Tax time may not be everyone’s favorite time of year, but it doesn’t have to give you a pounding headache. Thanks to modern technology and software there are a number of accounting tools that make doing your taxes a breeze – even if paying them is still a pain. Here’s a guide.
Quickbooks
Quickbooks is an all-around excellent accounting program that makes taxes and all other business tasks much easier to keep track of. It has all sorts of innovative features and can be linked up with your debit card, credit card and PayPal. This program is available in all systems and types of computers and its numerous tools – especially for small businesses – make it an ongoing favorite when it comes to handling bookkeeping and making taxes easier to do at the end of the fiscal year.¹
TurboTax
TurboTax from Intuit is the king of tax software and it has a price to match. There is a free version, but many prefer to pay up and get the premium version because of the convenience and many features it offers. You can even upload your 1099s and W-2s as photos to make sure there are no mistakes and TurboTax searches through huge lists of tax deductions and credits to make sure you’re saving whatever you can. Add in top-notch customer service, a user-friendly system and a guarantee that TurboTax will pay if they make any mistake on your return and you’re looking at the reason why TurboTax continues to be so popular. The basic TurboTax costs $50 and there is a no cost introductory version as well.²
TaxSlayer
TaxSlayer Classic has a nice ring to it and this program has been gaining popularity due to its high performance and free version that can get most of what you need done with no hassle. There are paid versions too starting at $17 for federal and $29 for state, and TaxSlayer is really well suited to the self-employed. TaxSlayer guarantees they will get you the maximum refund you’re entitled to and searches through all the credits and deductions possible to make sure you’re well taken care of. They also have great customer service support.³
H&R Block
H & R Block is a household name in the tax business because they have excellent software, fair prices and great customer service. Their free program works well for basic tax filing and has slightly more features than TurboTax’s free version. Paid plans start at $29.99 for federal and $36.99 for state and they also have many features that make taxes easier and constant assistance from their tax experts to make sure you don’t lose out on any deductions or make a big calculation error.⁴
TaxAct Premium
TaxAct is fairly basic but is especially well suited to those who are self-employed or want to report income from investments. It lets you fill in what’s changed since last year and is easy to understand and use, with helpful guidelines and a great learning center that guides you through the ABCs of taxes. Another great thing about TaxAct is that the basic version is completely free for those with simple situations. If you want deluxe it costs $29.95 to do 2020 federal tax.⁵
Liberty Tax
Liberty Tax is an excellent program for filing your taxes online and is best suited for those with a bit more complicated tax situation, since those who just get W-2s and have a fairly standard tax profile won’t really need it. The basic version of Liberty Tax costs $44.95 per year for federal taxes and $39.95 for state taxes. Liberty Tax includes help with audits, complete accuracy guarantee and chat and e-mail support that’s second to none as well as personal support at their more than 3,000 US locations. Liberty Tax is definitely recommended and worth looking into and their premium packages are even more advanced and helpful.⁴
[1] https://clockify.me/blog/apps-tools/best-accounting-tools/
[2] https://www.thebalance.com/best-tax-software-programs-4154205
[3] https://www.pcmag.com/picks/the-best-tax-software
[4] https://www.forbes.com/sites/advisor/2020/02/25/the-6-best-tax-software-programs-of-2020/
[5] https://www.thebalance.com/best-tax-software-programs-4154205