. It enables simple paper scanning by reference numbers that convert all hard copies of W2s or 1099s into digital documents. People who would like to obtain the software can easily purchase it online or at stores like Walmart. Some of its most recognized benefits praised by millions of repeat customers include industry-specific deductions that Turbo Tax looks for, automatic credits considerations, additional guidance for complicated matters, refund tracking, asset depreciation, and nonstop error checking. On top of this, people can additionally obtain real-time advising from a certified Turbo Tax professional that can guide someone step-by-step through their return.
2. H&R Block
One of the biggest differences between Turbo Tax and H&R Block is 12,000 locations that H&R Block runs across the nation. This means that someone who begins filing their self-employed return and gets stuck due to unforeseen difficulties can seek out professional help in person. Furthermore, it is one of the few financial services that can offer online “Worry-Free Audit Support”. People who purchase this feature will get a professional that can guide them through a hypothetical audit or even represent them in a real one. Price-wise, it is very competitive with Turbo Tax and possesses many of the options mentioned above. One interesting differentiation includes four categories that people can choose from, depending on how difficult their return is. Those with simple streams of revenues and straightforward expenses can go with basic, while an investor who has numerous gains, expenses, sales, depreciable assets, and so on, can choose the premium software.
3. Tax Slayer
As with the previous two, Tax Slayer offers an online interface that can facilitate e-filing. People who decide to try this option will have access to all the necessary schedules that are explained in great detail. This is a useful tool especially since forms like Schedule C must be filled out to recognize any business income or loss. It further showcases previous-year return for comparison purposes, which is something that almost every software does nowadays. Besides the e-mail and phone support, it has a deduction guide that can explain why a business is entitled to subtract certain amounts. Lastly, one of the most obvious benefits of it is that the payment can be made once someone is satisfied. Unlike with Turbo Tax and H&R Block, Tax Slayer can be used for free until the potential buyer is confident in the return and wants to submit it.
4. Tax Act
The last product that matches the price and capabilities of the three other software mentioned thus far is Tax Act. Individuals can opt to let the company handle any IRS correspondence once their return is filed. Furthermore, there is a feature called “Audit Defense” that serves to protect people from any credit denials or fraud allegations. Its price lock guarantee is one of its unique powers, which enables people to pay exactly how much their original offer was showing. Another notable characteristic is a $100,000 accuracy guarantee protecting customers from any calculation errors.
In reality, someone would have to be an expert on the level of Rusty Tweed to recognize all the small differences between these four software. Their bottom line purpose is to help the average, non-CPA folks file a tax return that will require a minimum payment or provide the maximum refund. Certainly, some have perks that make them stand out, but people can prioritize these as they see fit. After all, a person who is profoundly familiar with the United States tax code, for example, should not classify the software by the best customer chat support as they will probably not use it. Also, buying the software and learning how to utilize it can be treated as an investment since people are likely to use the same outlet for many years to come!