It's tax season. You have until April 17, 2018 to file your tax return. If you can't afford or don't want to hire an accountant to do the heavy lifting, you still don't have to do it all yourself. There are several different programs on the market that will make filing your taxes a breeze. This list breaks down the pros and cons of each one.
Best all around: TurboTax
TurboTax is probably the most widely recognized tax filing program. This is an application you download to your computer for offline use. It has five pricing levels from free for basic filers to self-employed. There is also the TurboTaxLive level for $170 which gives you a tax professional who will look over your return before filing. State taxes cost an additional $39 per filing.
TurboTax has been on the market for several years and is therefore the most robust. The user interface is clean and simple. To file, you answer a series of questions. It feels more like talking to a real human than a computer. While its pricing might be more heft than others on the market, you do get excellent service and support. As a veteran in this market, you certainly can't go wrong with TurboTax.
Best for additional support: H&R Block
H&R Block is TurboTax's most direct competition. The prices on this program are slightly lower, but you'll still get the same basic functionality. There are four pricing tiers here that cover basic filers for free and goes all the way up to include self-employment income. State tax filings cost an extra $37 per state. H&R Block is also a program that you download to your computer.
It's just as easy to use. You answer a series of questions regarding your finances and life situation. This process will maximize your deductions. Throughout the process, the app will also periodically check in with you and make sure you're feeling confident about what you're doing. Because H&R Block has many brick and mortar locations, you also have the option of walking into any of them for help during the process. This is a newer program but still just as solid. It's a perfect option if you like having the option to talk to someone in person if you need it.
Best for business: TaxAct
TaxAct is a much newer program, but still offers all the options that you'll get from the previous and more. It also offers options for not-for-profit corporations and even professional tax preparers. If you've used TaxAct in previous years, you can quickly and easily import your data too. That's a perk you'll probably get to cash in on next year.
The key difference here is that TaxAct is an online-only application. You don't need to download anything to your computer. And the browser-based interface lets you use it on almost any device, though you can download mobile apps if you prefer. The user interface for this program is a lot much simpler and stark compared to the others, but it gets the job done. You can even snap a picture of your W-2 and have the program take out the relevant information for you. TaxAct is a bare bones app that will get the job done. Its wide range of pricing tiers might even give you a better deal than its competitors.
Best on a budget: IRS Free File
Not many people know that you don't have to actually pay anyone to file your taxes. The IRS provides its own tax prep software for free. All you have to do is go to their website. However, you can only use it if you make under $66,000 in income. It's geared toward lower income Americans, but it will get the job done without incurring any extra cost. You can also file for free with your favorite commercial software if you prefer.
You also get access to free state tax returns. No need to pay extra to file those either. Another drawback is that it may not be as friendly to use as the commercial options. You'll need a little extra help if you're completely unfamiliar with the process. But if you qualify and just don't want to or have the extra money to buy software, IRS Free File is a good resource.
- Best Tax Software 2018 - NerdWallet ›
- The Best Tax Software of 2018 | PCMag.com ›
- Best Tax Software for 2018 - The Simple Dollar ›
- Which Tax Software Is Best for You? ›
- The Best Tax Software: Reviews by Wirecutter | A New York Times ... ›
- TaxACT vs TurboTax vs H&R Block - Best Tax Preparation Software? ›
What is Robinhood?
The Robinhood app debuted in 2013 as a first-of-its-kind revolutionizing free investment platform. Much like the 700-year-old story of the hero to the people, Robin Hood, FinTech entrepreneurs Vladimir Tenev and Baiju Bhatt created the platform in order to make stock trading easily accessible to the general public and not just the wealthy.
The National Financial Educators Council (NFEC) surveyed young adults in 2017 and asked them what high school level course would benefit their lives the most.
The majority responded that money management was the course that would be most beneficial.
With personal debt is at its highest record and COVID-19 threatening to have the hardest economic effects on youth, understanding money and finances is an important life lesson that should be taught to children at a young age.
The following is a list of the best financial literacy lessons and tips to teach children throughout different life stages.
I thought I had a pretty good handle on my finances out of school. I worked several jobs while attending university and had little to no problem managing my income. However, once I graduated, I realized how much more complicated personal accounting could really be.
There were so many variables I needed to keep track of. Biweekly bills, monthly charges, and general necessities amounted to a heap of confusing numbers that were often impossible to decipher. The funniest part was that I was actually trying to do this by hand (I don't know what I was trying to prove to myself, either).
After messing up for the 17th time, I decided to give Microsoft Excel a shot. I used Excel a bit in school and I knew all the big-wig finance people used it, so what could I possibly have to lose? The answer is about six hours of my precious time. Excel isn't much of an improvement over handwriting and it's still dependent on the user to manually input all of the information. It's like doing everything by hand with the slightest help, meaning that it still required a tremendous amount of time and concentration. Well that was all for nothing, I guess.
It's sort of funny. I was certain that I could manage my personal finances with ease, when it's practically a full-time job. I was already stressed out enough with my first job and I knew I didn't have enough time to give my finances the attention it deserved.
That's why I decided to try out a budgeting app. My best friend told me that he uses an app called Truebill to manage his finances. "What does it even mean to manage your finances?" I asked him. He told me that Truebill was the personal financial assistant I wished I could have. It could aggregate all of my account information into one place and give me specific insights and actions.
I loved the idea of having full control over my finances, especially during a time of financial uncertainty, and I realized that Truebill would be the easiest way to accomplish this. The user interface is incredibly simple and intuitive, so it doesn't even feel like a finance app! Truebill offers a multitude of features, with their most popular being the ability to cancel subscriptions with the press of a button.
Okay, I had no idea how many subscriptions I was still subscribed to. In fact, I wasn't even using a quarter of the subscription services I was signed up for. Subscription boxes, streaming services, my old gym, and even an old subscription to my favorite magazine--it was all there and I was livid. How could I let myself waste all of this money and how did I never catch this? Thank goodness for Truebill.
Truebill also offers bill negotiations. There is a 40% fee based on how much you save and Truebill even claims that there is an 85% chance that they'll be able to lower your bill once a negotiation is requested. Why wouldn't I take them up on this? There was zero risk and I would only have to pay once my bill was lowered (which means that I would be saving money regardless).
More standard features of Truebill include the ability to generate a credit report on-demand and even request a pay advance. I only used the pay advance feature once when I wanted to buy a gift for my mom, but didn't have enough cash in hand and Truebill automatically reimbursed itself when I got my next paycheck.
The credit report is another fantastic feature and practically taught me what good credit meant. Truebill's credit report basically shows you which financial decisions have the most significant impact on your credit score and ways that you can improve your credit month-over-month. I've never had such control over my credit and it feels good.
I'll be the first to admit that I was extremely naive coming out of school. I figured that as long as I was attentive, I could manage my finances with ease. We manage money to some extent throughout our entire lives, but once you're thrown out on your own, it's a completely different story. With Truebill, I've finally been able to take control over my finances and stay on top of all of my responsibilities.