Your taxes can be complicated, and finding affordable and comprehensive ways to e-file and prepare for tax reporting is equally challenging. We can easily become preoccupied and forget to focus on minor details when preparing tax returns, which can incur an audit, so you must keep your yearly financial history. If you need help filing your taxes, especially if you have multiple businesses, hiring an accountant to do your bookkeeping is best since it will save you when filing your returns. Below are affordable ways to e-file your taxes.
TurboTax
TurboTax is a convenient software where you can file your taxes easily. You can download the mobile app to access TurboTax from your computer and phone. The filing process is simple and easy to understand; just follow the instructions. If you receive the regular W-2 form, you can use TurboTax at little or no cost, and users can access a free, live online chat and seek advice from an expert. Similarly, based on the information provided, TurboTax can tell you if there is an audit risk on the return.
If you are filing 1040A or 1040EZ and fulfill the following requirements, you can qualify for the free edition:
- Do not own a home
- Income less than $100,000
- No pending medical bills
TurboTax also offers more advanced services for a fee. One of those services is SmartLook, which allows you to live with a Certified Personal Accountant (CPA) through video chat.
H&R Block
H&R Block offers free tax filing using phone, email, and one-on-one consultations at any 12,000 branches. If you have a student loan, own a property, or have complicated finances, then H&R Block is the right choice for you as it supports more forms, including 1040. H&R Block also helps you file federal and state returns.
TaxAct
TaxAct is considered one of the best options when compared to its competitors. It is easy to use and has features including email, resources, and guides to help you when filing your tax return. If your tax return requires more advanced support, you can purchase its “Freelancer” version for approximately $82.00 for state and federal tax returns, whereas TurboTax costs around $40.00. TaxAct does not offer a free desktop version, but you can still get the software for only $15.00. TaxAct is one of the cheapest software options that you can use when filing your returns.
eSmart Tax
eSmart Tax allows you to file basic federal returns for free. It offers free live support and audit support from a CPA. If you have used any other software previously and want to migrate your tax information to eSmart, you can do that conveniently and for free. It is important to note that filing state taxes can be done using eSmart Tax but will cost approximately $30.00.
IRS Free File (IRS.gov)
Many counties in the United States offer free electronic filing for income tax returns, although they have some requirements. If you qualify, they will file the return for you and suggest how to get more money back. For example, Big Bend volunteers are Internal Revenue Service (IRS) certified and offer free preparation for income tax returns in Leon County, Tallahassee, Florida.
Conclusion
Preparing tax returns can be hassle-free with the right choice of tax software. A basic version will suffice; however, finding the software that best meets your needs is essential, and many companies offer free e-filing software to their employees. If your annual income is more than $200,000, these options might not be best for you. You should hire a CPA who can prepare your taxes and help you get the best results.
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