Want to Get a Jump on Your Taxes? Tax E-filing Has Started
January 20th, 2012 - Posted by jeff
The IRS is now accepting tax e-filing, as of January 17, so you can file your taxes early. Why should you file early? If you are getting a refund, the earlier you file, the quicker you get your refund. Since so many people wait to file their taxes, the IRS has less to process in January and February, so they can process and return your refund quickly.
Need help filing your taxes? We've got you covered! We review all the top tax preparation experts to tell you who offers the fastest, easiest and most reliable tax prep assistance. And right now, TurboTax, one of our top-rated services, is offering NextAdvisor readers up to 40% off their tax prep services. To read all the reviews and get the latest deals, click here.
Which online tax preparation service is best for me?
April 11th, 2011 - Posted by Sarah
The following are actual user-submitted questions:
Q. I need to file state tax for two states along with federal. I collect alimony and have charitable donations to claim, moving expenses, etc. Which online tax preparation service is best for me?
A. The deadline for filing our taxes is upon us! In your case, although you have two states to deal with, your situation doesn't appear too complicated. Choose TaxAct, the program with the best value, to save money on adding those two states for only $14.95 apiece.
Q. My wife is a real estate agent and is considered self-employed. I work for a company with a normal paycheck. Which online tax preparation service is best for me?
A. Here we recommend going with a service designed for the self-employed. H&R Block's Premium package offers easy-to-use tools covering a wide variety of tax situations and in-person assistance. The company also guarantees an actual human from H&R Block will assist you in the event that you are audited.
How long does it take for the IRS to receive my tax forms if I file online?
April 11th, 2011 - Posted by Sarah
The following is an actual user-submitted question:
Q. How long does it take for the IRS to receive my tax forms if I file online?
A. Filing your taxes online is so much easier and faster than doing the math by hand and sending the forms via snail-mail. The IRS will generally receive your online forms within one to two business days. Expecting a refund? Give it four to eight weeks. It'll be sooner if you elect a direct-deposit refund and if you file earlier in tax season.
Is TaxAct simple to use?
April 6th, 2009 - Posted by Caitlin
The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.
Q: I have never prepared my taxes online before. Is [TaxAct] pretty simple to use? I have a basic return, the only thing I am concerned about is my mortgage interest.
A: I had never prepared my own taxes at all before this year, online or otherwise. I used TaxAct and found it to be surprisingly simple, straightforward and intuitive. If you're interested in reading about my experience with TaxAct, I blogged about it here. TaxAct should help calculate the impact of your mortgage interest on your tax return.
To learn more about TaxAct or other online tax preparation services, see our reviews and comparison chart.
Can you stop, save, and return later with TaxAct?
April 6th, 2009 - Posted by Caitlin
The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.
Q: Can you save information on the tax returns you are submitting [with TaxAct] and go back and finish later if necessary, such as needing to find more information to complete the 1040 form. Also, if self-employment income is submitted, does the system compute the information as to what is owed?
A: Yes, TaxAct automatically saves your tax return as you work. You can log out at any time, and when you sign back in, TaxAct will return you to the part of your return where you left off.
TaxAct will also help you calculate how much is owed on income from self-employment.
To learn more about TaxAct or other online tax preparation services, see our reviews and comparison chart.
Doing my own taxes for the first time, with TaxAct
March 30th, 2009 - Posted by Caitlin
Last month, I blogged about choosing a tax preparation service. I ended up deciding to use TaxAct to help me file my own taxes for the first time in my life. And, for the most part, it turned out to be surprisingly easy!
First, I gather all the W-2s and other tax documents that I have received in the mail over the past few months. I click on the link in the NextAdvisor.com review, which takes me to the TaxAct website. I register with TaxAct, creating a username and password. I don't have to get out my credit card yet, because I won't need to pay until I'm done and ready to file, which is nice.
Is a free, online tax preparation service a good choice?
February 19th, 2009 - Posted by Caitlin
The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.
Q: Is a free tax service online (TaxAct) just as good as buying a program like TurboTax?
A: TurboTax, H&R Block and TaxAct all offer various online packages, including a free, very basic option for filing a federal return, as well as physical software. (The reviews on NextAdvisor.com are for the online services only.) If you only need to file a 1040EZ, you can use any of the free options. If a 1040EZ is not adequate for your tax needs, but you would still like to file your federal return for free, TaxAct's online service is your best option. All of these services will charge you a fee if you also need to file a state return. If you would prefer physical software to an online service, you can download a tax program or order software on a CD-ROM from TurboTax, H&R Block or TurboTax. This software will be more or less the same as the equivalent online tax preparation package.
So, yes, an online service is just as good as a physical program. But no, a free service is not just as good as one that you pay for, because it will only include a very basic federal return, and not a state return. The tax preparation package that you choose should correspond to the complexity of your financial situation. If you own a home business, for example, there are tax preparation packages specifically tailored to your needs, but they will be more expensive.
To learn more about online tax preparation services, see our reviews and comparison chart.
Choosing the right tax preparation service
February 18th, 2009 - Posted by Caitlin
I have never done my own taxes. And unfortunately, it's not because I have so much money and so many investments that I require the assistance of a professional. No, it's because up until now, my parents have always filed for me.
This year, though, is going to be different. This year I am doing my own taxes, for the first time ever. Since I'm feeling rather daunted by this intimidating task, I definitely want a tax preparation service to help me out. So naturally, I'm turning to the NextAdvisor.com reviews and comparison chart to help me decide which tax preparation service is right for me.
I need to file a federal return as well as a California state return. Since I need to file a state return, filing for free is not an option. But I would still rather pay a relatively low fee, especially since my financial situation is fairly simple. On the other hand, since I've never filed my own tax return before, I would prefer a service that will provide thorough and reassuring guidance throughout the process.
After reviewing the tax preparation and filing services comparison chart, I initially considered TaxBrain, because of my uncertainty about my financial needs. Rather than choosing a tax package right away, you fill out a short questionnaire and then TaxBrain generates the appropriate forms for your specific financial situation. I found this unique feature appealing. But after reading the tax preparation and filing services FAQ page, I determined that I should be able to fill out a 1040EZ, since my income is less than $100,000 per year, my taxable interest is not over $1,500, I have no dependents and I do not need to itemize my deductions. Since TaxBrain charges $14.95 to file a 1040EZ, while most of the other tax preparation services allow you to file one for free, I decided that TaxBrain would not be a cost effective choice for me.
Next, I considered TurboTax, because it is the top ranked tax preparation service on NextAdvisor.com, and according to the bottom line, it is the easiest service to use and offers the best online deduction finder tools. TurboTax also includes audit protection. However, I found TurboTax's state only fees to be a bit high, at $34.95. Also, since I am planning to file a 1040EZ, I won't be itemizing my deductions, so I would not benefit from that feature of TurboTax.
I then considered TaxAct, which is the cheapest of the services reviewed on NextAdvisor.com and, according to the bottom line, offers the best overall value for online tax preparation and filing. TaxAct does not offer audit protection, which would be nice to have, but given my financial situation, I am reluctant to spend the extra money for this assurance. TaxAct does offer unlimited email support, which I appreciate, since the process of filing tax returns is new to me.
After considering my options, I have decided to use TaxAct to file my federal and state returns. Although I would prefer a service with audit protection, I am willing to go without it in order to save money. With TaxAct, I can file my federal return for free and pay only $13.95 for my state return, which is definitely a good value. I am confident that TaxAct is the right tax preparation service for my needs.
To learn more about tax preparation and filing services, see our reviews and comparison chart.
USA Today selects TurboTax as top online tax preparation service
March 1st, 2008 - Posted by Joe
National newspaper USA Today published a head to head review of two of our top rated online tax preparation services in their Friday edition this week. Their testing gave TurboTax a slight edge over H&R Block's TaxCut, while they also gave honorable mention to TaxAct.
All three of the services mentioned in the USA Today article achieved five star rankings in our online tax preparation guide which launched in January 2008.
One important TurboTax feature discussed in the USA Today article which hadn't been available when we completed our original reviews of online tax preparation services was a detailed introduction and FAQ to the economic stimulus package recently passed into law by President Bush. While most tax payers won't have to do anything to earn their stimulus rebate it is helpful that TurboTax has added this feature since many consumers have questions about the program.
We are glad to see a national publication like USA Today focus on the many great options available to consumers who want to take advantage of the simplicity of preparing and filing their taxes online.
For more info check out our guide to online tax preparation services and our top ten reasons to preparing and efile your taxes in 2008.
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