When it comes to tax preparation software, you’ll find that there are a ton of options to choose from. There are free options that you can get for your home computer or laptop, but you’ll find that there are also paid options for small business owners and individuals with more complex returns.
If you’re looking for the best tax software, then keep reading to find out about some of the top options to consider for this year.
EZ Tax
In this software, the complete return filing process from login to e-filing can be done within minutes. It is the modern tax engine that works amazingly well for CA firms. You can say it is the easiest and comprehensive tax filing portal that will help in planning, filing, and saving taxes. It is a highly satisfying tax portal and growing very fast because of the following reasons:
- It is highly secure, comprehensive, and accurate. The results will give you peace of mind.
- It will save you time and money. No need to visit tax consultants again and again
- It gives accurate results for all income levels
- It is easy to file the belated or revised return through this portal along with the original return
- It will give you a true self-service filing experience. This software is used by the topmost CA firms
- It provides an Audit checker that will help in preventing IT notices
Price – Rs. 30 per filing
Product Page – https://eztax.in/free-tax-filing-software-for-ca-trp
Zen Easy Tax Software
It will take care of your statutory deductions along with the calculation of income and taxes. The set-off provisions in case of losses, clubbing of income in case of a minor, calculation of rebates, etc. All these things are taken care of by this software. Other benefits that are provided by this software are:
- Computation of income of Foreign Company, Non-residents, and Trust while complying with all related provisions
- Calculation of interest u/s 234A, 234B & 234C
- Automatic return preparation
- Easy Import of P&L and Balance sheet
- Automatic form 10E preparation and calculation of relief u/s 89(1)
- Automatic preparation of form 29B and MAT calculation
- Various MIS reports such as Pending return list, filed returns, refunds, etc.
- Back and restore facility of client data
- E-payment of taxes and preparation of challans
- MICR code list
- Preparation of final accounts including trading, P&L, balance sheet, capital accounts, etc.
TaxPoint
It is a state tax return edition that helps in filing state tax return forms. The information is easily transferred from Federal tax return and the state tax return is filed in very less time. It is highly acceptable because it provides proper guidance while preparing tax. Other benefits provided by this software are:
- Easy data transfer for filing different returns
- Comprehensive error checking
- Quick refunds and rewards
- Ensures accuracy and save a lot of time as data is automatically transferred
IT Software is many as discussed above but the selection of the best one is in your hands. The software that suits you in every aspect such as price, time-saving, and features, etc. must be selected. There is no use of paying a higher price for software just because it is popular if it is not serving your purpose. If all the features are available in one software and you need not spend money on buying different software for different work, it is the best option for you. After buying a software, get trained yourself about all of his features if you want its best use. It will prevent loss of data in the future as lesser knowledge of something can lead to bad outcomes.
TurboTax
PROS
- Easy import for investment documents
- Free for active duty, reserve and National Guard members
CONS
- Most expensive online tax software
| Services | Free | Deluxe | Premier | Self Employed |
| Federal | $0 | $60 | $90 | $120 |
| State | $0 | $50 | $50 | $50 |
| TurboTax Live | $80 (plus state) | $120 (plus state) | $170 (plus state) | $200 (plus state) |
| Turbo Tax Full Service | $130 (plus state) | $200 (plus state) | $170 (plus state) | $200 (plus state) |
Intuit’s TurboTax is probably the best-known online tax-prep software out there. It’s also one of the most expensive — at least, for users of its paid products.
TurboTax has a Free Edition and three main pricing tiers: Deluxe, Premier and Self-Employed. Its Deluxe package is best for users with fairly simple returns who want to maximize tax deductions and credits, while its Premier tier is better suited for individuals with investments such as rental property, stocks, bonds, or cryptocurrencies. Those who opt for the Self-Employed tier get a personalized audit assessment, easy imports from Quickbooks and other sources and all of the services in the Free, Deluxe and Premier tiers, all of which include online assistance.
TurboTax’s Free Edition is available to tax filers who receive W-2 income and/or Social Security benefits and don’t itemize deductions. It can accommodate taxpayers who qualify for the Earned Income Tax Credit, who plan to claim the child tax credit and who received unemployment income.
TurboTax also offers free federal and state tax filing to active duty and reserve military, including members of the National Guard, with E1-E9 classifications. As a service member, you’ll get free access to Deluxe, Premier and Self-Employed products. Filers simply have to go to the regular TurboTax portal and enter their rank to file using any TurboTax product tier.
Why we chose TurboTax:
One great TurboTax feature is the ability to import investing gains and losses from a variety of sources. “There’s been a rise in the number of people investing,” says TurboTax tax expert Lisa Green-Lewis. “Taxpayers had a pain point of inserting all their info for transactions, like stock and cryptocurrency sales,” she says, and the software facilitates that.
H&R Block Best for Multiple Ways to File
PROS
- Multiple add-on products
- Option to file expat taxes online with an advisor
CONS
- Must pay an additional cost for on-demand support
| Services | Free | Deluxe | Premium | Self Employed |
| Federal | $0 | $49.99 | $69.99 | $109.99 |
| State | $0 | $44.99 (per state) | $49.99 (per state) | $49.99 (per state) |
H&R Block offers products comparable to those of its main competitor, TurboTax, but at a lower price point.
Its Free Online filing option for simple returns is easy to use and offers the ability to import your previous year’s tax return from another provider. If you have a more complicated return, there are three paid tax-filing software tiers: Deluxe, Premium and Self-Employed.
H&R Block offers an option to file with a tax pro, either in person, online or by dropping off your documents at a local office. There is also a hybrid service for those who prefer the DIY approach, the Tax Pro Review, which provides filers the assurance of an extra (and professional) set of eyes on their returns.
H&R Block specifically targets the growing number of taxpayers who have a Health Savings Account (HSA). These “triple tax-exempt” accounts are funded with tax-deductible contributions, and H&R Block offers to maximize deductions and credits for filers who have them. However, this service is only available through the company’s paid tiers.
Why we chose H&R Block:
With H&R Block, there are four ways to file your taxes, including e-filing on your own or with a tax professional. You can also file in person or drop off your tax documents at your local H&R Block.
As one of the leading tax software providers, H&R Block has a streamlined interface that’s easy to navigate. It offers comprehensive explanations on all tax forms and a clear step-by-step guide to help you file taxes on your own. You can always upgrade your package at an additional cost to get instant access to a tax professional.
TaxAct
PROS
- Get your maximum refund, backed with $100,000 accuracy guarantee
- Navigate your tax return easily using TaxAct Bookmarks
CONS
- State returns are pricey
| Services | Free | Deluxe | Premium | Self Employed |
| Federal | $0 | $47.95 | $71.95 | $94.95 |
| State | $39.95 (per state) | $54.95 (per state) | $54.95 (per state) | $54.95 (per state) |
Visitors to the TaxAct website are greeted with a user-friendly, multiple-choice dashboard that quickly funnels you towards one of four options: one free and three paid, ranging from $29.95 to $64.95. You don’t have to be in the most expensive tier to access filing options for a variety of income types, including royalties, K-1 (partnership) income, or investment and real estate income, along with forms for holders of foreign bank and other financial accounts.
If you’re a military member, TaxAct offers a free package for federal and state filing for all active-duty service people via the TaxAct military landing page. The offer will be applied once you enter your eligible Employer ID Number during filing.
TaxAct offers a fairly robust calculator you can access under the Tax Tools tab. If you’re reasonably well-versed in the terminology, you can play around with the tool to get a ballpark idea of your estimated taxes without committing to anything. TaxAct ensures that you’ll get your maximum refund, the company offers up to a $100,000 guarantee.
Why we chose TaxAct:
TaxAct is worth considering if you have different income streams, are an entrepreneur, contractor or self-employed. The Self-employed tier covers freelance income (including 1099-NEC), farm and business income, and depreciation calculations, plus circumstances covered in the Premier tier. Its product offerings are also straightforward and you won’t be bombarded with pitches for a refund anticipation loan.
Jackson Hewitt
Best for Unlimited State Returns
PROS
- In-person customer service
- Virtual tax pro assistance is available
CONS
- Pitches for pricier products
| Services | Online | Standard Tax Pro from Home | Deluxe Tax Pro from Home | Premier Tax Pro from Home |
| Federal | $25 | $69 | $179 | $249 |
| State | $24 (unlimited) | $24 (unlimited) | $24 (unlimited) | $24 (unlimited) |
Since Jackson Hewitt’s bread and butter is in-person tax-prep help, you have to scroll a bit down the main webpage to get to the online tools. Jackson Hewitt is better known for its pop-up shops and kiosks that sprout up in strip malls and big-box stores during tax season, but the tax preparer also has online software for people who want to file their taxes from home.
Jackson Hewitt offers one option for online DIY filers, in addition to three more expensive tiers for people who want the help of virtual tax pros. Its Standard Tax Pro From Home tier is suitable for unlimited W-2s as well as unemployment income, student loan interest, IRAs, Social Security income and dividend income up to $1,500. The Deluxe package covers homeowners and those with dependents and itemized deductions, while the Premier tier supports self-employed individuals.
Why we chose Jackson Hewitt:
Jackson Hewitt is a safe bet if you prefer to file your tax returns with the assistance of a tax professional. Apart from having in-person options at your local mall during tax season, its customer support is comprehensive and even includes IRS audit assistance. It’s also one of the few tax preparers that don’t charge for every state filed; you’ll get unlimited state tax returns for a set fee of $24. That being said, Jackson Hewitt is one of the pricier tax software companies on our list. If you’re looking to save money, there are other options available.
TaxSlayer
Best Tax for Self-Employed Filers
PROS
- More affordable than other tax software providers
- Maximum accuracy guarantee
CONS
- Upgrade required for on-demand support
| Services | TaxSlayer Military | Simply Free | Classic | Premium | Self-Employed |
| Federal | $0 | $0 | $24.95 | $44.95 | $54.95 |
| State | $39.95 | $0 | $39.95 (per state) | $39.95 (per state) | $39.95 (per state) |
For freelancers or self-employed filers, TaxSlayer‘s advantage is clear: it’s cheaper than the other alternatives out there. For $55 — the most expensive of its three paid online tax prep tiers — you get live chat assistance from tax pros as well as estimated tax payment reminders. (The free offering from TaxSlayer, though, is a bit more no-frills than some competitors’ free versions, and could be best only for people with super-simple returns.)
If you’re an active-duty military member, TaxSlayer offers free federal tax filing for all income types, deductions and credits via the landing page. However, you’ll still have to pay for filing state taxes, which costs $39 per state.
Why we chose TaxSlayer:
TaxSlayer doesn’t try to lure you in with the pitch of a (potentially pricey) refund anticipation loan, which we appreciate. For small-business owners or self-employed independent contractors with a modicum of confidence in their tax knowledge, TaxSlayer can offer a decent product at an affordable price.
Conclusion
Are you a tax professional, tax filer, or experienced tax preparer looking for the best tax software for your business? We’ve reviewed ten different tax preparation softwares that are 5-star rated. These are all recommended by other tax professionals and will have familiar features if you’re upgrading from TurboTax.