When it comes to tax filing, there are many different online services you can use. Most companies have various packages you can choose from depending on your tax situation. Be sure to explore each of the companies and their options carefully in order to find the one that works best for you.
Here are some of the most popular tax companies to use for filing and how much you can expect to pay for each one.
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TurboTax, which is produced by Intuit, is one of the most popular tax filing software out there. TurboTax does come with a pretty hefty price tag compared to others.
There are three different options you can choose from when filing your taxes through TurboTax, and they each have different base prices.
TurboTax does have a free option, but you may not qualify for it, depending on your tax situation. You can only use the free version of the software if you have a simple tax return. According to the company's website, "a simple tax return is one that’s filed using IRS Form 1040 only, without having to attach any forms or schedules." Some examples of situations that would not fall under the simple tax return umbrella would be if you have itemized deductions, unemployment income, business income, stock sales and/or rental property income. If you do qualify as someone with a simple tax return, you will pay $0 to file both your state and federal taxes through TurboTax.
The next TurboTax tier is the deluxe option. This option starts at $59 with an additional fee for state taxes. This option is used by individuals who want to maximize their tax dedication and tax credits, according to TurboTax.
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There is also a premier option for $89 plus a fee for state taxes. This version is for those who have investments and rental property.
The last option is for those who are self-employed and have business income and expenses to account for. This costs $119 plus an additional fee for state taxes.
These prices are for those who choose to file their taxes without help. If you are in need of extra assistance, it will cost you more.
TurboTax has an assisted tax filing option, where you are able to get advice from a tax expert as well as a final review of your information before sending it in. If you want the assisted option, you’ll be paying $89 for the basic package, $129 for the deluxe, $179 for premier and $209 for self-employed.
The last option is full service, where a tax expert will do your taxes for you. The prices for this option are $209 for basic, $259 for deluxe, $369 for premier and $399 for self-employed.
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Another tax filing software is TaxSlayer. Like TurboTax, this software has different options available based on your individual tax situation.
The first option offered by TaxSlayer is a free version, which includes both federal and state taxes. The free version covers W-2 income in addition to student loan interest and education expenses. Even if you have the free version, you can still take advantage of TaxSlayer’s phone and email support if you have questions along the way.
The next level up falls at $29.95 plus an additional fee for state taxes and is the classic version. Everything in the free version is included but also covers credits, deductions and all income types.
The premium version is $49.95 plus an additional fee for state taxes. If you have this version, you can get help faster by getting priority phone and email support, IRS Audit Assistance for three years and access to a tax pro for any questions that you may have.
Lastly, there is the self-employed version for $59.95 plus an additional fee for state taxes. This would be used if you have business income expenses, since it is geared towards those who are self-employed.
This software is one of the more affordable options, but you will have to pay more for additional assistance.
Jackson Hewitt is different from its competitors because it doesn't offer different prices and packages. They have one price of $25 for all filers.
This fee includes both federal and state tax returns. Although there aren’t different packages you can buy, there are a few add-ons you can purchase, including Audit Assurance and ID Theft Restoration.
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One downside to Jackson Hewitt is that it doesn’t have a free version, so even if you have a simple tax return, you’ll still have to pay a flat fee of $25.
H&R Block offers three different options for tax filers to choose from. They offer a free version if you have a simple return. According to the company’s website, the free version covers unemployment income, W-2 employees and Child Tax Credit.
Their deluxe version is $55 plus an additional fee for state taxes. This version is a good choice for those with children, those who have itemized deductions and for HSA contributors.
Lastly, you can choose to file with a tax professional for $85 plus a fee for state taxes. If you decide to file with a tax pro through H&R Block, you can meet with them online or in person at one of their office locations. If you choose this option, everything will be taken care of for you.
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Cash App Taxes is a free way to file your state and federal taxes. In order to use this service, you must download Cash App. You can then take a picture of your W-2, and it will be automatically filled in.
According to Money.com, this company covers a variety of tax situations including those who have crypto trades, rental property income, freelance income, retirement distribution, health savings accounts, joint filing status and/or self-employment.
There are some restraints with Cash App and not every situation is covered. Research them before choosing this option.
Tax Act II has a free version to file federal taxes, but you will have to pay a fee for state taxes. The free version covers W-2 income, unemployment income, retirement income, child tax credits, earned income credits, stimulus credit as well as deductions and credits for dependents and for current students.
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The deluxe version is also available for $46.95 with an additional fee for state taxes. This one covers more deductions than the free version does. According to the website, this version is good for filers who have loans and/or children.
Then, there is a premier option at a cost of $65.95. This option, according to the company, is good for people who have lots of investments.
Lastly, there is the self-employed category that will cost $94 plus fees for state taxes.
