TaxAct offers good learning resources and has the fundamental tax processes covered. With extremely competitive pricing, TaxAct is a strong choice for those with simple tax requirements who like to get the job done on their own.
Import prior-year tax forms
Following account creation, TaxAct gives you the option to import taxes from the prior year. If you filed with TaxAct last year, accessing and importing your forms can be completed by entering your prior-year username and password. TaxAct also makes it easy to import from competitors by including import functionality for TurboTax and H&R Block forms.
TaxAct is one of the lowest-priced online tax software products on the market. In fact, if your tax situation is relatively simple, you can file 1040EZ/A federal and state taxes completely free of charge. Regardless of the TaxAct edition you use, the cost of filing your taxes will very likely be considerably lower than filing with any other product on the market. For those specifically looking to keep costs low, TaxAct is a great choice.
Stock assistance tool
TaxAct includes a stock assistance tool that allows you to manually enter stock information into a cleanly designed spreadsheet. The spreadsheet has pre-built columns that allow you to enter information like reporting category, date bought and sold, sales proceeds, gains/losses, and other relevant information. The tool will then allow you to incorporate this data into your taxes.
Mini-alerts inform you that the tax section you just completed has problems that need to be addressed. Mini-alerts don’t force you to immediately correct the errors. Instead, they simply call attention to the errors and provide you with a choice to address them immediately or deal with them at a later time.
Quality learning resources
TaxAct provides a number of resources to help you better understand the tax preparation and filing process. Some of these resources include a glossary, knowledge base, and video tutorials. If you are interested in completing your taxes on your own, these learning resources are a great source of information that can help you get your taxes right.
Low on deduction discovery tools
TaxAct does provide basic deduction discovery resources. However, some competing online tax software products have tools specifically designed to identify deductions according to industry, occupation, or other business characteristics. For those filling uncomplicated taxes, the missing tools probably won’t matter as much. Those with more complex taxes should consider an online tax software with more comprehensive deduction discovery tools.
- Editions: Free, Plus, Premium
- Federal Price: $0 - $19.99
- State Price: $0 - $14.99
- Federal Fee: $0
- State Fee: $0
- Federal Fee: $14.99
- State Fee: $14.99
- Federal Fee: $19.99
- State Fee: $14.99