You can get your tax refund sooner if you file your taxes online. Furthermore, you will benefit from greater convenience, accuracy, and security.
TurboTax is one of the best tax-filing software solutions available today, but it's just one of the many — there are TurboTax alternatives that might be beneficial for you.
This tax software tutorial will assist you in determining whether TurboTax is the best option for you.
- TurboTax Breakdown
- TurboTax vs. H&R Block
- TurboTax vs. Tax Slayer
TurboTax has been doing tax preparation since the mid-1980s. As a result, they are among the most recognized and experienced tax software providers available today.
Turbotax is a simple free version that is suitable for those who do not itemize their taxes.
If you don't plan to take any specialist credits or deductions, the free version may be sufficient.
If your tax situation is more complicated, you might need to invest in one of TurboTax's three paid versions:
These paid versions range in price from $39.99 to $89.99. The best part is that they're made to help you save money through tax deductions and charitable contributions.
Furthermore, each TurboTax version includes an Audit Support Guarantee. That means if the IRS audits you, you won't be on your own.
If you run into problems and require live one-on-one help, you'll need to upgrade to one of Turbotax's paid versions, as the free version does not provide such a service.
While TurboTax is an excellent tax filing software with many useful features, one of its competitors may better fit your needs.
As a result, you may need to examine TurboTax alternatives and compare them to determine which is the best.
Let's see how TurboTax stacks up against its main competitors namely TaxAct, H&R Block, and TaxSlayer.
TurboTax vs. H&R Block
For simple taxes, both TurboTax and H&R Block provide a free package. You can also file some more documents and schedules with these complementary plans.
The free plan from H&R Block, on the other hand, allows you to file more schedules and forms than the free plan from TurboTax. With H&R Block's free plan, you can file several state returns for free with H&R Block's free plan.
On the other hand, the free TurboTax plan only permits you to file one state return.
Overall, H&R Block is more cost-friendly than TurboTax if you have to file state returns.
Both services perform admirably in terms of simplicity of use and user-friendliness. On the other hand, TurboTax outperforms H&R Block on both the mobile app and the desktop platform.
With its short and straightforward questions, TurboTax's interview-style tax preparation method makes the entire filing procedure uncomplicated. The software contains only a tiny amount of tax jargon.
While H&R Block has made an effort to keep its mobile and desktop platforms user-friendly, its inquiries and answers can be confusing for those unfamiliar with legal terms.
These two companies have a solid reputation for providing excellent customer service. H&R Block, on the other hand, is a better choice if you need in-person assistance in the event of a significant situation.
This is due to the fact that it has hundreds of physical offices across the country. TurboTax, on the other hand, has a lot to offer if you don't mind getting guidance online. Customers of TurboTax and H&R Block have access to genuine tax specialists.
TurboTax vs TaxAct
TurboTax and TaxAct both provide an accurate "free" plan. That means you won't have to spend anything to file both your federal and state returns (as long as you only need one state return).
Both companies provide various premium products to help with more complicated tax problems. If you want to itemize your deductions, TurboTax's Deluxe package and TaxAct's Deluxe+ package are both excellent choices.
Both companies have created high-end plans to cater to the tax filing demands of investors, self-employed persons, and landlords.
TurboTax easily outperforms TaxAct in terms of functionality and ease of use.
Its interview-style tax preparation method simplifies and clarifies the process. Both tax filing tools allow you to import W-2s to save time when it comes to document imports.
When it comes to customer service, Turbotax is a better choice, especially if you want to be guided through the entire tax filing process. TurboTax includes a searchable knowledge base, numerous video courses, and online forums, all of which are useful for quick research.
TurboTax Live, however, is the most impressive assistance service that TurboTax has to offer. TurboTax Live connects you with a real CPA who can help you examine your tax return.
You'll also have access to an infinite number of live tax consultations. TaxAct, on the other hand, will provide you with unlimited tax assistance via in-app email, but you must be a paying subscriber to use this feature.
TaxAct is a good option if you want to file your own taxes for a reasonable price.
If you're a Deluxe+ Premier+ or Self-employed+ user, you'll also get unlimited tax help over the phone.
TaxAct offers a dedicated phone line, limited in-app chat, and screen-sharing to Premier + and Self-Employed+ users.
TaxAct appears to be a better deal, albeit less user-friendly, because it is less priced while still offering a wide range of features.
TurboTax vs. Tax Slayer
TaxSlayer has several packages aimed toward different types of taxpayers.
Its Classic and Premium versions are designed for people with more complicated tax situations than the average filer who only needs to file an easy 1040.
If you need help figuring out what you can and can't deduct, their self-employed plan gives you access to some unique tools.
You'll also receive guidance on topics that affect small business owners to help you file your taxes.
The Ultimate package gives you access to the greatest of TaxSlayer's features.
TaxSlayer Ultimate features premier audit defense, identity theft protection services, as well as unlimited email, phone, and chat support.
TaxSlayer is generally less expensive than TurboTax. The main reason for this is that TaxSlayer has fewer features and functions.
Nonetheless, their cheapest bundle includes all of the tax forms. As a result, if you are familiar with tax filing, you may be able to save a lot of money.
Every tax filing software has benefits and drawbacks. Some include features that provide further assistance to filers in certain tax scenarios.
Finally, the greatest tax filing software is one that is simple to use, appropriate for your tax situation, and affordable.
You'll also want a software solution with dependable customer care so you can obtain help fast if you get stuck.
Compared to H&R Block, TaxAct, and TaxSlayer, TurboTax is more user-friendly and offers a greater range of features and support.
It can benefit both novice and seasoned business owners — as long as they can afford the paid versions.
If you don't care for TurboTax for whatever reason or find its competitors' prices to be too high, the best alternatives are TaxAct, H&R Block, or TaxSlayer.