Filing taxes is something that every American must go through annually. If you are feeling anxious or stressed regarding taxes, you most likely want to get them over and done with. From dealing with tax deductions and taxable income, or self-employment tax and capital gains, there are so many aspects to filing taxes. But hiring a professional tax preparer can be an added expense that you may be looking to avoid. If you have given any thought into do-it-yourself tax preparation, then you might know it can work, as long as you do it with the right software. There are many options for DIY tax preparation software, all with different aspects that make them great.
Best overall pricing
If you are looking for good software that will get your taxes done for a great price, then TaxSlayer it is. TaxSlayer supports all tax forms on its Classic level and above. There is also a free version that allows you to access tax advice, educational tools, phone, and email support.
When paying for TaxSlayer Premium, you will get access to audit protections, assistance from tax professionals, and live chat support. But the best aspect of TaxSlayer is that it offers a no-interest advance on your tax refund.
Something to consider is that there are no calculators for amortization and depreciation or audit protections for self-employment income. Therefore, if you are a real estate investor or own a rental property, you need to consider if TaxSlayer has all the options you need.
Best free option
Most tax preparation software charges for tax returns, but Credit Karma Tax does not. Instead, you receive a user-friendly platform along with guidance that helps to explain tax-related terminology. You also receive live chat technical support, support for filing for mortgage interest, property tax, and student loan interest deductions.
Another great feature included in this free option is audit defense. This includes consultations from a representative who can attend a hearing on your behalf. They can also help with tax debt resolution options. If you end up receiving a larger tax refund or end up needing to pay less in federal taxes, you can receive up to $100 on a gift card.
The main negative aspect of Credit Karma’s tax software is that you cannot import a tax return from a competitor. To begin filing with Credit Karma, you will need to have your IRS transcript of last year’s tax return.
Best all-around option
TurboTax by Intuit
Whether you are someone who works at a restaurant or owns your own business, TurboTax offers something for everyone. There is a bonus for tax filers who use QuickBooks software, that allows you to easily connect to TurboTax. This is extremely useful for self-employed people or real estate investors. Even if your tax situation is not complicated, the user-friendly interface makes it very simple to quickly file and complete your tax return.
With the TurboTax Deluxe option, you have an automatic standard deductions search included. It also looks for tax credits to get you your maximum refund. TurboTax Premier is specifically designed for taxpayers who make their income through investments or rental property.
One aspect that may not be as appealing is the cost of TurboTax. There is a free version, but it is only for those who need the basics done.Whether you are preparing your taxes yourself with one of the above software programs, or if you decided you want to enlist the help of a professional, contact Denver Tax Advisors, tax preparation in Denver, for all your accounting needs.