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Why buy software when you can do your taxes online... for free. TaxAct.com is probably best for people who already know about taxes and just want software so they don't have to bring out the calculators and #2 pencils. |
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It's hard to beat free. It's also true you get what you pay for. TaxACT has what seems like an unbeatable deal. You can go to its web site and prepare your tax return absolutely free. This offer doesn't include electronic filing. You have to print out your return and send it to the IRS. But you don't need to download any software, you can prepare your return from any computer that has an Internet connection, and there's no charge. With a price like free, it follows that you're not going to get the in-depth tax advice that you would get from a more thorough - and expensive - income tax preparation package like TaxCut or TurboTax. Feature packed While the tax advice may be limited, the free version offers a lot of power. You can enter your information directly into the appropriate IRS forms, or you can take part in a tax interview, where the program asks you about your income and finances and fills in the appropriate forms for you. If you switched jobs in the middle of the year and have two W-2 forms, the program can easily handle it, and throughout the entire preparation process, it keeps a running total of how much money you're getting back or how much you owe. There are limits
It also cannot import data from financial software packages that you may use, such as Quicken or Microsoft Money. TaxACT also has some crippling limits. Again, you have to print your return and send it to the IRS. If you want electronic filing, you have to pay a fee or buy the Deluxe version. And you can only prepare one return with TaxACT Standard. That limit applies even if you download the Standard edition and run it on your computer. The editions The Standard edition will prepare your return and includes the most commonly used IRS forms. You can prepare and print just one return using the Standard edition. The Deluxe edition removes the one-return limit. Prepare as many as you like. It also includes income tax advice based on the work of J.K. Lasser, includes what-if scenario calculators and can show you whether you would be better off filing jointly or separately. State editions Preparation software for state income taxes is available. The Ultimate edition comes with the Deluxe federal version and one state package. Electronic filing While all the editions are capable of filing federal returns electronically, only the Deluxe and Ultimate editions allow you to electronically file one return for free. |
While
TaxACT will inspect your return for errors and give you some very
basic advice on how to save money on your taxes, if you're looking
for that kind of help, you would be much better off another program.