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.