Tax season is arguably one of the most dreaded annual periods of any adult’s life due to how nerve-racking and downright draining it can be.
Most people tend to put off filing their taxes till the last minute due to how stressful it can be.
If you’re one of them - or if you just generally get stressed during tax season - then you’re in luck, because today, we’re going to introduce you to a way to significantly reduce your tax stress and make the whole process of filing your taxes easy - it’s all thanks to online tax calculators.
Online Tax Calculators
Any self-employed individual knows how stressful it is to file your income tax, as filling out 1099 forms and other related forms can be quite gruesome.
If you are doing your tax returns manually, an online 1099 tax calculator serves as an aid to help you calculate your taxes by taking into consideration your gross income minus your business write-offs.
TurboTax is the most popular online tax calculator out there - it’s been America’s leading tax software solution for over three decades now - but despite its popularity, there are plenty of other software options that can help you with your taxes.
With that said, here’s a comprehensive look at five of the best alternatives to TurboTax as well as some tips on how to use each one;
H&R Block
H&R Block is one of TurboTax’s biggest competitors and offers its users a number of services.
It offers you free audit reports and a $10,000 compensation for errors encountered due to the software. It allows its users to file both their state and federal taxes online though if you need a tax professional to assist, you have to upgrade to the premium plan.
The H&R Block Deluxe package is $49.99, the premium package is $69.99, and the self-employed package is $109.99.
FreeTaxUSA
FreeTax USA is one of the most affordable tax software solutions on our list. It offers a free federal e-filing service, and it also assists self-employed individuals with filing the 1099 tax form. However, you would have to pay an extra $14.99 to file state returns. All in all, when compared with other software FreeTaxUSA has the best pricing.
The deluxe edition for FreeTax USA costs $6.99 to file federal tax returns and comes with a priority customer support package.
TaxAct
TaxAct offers packages to a wide range of individuals and is one of the best tax preparation software for self-employed individuals and freelancers.
The TaxAct Deduction Minimizer helps users find any available tax deductions applicable to them.
The Tax Act has a wide array of packages. The online packages include the free package, the deluxe package, which costs $54.95, the premier online package, which is $79.95, and the Self-employed package, which costs $109.95. All packages require you to make an additional payment for state tax returns.
TaxSlayer
TaxSlayer offers active duty military members the opportunity to file their federal tax returns for free. There is also a simple free software available for straightforward tax returns. TaxSlayer also reminds you of your tax payments.
The classic package for TaxSlayer costs $24.95, the premium package costs $34, and the self-employed package costs $47. All packages require extra costs to file state tax returns.
LibertyTax
LibertyTax offers one of the most assistive tax preparation software with its employment of 12,000 tax professionals it boasts free tax consultations. The LibertyTax software is one of the most straightforward to use. It also offers audit assistance, which means that if the IRS begins an audit for tax returns prepared by LibertyTax, a professional would be available to assist you through the process.
The basic package offers $44.95 for federal returns and state returns cost $39.95, while the deluxe and premium packages offer $64.95 and $89.95, respectively while state returns cost $34.95. LibertyTax does not offer a free version for its services.
In conclusion, regardless of the fact that TurboTax is the best tax preparation software on the market, its prices tend to discourage individuals and they then turn to affordable tax alternatives like FreeTax USA.
However, before deciding on an alternative to TurboTax, it is important for you to conduct in-depth research into the various options available comparing and contrasting prices and features that they offer with others to find one that best fits your unique tax requirements.
