Tax Software Reviews

May 18, 2012

When it’s time for tax season, there are a variety of tax software that you can use. With so many available on the market, it makes doing your own taxes online easier (and even free!) than taking them to a tax professional that will charge you to complete your tax return.

Some online tax services are free while others may charge around $20-$30 to complete them. Here we will take a look at the three most popular tax preparation software – Turbo Tax, TaxAct and HR Block.

Turbo Tax

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TurboTax offers free federal filing for simple tax returns. If you just have a few simple W-2′s, some interest or 1099′s, then you may be able to file a free return with Turbo Tax.

Those who own their home, had medical expenses or made donations, can e-file their federal returns for $29.95. The more detailed your tax return becomes, the more Turbo Tax will charge-although, the highest amount that they will charge you to file your federal return is $74.95.

Businesses and Corporations may file their taxes for $129.95.

Should customers have an audit request from the IRS, TurboTax also offers a free audit support center to answer all of your tax audit questions. Turbo Tax offers a couple different options for using their software.

Customers may either download it to their computer or request a Turbo Tax CD by mail.

Once a federal return has been filed, customers also have the option of filing their state return at an extra cost. In some of their packages, the state return is included in the cost.

Here is the chart for comparing different versions of TurboTax.

TaxAct

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Another popular tax filing website is TaxAct.com. TaxAct offers free federal tax filing for everyone. Their free tax software has no income limits on the free federal filing as there may have been in the past. Interested filers may register a username and password to start an account with TaxAct.com.

For those who want to import their taxes from last year, maximize their value of non-cash donations and receive extra calculators and reports, they can pay $9.95 to get TaxACT Deluxe for federal filing service – although this isn’t necessary for all tax filers. Those who are self-employed with deductions, have W-2′s, or interest, can easily use TaxAct’s free federal filing system. Add $14.95 for a state return.

Tax filers who want to file both their state and federal can get TaxACT Ultimate version and pay $17.95 for the efiling service for both federal and state tax return.

If you would rather not file your tax by using the online website, you may also download their software or request a CD by mail.

Here is the chart for comparing different versions of TaxACT.

H&R Block

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H&R Block is another company that offers tax preparation software. They also offers free tax filing for customers who have simple tax returns. Their free tax filing service makes it easy for first time filers on the web.

Home-owners can receive help filing their federal returns and help them get the most of their deductions by only paying $29.95 for the tax filing service.

If you are self-employed and need help with common deductions, schedule C guidance and rental income assistance, then you can choose the self employment tax filing service for $49.95.

H&R reports that it could be unlikely that you receive a tax audit when using their software, but should you receive one, they do offer free audit support and audit representation.

H&R Block also has access to most common tax forms such as 1040′s, 1040A’s, 1040EZ, schedule EIC, schedules A, B, L, M and form 1099 INT. There are also many others that are included on the website as well.

If you would rather not file your taxes online with H&R Block on your own, they do offer free filing of the 1040EZ in over 11,000 of their offices nationwide.

Here is the chart for comparing different versions of H&R Block products.

Click here to compare prices of H&R Block products.

Bottom Line

When deciding on tax software to file your taxes, you must look over all of your important tax documents to decide which ones will be of better assistance to you. If you are comfortable with filing your own taxes, you can choose among the following services that tax companies such as HR Block, TaxAct and Turbo Tax provide.

All of them provide services that are customized in helping you with your present tax situation. Should you ever have a question, most of the tax preparation software websites offer customer support as well.

Although, if you are uncomfortable with calling the online service, you can always speak with a local tax representative in your area.