TaxAct Review: Is It Worth It For Your Taxes?
Most people consider the process of filing their taxes to be hectic. If you're one of them, then TaxAct is designed for you. It offers a less expensive and painless process of filing taxes online.
Here's a detailed review of TaxAct:
TaxAct Review
TaxAct is a popular online tax preparation software that enables users to easily prepare and file taxes by following its step-by-step guide.
Although TaxAct provides services similar to other tax preparation software, it is considered unique due to its extremely cheap pricing and easy-to-use interface.
Features of TaxAct Software
- Access to Tax Professionals: TaxAct paid plan offers a TaxAct Xpert Help feature. This feature allows you to access tax filing help from pros. If you encounter problems while filing your tax, this feature enables you to overcome them.
- Importation of Previous Years' Tax Return: With TaxAct, you can import a pdf version of your previous years' tax returns from other tax filing software. In addition, TaxAct allows you also to import W-2s and 1099-B information.
- Straightforward Interface: The TaxAct interface is simple and easy to understand - This makes it easy for anyone to file their taxes.
- Accuracy Guarantee of 100k: To assure you of its efficiency, TaxAct offers a guarantee of up to $100,000 if it creates errors that lead to you having tax penalties. TaxAct will also cover any additional tax liability that occurs as a result of its inefficiency.
- Unlimited Support: The TaxAct customer service support team is always available via email and phone to sort out any problems that may arise from your end. On its website, you can also access its help page, knowledge base, and other helpful resources.
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Other features offered by TaxAct include customizable CRM tools, advanced report tools, unlimited e-signatures, and more.
Downsides of TaxAct
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Untargeted search results
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Expensive when filing state refunds
- The mobile app version is not reliable for a specific profile.
How Much Does TaxAct Charge to File?
TaxAct offers four pricing plan for users who wants to file their tax returns. These plans include Free, Deluxe, Premier, and self-employed Plans.
Free Plan
The TaxAct free version is free to use and is suitable for people with simple tax returns, retirement income, and child tax credits.
With this plan, you can file federal returns for free. However, filing state returns is not free. When you use the free version, it costs $39.95 to file a state return.
Deluxe Plan
To access this plan, you have to pay $24.95 for federal filing and $44.95 for state filing returns. With this plan, you can enjoy deductions by importing data from your donations to charities.
Premier Plan
This plan is suitable for people and businesses with good investments. Filing for federal returns costs $34.95, while state returns cost $44.95.
Self-employed Plan
The self-employed plan is the most expensive but advanced plan offered by TaxAct. It is perfect for people who want to maximize their deductions in all possible ways.
It costs $64.95 for federal filing and $44.95 for state filing.
Can TaxAct Be Trusted?
Yes! The TaxAct platform can be trusted. It was founded by Lance Dunn, Jerry McConnell, Cammie Greif, and Alan Sperfslage in 1998 and is a subsidiary firm under Blucora. Blucora is a tech company that provides wealth management and tax preparation solutions.
In 2021, TaxAct recorded over three million active consumer and professional users. It also claims to own over $76 billion in total assets.
TaxAct also offers a 100k Accuracy Guarantee policy. This policy promises to cover any interest and penalties (up to $100,000) that arise if an error occurs in the TaxAct software.
Unlike other tax preparation software, TaxAct will also cover any additional tax due that arises.
TaxAct Customer Service
TaxAct offers excellent customer service to its users. It provides both email and phone support services.
If you want answers to any tax-related questions, you can browse through TaxAct's help pages and knowledge base section.
TaxAct's phone support team is usually available from Monday to Friday from 7 am to 9 pm. This team provides solutions to problems on rejected returns, tax refunds, tax help, account recovery, software problem, and more.
Whether it's a free or paid plan, the TaxAct customer service team will always be ready to guide you through any technical and tax problem you encounter while on its software.
Which is Better, TaxAct or TurboTax?
As two of the best tax preparation software available in the market, it is normal to want to draw a comparison in order to decide which is better.
But this isn't necessary as both TaxAct and TurboTax offer features that are unique in their way. As a result, one user may find TaxAct better, while another may find TurboTax the best. It all depends on individual preferences and needs.
TaxAct is Better for You If:
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You have experience in filing taxes
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You want tax preparation software with a simple and streamlined interface and process.
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Want affordable software that provides the basic but essential features
- You want to access expert help from professional tax agents.
TurboTax will be better for you if:
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You want to maximize your deductions in many ways.
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Have data to import from Uber, QuickBooks, Lyft, and Square.
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You are a beginner in need of one-on-one guidance from a tax preparation expert.
Is TaxAct Good for Filing Taxes?
Yes! TaxAct is great for filing taxes if you have a preference for affordable and easy-to-use tax preparation software.
The process of entering your data and browsing through the forms on TaxAct is simple and straightforward.
And although TaxAct provides an easy way for you to file your taxes, it is suitable mainly for people with a bit of experience in filing taxes. If you're a beginner in tax filing, you will need to activate the "Xpert Assist" feature, which assigns a tax expert to you.
Nevertheless, TaxAct is good for filing taxes due to its features, such as double-check tool that reviews your inputted data, storage space capable of storing data for seven years, a 100k Accuracy Guarantee, and more.
What Tax App Gives the Biggest Refund?
TurboTax and H&R block software are best known for offering the biggest tax refunds to users.
If you file your tax with TurboTax, you become eligible to receive a tax refund of up to $4000. TurboTax also offers a unique feature called Refund Advance - This feature allows you to receive a refund instantly once the IRS accepts your returns.
The application for a refund can be done online. TurboTax collaborates with Credit Karma to ensure you receive a refund without penalties and hidden fees.
On the contrary, H&R Blocks offers a refund amount of up to $3,500. In addition, this software allows you to apply for a tax advance refund loan of up to $3,500 within minutes of filing your tax returns.
This loan comes with no interest fee. Rather than allow you to wait for a refund from IRS, H&R blocks offer you the refund as a loan. It will receive its repayment once IRS offers you a refund.
Once you meet the eligibility requirements and qualify for the refund loan, payments will be given to you via the H&R block prepaid card.
Conclusion
TaxAct is great for many reasons. First, the software offers unique and important features at a lesser price compared to other tax preparation software. The software also has plans to add more advanced features in the coming years.
Frequently Asked Questions
Is TaxAct actually free?
Yes! TaxAct is actually free. It has a free version that provides tax filing features suitable for people with retirement income, stimulus credits, child tax credits, unemployment income, and earned income credits.
What tax software gets you the most back?
H&R Block and TurboTax software are known for getting the most refunds for their customers. TurboTax offers up to $4000 in refunds, while H&R Block provides up to $3,500.
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