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.
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. Regardless of the TaxACT edition you use, the cost of filing your federal and state 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.
Free Federal Edition, Deluxe
$0 - $9.95
$8 - $14.95
Accuracy Guarantee - The software company guarantees your taxes are accurate.
Double-Check Returns - The software automatically double-checks your tax return to ensure it is accurate.
Maximum Refund Guarantee - The software guarantees you will get the maximum refund possible.
Prior Year Comparison - The software automatically compares the current tax return with the previous year's return and highlights any differences.
Real-Time Balance Meter - The software provides a real-time meter displaying the balance of your refund or the amount you owe.
Tax Calculator - The software has a tool that allows you to estimate your tax refund or the amount you will owe.
Audit Risk Identification - The software indicates your audit risk and recommends solutions to minimize the risk.
Business Owner Deductions - The software identifies deductions specifically for business owners (Schedule C).
Charity Donations - The software allows you to deduce charity donations.
Depreciation Summary - The software allows you to enter depreciated items and provides you with summary figures (form 4562).
Itemized Deductions - The software allows you to itemize your deductions.
Rental Property Deductions - The software allows you to deduce rental property deductions (Schedule E).
Standard Deductions - The software supports the standard deduction method.
Vehicle Deduction Methods - The software allows you to deduct actual expenses or standard mileage rates for your vehicle.
Check - Your tax refund can be disbursed via check.
Direct Deposit Refund - Your tax refund can be deposited directly into your bank account.
Multiple Account Deposit - Your tax refund can be deposited directly into multiple accounts.
Pre-Paid Card - Your tax refund can be disbursed via a pre-paid card.
Savings Bonds - Your tax refund can be used to purchase savings bonds from the U.S. government.
Asset Depreciation - The software compares asset depreciation methods and indicates which option will be most favorable.
Charity Donation Tool - A tool exists to help you identify, value, and process charity donations.
Deduction Discovery - The software searches available deductions to ensure you get the maximum refund possible.
Information Transfer - You can pull information from previous tax forms directly into current year forms.
Interview Guidance - The software asks you questions and uses your answers to automatically complete the appropriate forms.
Life Events Advisor - The software has functionality that helps you identify major life events and understand how these events impact your taxes.
Prior Year Returns - You can access your return from a previous year.
Reminders - You can flag or bookmark any areas of uncertainty and return to them at a later time.
Step-by-Step Guidance - The software provides interfaces that guide you step-by-step through the tax preparation and submission processes.
Industry-Specific Tax Deductions - The software provides a walk-through of industry-specific deductions.
Rental Property Tool - A tool exists to help you identify and process deductions associated with rental properties.
Amended Tax Returns - You can access, prepare, and/or print paper copies of amended tax returns.
Costs Deducted From Return - Any fees associated with preparing and filing your taxes can be deducted from your tax refund.
E-File Extensions - You can e-file an IRS tax extension.
E-File Federal Returns - You can e-file your federal tax return.
E-File State Returns - You can e-file your state tax return.
Free Federal Edition - You can e-file your federal tax return for free.
IRS Confirmation - You receive confirmation that the IRS has received your e-filed tax forms.
Prior Year Filing - You can access, prepare, and/or print paper copies of prior year filings.
Head of House - The software supports filing under head of house status.
Married Filing Jointly - The software supports joint filing for married users.
Married Filing Separately - The software supports separate filing for married users.
Qualifying Widow(er) - The software supports filing under qualifying widow(er) status.
Single - The software supports filing under single status.
Alternative Preparer Import - You can import forms prepared by other companies or software solutions.
Import 1098 Forms - You can import 1098 forms.
Import 1099 Forms - You can import 1099 forms.
Import Prior Year Returns - You can import your prior year tax return.
Import W-2 Forms - You can import W-2 tax forms.
Automatic Import - You can automatically import your tax forms from partner organizations.
FAQ - The company provides a list of answers to frequently asked questions.
Glossary - The company provides a glossary of tax terms.
Knowledge Base - The company provides a knowledge base of detailed help articles.
Video Tutorials - The company provides video tutorials.
Forum - The company provides an interactive forum where users can post questions and answers.
Audit Support - The company will provide audit support if you get audited in the future.
Email/Tickets - The company has an email or ticket system dedicated to support.
Phone - You can contact the company by phone to get support.
Social Media - You can contact the company with questions through social media websites.
Live Chat - The company offers live chat support.
Retail Locations - You can get in-person support at local retail locations.
Video Conference - You can prepare your taxes with a tax professional through a live video conference.
Android Application - You can download a native Android application of the software.
Apple Application - You can download a native Apple application of the software for use on your iPhone or iPad.
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