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5 best tax software of 2018

5 best tax software of 2018

The average cost of hiring a professional accountant to prepare a tax return is $275. That is a lot of money to part with and often unnecessary if you are hiring the person for anything other than the simplest tax situation.

You can save some money by identifying your tax-priorities beforehand and choose a software that helps you manage the same. Some applications and programs are pricier than others, but they would be generally cheaper than hiring an accountant or a professional.

Following are some of the best tax software of 2018 that can help you save time and efforts of collecting all your tax documents and having to go to an accountant’s office:

TurboTax
One of the most popular tax preparation software, TurboTax is able to import the employer IDs, enabling it to access tax-related queries and information from employers. Users can take pictures of W-2 forms and 1099 forms rather than typing all the information, which helps in avoiding typos and other discrepancies. It also contains an “expense finder” feature for self-employed users. The software can lift potentially tax-deductible expenditures directly from the bank account and categorize them accordingly. TurboTax also offers experts you can chat with if you are facing difficulties related to a tax form. The software is available online at around $50.

H&R Block
Another one of the best tax software of the year 2018, H&R Block is a user-friendly software. It asks the users questions and deciphers the answers to help the users prepare their tax returns. H&R Block has features similar to TurboTax. If the user has queries related to tax-filing or about using the software, H&R Block has informational answers provided in the “Help” window and other professional tax advice that can be accessed through their website. H&R Block has a free version called More Zero but with limited features. The premium version with all its bells and whistles can be bought for approximately $100.

TaxSlayer
Best for simple data entry option, TaxSlayer was initially designed for tax professionals. The latest development branched out to help individuals prepare personal returns starting from the 1990s. TaxSlayer’s quick file process is efficient and can be simply cued by typing a keyword rather than hunting for the links. The software offers two different choices, including “guide me”, which offers you a step-by-step guide to fill the tax forms or “enter myself”, which lets you fill the form if you are well-versed with the financial and taxation jargons. The premium version of TaxSlayer is reasonably priced at around $40 and offers the same software for $55 for self-employed users. It has both, classic and premium options but premium has a better support option.

Liberty Tax
Listed among the best tax software of 2018, Liberty Tax lets its user decide what aspects of return they would want to work on and they keep all the tasks in chronological orders and also offer recommendations accordingly. It has the audit support included in the price and the user can purchase an upgrade for actual audit representation. One of the disadvantages is Liberty Tax software cannot be downloaded on tablets or phones. Liberty Tax can be purchased through an online code, and the EZ edition can be bought for around $15, the basic edition for approximately $20, and the full-featured edition can be bought for almost $40.

Credit Karma
Although launched in 2016, Credit Karma is yet another one of the best tax software of 2018 that monitors user’s credit rating and helps them file for both, state and federal tax returns. The software is not limited to simple 1040EZ and 1040A returns as user reviews suggest that it can handle more complex tax situations. It’s user interface (UI) and functions look organized and streamlined. Much like its competitors, it asks users questions and calculates tax returns based on their answers. The users can understand various topics related to tax at random through their information page. Although “live help” is not available, users can email for assistance. The software can be used on a monthly basis and it charges around $30/month.

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