The race is on. As procrastinators gather their W-2 forms and receipts, small-fry tax sites and apps battle with three full-fledged software programs—H&R Block at Home, TaxAct, and TurboTax—for your last-minute filing business. Choosing the right site, program, or app is a decision you shouldn’t make in haste, because you don’t want to find yourself lacking one or more of the forms you need, or paying more to file than you need to.
This rundown of the major Web, mobile, and software options will help you decide which option best suits your tax situation. Users with relatively modest income and tax situations might be eligible for free Web-based tax preparation and e-filing. The small-fry websites are competent—but they’re not necessarily cheaper than the Big Three programs, let alone as polished. Of the three leading packages, TurboTax is the leader (and the most expensive), H&R Block can brag about its small army of tax pros, and TaxAct is the most affordable full-fledged option. A few mobile apps for smartphones and tablets are available, but they assume that your tax-paying requirements are pretty straightforward.
One more note: Pay special attention to what it costs to prepare your return using the software, and then what it costs to file the return electronically, as opposed to printing and mailing the return. E-filing fees can get especially high for state returns.
Who gets free Web-based prep and e-filing
Good news for many taxpayers with simpler returns: You might be able to prepare and file your federal taxes online for free. To qualify, your adjusted gross income (income after deductions) must be $57,000 or less, and you can’t have Schedule C self-employment or business income, complex investment income, or deductions beyond dependents and perhaps a home mortgage. Go through the IRS’s Free File page (you can’t get to the free options through the vendors’ webpages) to find participating vendors and their requirements—age range or military service, for example. Even if you don’t qualify for FreeFile, you can use the list as a reference guide for Web-based tax prep.
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