The world of taxes may be complex and stressful, but it doesn’t have to be expensive. With tax season nearly upon us, it’s important to know what your options are for tax software deals in 2023. This year, you can expect TurboTax and H&R Block to lead the market with a variety of options to fit your needs and budget.
TurboTax
TurboTax has been a leader in tax software for years now, and 2023 is no exception. With a variety of products to choose from, Turbotax has something for everyone. The price range for Turbotax products typically ranges from free for simple federal and state returns to $199.99 for their Self-Employed product that caters to small business owners and freelancers.
One of the most appealing aspects of TurboTax is their user-friendly software interface. The software is comprehensive and will help you identify all possible deductions and credits that you may be eligible for. Additionally, the program takes care of e-filing and ensures that you receive your refunds as quickly as possible.
Another interesting feature that TurboTax offers is its TurboTax Live service, which allows you to connect with a licensed tax expert via video chat. This service is available for an additional fee and is perfect for those who need additional assistance with their returns.
H&R Block
H&R Block has been a household name for tax preparation since 1955. Similar to TurboTax, H&R Block offers a range of products suitable for a variety of tax needs. Their pricing structure ranges from free for their Basic product, to $144.99 for their Self-Employed option. H&R Block also offers a premium version of its software for those with complex tax situations.
One of the standout features of H&R Block is their free in-person audit support. This means that if you receive an audit notice from the IRS, one of their tax professionals will assist you with the process at no additional cost. Additionally, H&R Block offers an interesting feature called Tax Pro Review, which allows a tax professional to review your return and make any necessary corrections.
H&R Block also offers a tax preparation program for small business owners called Premium & Business. This software is perfect for those who need to file Schedule C or Schedule K-1 for their businesses.
FreeTaxUSA
FreeTaxUSA may not be as well-known as TurboTax or H&R Block, but they offer free federal tax preparation and e-filing services. For state returns, they charge a minimal fee of $14.99. With over 50 tax forms to choose from, this software is perfect for those with simple tax returns.
While FreeTaxUSA may not offer the same level of features as its competitors, their free service is a great option for those who are on a budget. In addition to federal and state tax preparation, they also offer prior year returns at no additional cost.
TaxAct
TaxAct is another affordable option for tax software in 2023. With prices ranging from $0 to $124 for their products, TaxAct can cater to a variety of tax needs. All of their products allow you to prepare your federal and state returns at no additional cost.
For those who are self-employed, TaxAct offers a Self-Employed product that includes tax forms for small business owners and entrepreneurs. Additionally, their Ultimate Bundle product includes a free federal tax return and access to their TaxAct Bookkeeping software.
Conclusion
With so many tax software options available, it’s important to find the one that best fits your needs and budget. TurboTax and H&R Block lead the market with their comprehensive features and customer support. FreeTaxUSA and TaxAct are great options for those on a tight budget or have simple tax situations. Regardless of the software you choose, make sure to take advantage of any available discounts and promotions to save even more money.