As we bid farewell to the holiday season and pack up our festive decorations, our attention needs to shift to the looming critical date: April 17th – Tax Day. While it might seem a distant concern, considering your financial circumstances, assets and life events, tax filing could turn out to be more time-consuming than expected. It’s crucial to start collecting the needed data early.
Although hiring professional accountants is an effective route, they undoubtedly come with a cost attached. However, if this isn’t a viable option for you, don’t worry. A wide range of helpful tax software platforms await you. With an abundance of choices at your disposal, it can be daunting to select the perfect one for you. To assist you in making an informed choice, here are the top five tax software tools for your 2018 returns:
1. H&R BLOCK
Originally known for its physical presence, H&R Block now offers online tax filing services. Famed for its widespread branches and long-realized reputation, H&R Block offers a trusted platform, conveniently accessible from home. Its software is abundant with features, from audit risk assessment to tax document imports and deduction search, even at the basic level. Premium or deluxe versions offer tools for tax calculations, retiree and stock income reports, and schedule C support. With H&R, you also receive access to their experts without any additional charges. The cost ranges between $30 for basic software to around $75 for premium versions.
2. TURBO TAX
TurboTax remains a persistent contender on any top-rated tax software list. The software is user-friendly, making it ideal for first-time filers, the self-employed, or those simply doing a 1040EZ. You can file a 1040EZ or 1040A at no cost. However, for claiming credits or deductions, you might require an upgrade. As with other similar software, the more you invest, the more comprehensive the services received. If you’re self-employed, TurboTax offers a package that caters to your personal and business finance needs.
3. FREETAXUSA
FreeTaxUSA provides a spectrum of services comparable to those from the two preceding programs, but without the hefty price tag. It provides features like document upload, credit and deduction optimization, self-employment assistance, and investment reporting – all for free.
4. TAX ACT
If your target is to learn more about your taxes, TaxAct could be an ideal match for you. Taking an interactive approach to tax filing, it guides you through the process while simultaneously educating you about your taxes.
5. TAXSLAYER
TaxSlayer is another budget-conscious tax software option. It provides flexibility, allowing you to decide how much guidance you need during the filing process.
Filing taxes can be daunting, especially as financial conditions become more complex. While professional assistance is beneficial, the cost can often be prohibitive. Fortunately, tax software offers a less expensive alternative, empowering individuals to handle their tax filing independently. Any of the above options are sure to guide and assist you successfully in your 2018 tax filing journey. Got any tips for using tax software platforms? Please, do share!
