{"id":10765,"date":"2025-02-25T19:56:26","date_gmt":"2025-02-25T19:56:26","guid":{"rendered":"https:\/\/finderica.com\/?p=10765"},"modified":"2025-02-25T19:56:26","modified_gmt":"2025-02-25T19:56:26","slug":"a-frugal-tax-filing-option","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=10765","title":{"rendered":"A Frugal Tax Filing Option"},"content":{"rendered":"\n
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\"ScoreCard<\/p>\n

Even with the possibility of a refund dangling in front of us, most of us dislike doing our taxes.<\/p>\n

Online tax prep and filing services significantly ease the burden without paying personal-accountant-level dollars. But of the many available tax preparation companies, which is the best?<\/p>\n

In this review, we\u2019ll cover TaxAct<\/a>, one of the lesser-known income-tax filing programs \u2014 but a frugal filing option you\u2019ll want to check out.<\/p>\n

Here\u2019s what you need to know about TaxAct.\n<\/p>\n

How Does TaxAct Work?<\/h2>\n

TaxAct offers DIY online tax software that helps you file your tax returns neatly, completely and accurately. Even if you\u2019re a tax whiz, having a guide streamlines the process and could save you time and money. These services scan hundreds of credits and deductions to ensure you get the biggest refund (or lowest tax bill) possible.<\/p>\n

Compared with the better-known e-filing products, like H&R Block<\/a> and TurboTax<\/a>, TaxAct is pretty scaled down \u2014 and thus, more affordable.<\/p>\n

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Our team has compiled a list of creative ways<\/a> you can fatten your bank account this month, without having to put up with people.<\/p>\n

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Rather than inundating you with options, tools and features, this program is all about getting down to business and getting your taxes done as quickly and cheaply as possible.<\/p>\n

TaxAct offers four pricing tiers based on your tax situation: Free, Deluxe, Premier and Self-Employed. Here\u2019s everything you need to know about each (current as of January 2024 and subject to change).<\/p>\n

Free<\/h3>\n

If you\u2019re a \u201csimple filer,\u201d you can take advantage of free preparation for federal and state returns with TaxAct\u2019s basic product.<\/p>\n

This tier covers W-2 income; tax breaks for dependent deductions, Earned Income Tax Credit (EITC) and other child tax credits, education expenses for current students and retirement income.<\/p>\n

All tiers have the option to include help from a live professional over the phone for a $59.99 fee, in case you need a little more personalized guidance. There is also the option to share your computer screen during the call to answer questions. And for extra peace of mind, TaxAct offers a quick free review of your return just before you file.<\/p>\n

Cost: Free to file a federal return, plus $39.99 per state tax return.<\/b><\/p>\n

Deluxe<\/h3>\n

TaxAct Deluxe offers everything you get with the free version as well as coverage for itemized deductions, mortgage interest, real estate taxes, student loan interest, Health Savings Accounts (HSAs) and adoption credits.<\/p>\n

Cost: Starts at $29.99, plus $39.99 per state return.<\/b><\/p>\n

Premier<\/h3>\n

TaxAct Premier covers all the basics from the Deluxe version, plus options for investors, people earning royalties or K-1 income, rental property owners and foreign bank account holders.<\/p>\n

Cost:<\/strong> $39.99, plus $39.99 per state return.<\/p>\n

Self Employed<\/h3>\n

If you\u2019re a freelancer or small business owner, you already know you\u2019re going to be paying more in taxes \u2014 and that may mean you need more support to fill out your return accurately.<\/p>\n

TaxAct Self Employed customers get everything at the Premier level, as well as the ability to calculate personalized business deductions, calculate depreciation and access year-round planning resources. You\u2019ll also get prioritized support, screen sharing and phone conversations with live tax specialists.<\/p>\n

Cost:<\/strong> $69.99, plus $39.99 per state return.<\/p>\n

\n\t\t\t\t\t\tWeighing your options for filing taxes? We\u2019ve got you covered with an overview of all the best tax software.
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Aileen Perilla\/The SS<\/figcaption><\/figure>\n

Features<\/h2>\n

All TaxAct customers get access to its suite of basic features, guarantees and goodies. Those include:<\/p>\n

Easy Import<\/h3>\n

No matter who did your taxes last year, TaxAct makes it easy to import your information \u2014 including data coming directly from H&R Block or TurboTax.<\/p>\n

FAFSA Guidance<\/h3>\n

While TaxAct might be simpler than its more expensive cousins in most ways, it\u2019s the only one of the three that offers a\u00a0FAFSA guidance worksheet<\/a>.<\/p>\n

Accuracy Guarantee<\/h3>\n

TaxAct is confident in its ability to meet your tax needs, and it backs up that confidence with its $100k Accuracy and Maximum Refund Guarantee.<\/p>\n

If an error means you get a smaller refund or larger tax bill than you should have, the company will reimburse you for additional taxes and penalties owed due to its mistake up to $100,000, as well as refund your TaxAct fees.<\/p>\n

Compared with the better-known e-filing products, like H&R Block and TurboTax, TaxAct is pretty scaled down \u2014 and thus, more affordable.<\/p>\n

This $100K guarantee extends to those who are audited after filing with TaxAct. You can submit audit-related expenses that are documented and deemed reasonable and the company will reimburse you, again, up to $100,000.<\/p>\n

Finally, if you\u2019re not totally satisfied with your TaxAct product for any reason, you can discontinue using it before completing your return and paying the fee. You can request a full refund within 30 days of receipt to get your money back. You can\u2019t get a refund after you\u2019ve printed or e-filed your return.<\/p>\n

Mobile App for Apple and Android<\/h3>\n

TaxAct offers mobile apps for Android<\/a> and\u00a0iOS<\/a>, though they\u2019re not as highly rated as the sleek versions from H&R Block and TurboTax.<\/p>\n

Pay-With-My-Refund Option<\/h3>\n

Eligible filers can pay their TaxAct filing fees with a portion of their refunds to avoid an out-of-pocket cost.<\/p>\n

This option is available to customers who are selecting to receive a direct deposit and must be $50 more than the TaxAct and processing fees.<\/p>\n

The processing fee will depend on how it will be deposited: $17.99 if you\u2019re receiving your refund payment by direct deposit or $9.99 if you\u2019re receiving it on a PayPower card.<\/p>\n

Protection Plus Audit Defense<\/h3>\n

For TaxAct Professional users (tax pros filing taxes for clients), TaxAct works with Protection Plus to provide audit assistance and tax debt relief services for clients, regardless of where you filed. TaxAct covers your tax return for three full years and provides assistance with both State and Federal audits.<\/p>\n

Price Lock Guarantee<\/h3>\n

Most years, TaxAct offers an option to auto-enroll your return before the tax season starts to lock in the lowest price of the season \u2014 because prices fluctuate throughout the season and tend to be highest closest to Tax Day.<\/p>\n

You can also nab that low price by paying for the product early in the season, even if you\u2019re not ready to file yet.<\/p>\n

Fees<\/h2>\n

TaxAct pricing is somewhat simpler than competitors, which means you\u2019re less likely to be surprised \u2014 but you have less choice to customize. To prepare and file your tax returns through TaxAct, you\u2019ll pay a fee for the filing program, plus additional fees for state filing.\u00a0<\/p>\n