Tax software is a type of software designed to assist taxpayers in the preparation and filing of income tax returns. According to Christopher Jervis, an AFSP tax preparer and managing partner of Lone Wolf Financial Services, LLC, tax software serves as a step-by-step guide, calculator, and to a lesser extent, an organizer.
There are many software providers out there, and each one offers different packages for different taxpayers. In this article, we’ll review the best tax software platforms to help you prepare and file your tax returns.
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What is Tax Software?
Tax software enables you to do your taxes not following the conventional manual method. Its main purpose is process automation. With the best tax software, you are sure of saving a great deal of time, money, and headaches while helping you stick to the most up-to-date tax rules and regulations. Once you input your tax information on your W-2s, 1099s, and other important forms, tax software will automatically calculate the amount of money you have to pay as tax or how much of a refund you can be expecting to receive likely.
You don’t necessarily need to have much knowledge of taxes to be able to use tax software, as the process is not tedious. Tax software makes the process of filing your taxes far more manageable. It can take the place of the need to hire a professional like a certified public accountant (CPA). Fortunately, most consumer-based tax software is not tedious to use and specifically intended for non-tax professionals.
In 2020, US taxpayers had a tough year for which nothing will make filing tax returns completely painless. Still, the top tax services best help you file accurately and quickly, maximizing your refund and getting it into your bank account as soon as possible.
Best Tax Software In 2022
The Wealth Circle (TWC) brings to you the best tax software in 2022 which include:
1. TurboTax
TurboTax is among the best tax software in 2022 and offers thorough explorations of tax forms and schedules and a stand-out user experience. It’s more expensive than the competition, but it’s worth it.
Pros of TurboTax
Cons of TurboTax
The only major drawback with TurboTax is that it’s expensive.
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2. H&R Block
H&R Block tax software provides an easy-to-use tax service for e-filers who want to claim their relevant income, credit, and deductions. By providing complex and simple returns in the help options and user experience.
The h and r block tax software company was founded by two brothers named Henry and Richard Bloch in 1955 and has expanded to become the leading tax services company, having prepared more than 800 million tax returns. H&R tax services company employed a minimum of 80,000 tax professionals, many of which are bilingual.
H&R Block is a comprehensive, easy-to-use tax service that assists e-filers claim the relevant income, deductions, and credits.
It’s an exceptional choice for simple and complex returns, both in terms of its user experience and help options.
Pros of H&R Block
Cons of H&R Block
Here are a few drawbacks of H&R Block:
3. TaxAct
TaxAct is among the best tax software 2022 and supports online tax filing for users who are new and experienced. It is simple and therein lies its strengths, its navigation options, and its final review process.
Pros of TaxAct
Cons of TaxAct
Here are a few disadvantages of using TaxAct software:
4. FreeTaxUSA
FreeTaxUSA is a robust online personal tax preparation service, FreeTaxUSA is a tax software that lets your federal tax returns electronically through charge, though you have made a payment for state filing and extra support.
It doesn’t offer any assistance for expert tax filing, though its onsite help options are solid.
Pros of FreeTaxUSA
Cons of FreeTaxUSA
5. TaxSlayer
TaxSlayer is among the affordable tax preparation services known and is also known for getting better annually.
With TaxSlayer, returning users are sure of a more effective home page and an anxiety-reducing e-filing process, but not much more context-sensitive help. Still, it lets you set up a Schedule C for just $17.
Pros of TaxSlayer
Cons of TaxSlayer
6. Credit Karma Tax
Credit Karma Tax is among the best tax software 2022 and is completely free. The Credit Karma Tax supports most IRS forms and schedules for federal and state returns, even the Schedule C.
It’s the only site that doesn’t charge a dime for comprehensive preparation and filing. However, you are not to expect as much support as is offered by tax preparation services.
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Pros of Credit Karma Tax
Cons of Credit Karma Tax
7. Jackson Hewitt Online
With the Online tax service Jackson, you are sure to get the job done. This tax software is known for new, attractive pricing and an option to let a pro make plans for your entire return.
The tax coverage that the Online tax service Jackson offers is comprehensive though its user interface and help system doesn’t get along well against the competition.
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Pros of Jackson Hewitt Online
Cons of Jackson Hewitt Online
8. Liberty Tax
Next on our list of the best tax software is Liberty Tax. This is among the best tax software 2022. Liberty Tax is a capable and easy-to-use service from the well-known old-fashioned tax preparer.
Be that as it may, it lacks well-integrated, accessible guidance and undergoes hardship from a dated interface, and sometimes lacking dexterity in navigation.
Pros of Liberty Tax
Cons of Liberty Tax
Frequently Asked Questions (FAQs)
You can get the best tax refund from 2022 through:
Taking Advantage of the Tax Benefits made available by Coronavirus Relief Measures.
Not taking the Standard Deduction If You Can Itemize.
Claiming the Friend or Relative You’ve been in support of.
Taking Above-the-Line Deductions If you meet the eligibility requirement
Not forgetting About Refundable Tax Credits.
Contributing to Your Retirement to Get Multiple Benefits in return.
The tax forms you would need for 2022 include Form 1040 and Form 1040-SR, Schedule A, Schedule B, Schedule C, Schedule D, The W-2, Form 1098
The best tax software for live personal support is the TurboTax Deluxe. This tax software is the most popular tax filing option. In addition, it is known for searching standard deductions and looks for a tax credit to get you your refund and maximally.
The most robust free file tax options include Credit Karma Tax and H&R Block, TurboTax, TaxSlayer, Tax Act, FreeTaxUSA, etc.
Tax software is a type of software designed to assist taxpayers in the preparation and filing of income tax returns
Conclusion
There are many software providers out there, and each one offers different packages for different taxpayers. When choosing, it’s likely most helpful to start with your individual needs.
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