Tax season is here and it will help you familiarize yourself with the best tax software available before the fact. There are many available, and there is more online all the time. While they all serve the same purpose: to prepare your tax return on your own, there are many differences that certain software will work better for you than others. Finding the best tax software is not easy. You will have to read reviews like this, and maybe even go through some trial and error. So now we will talk about best tax software for itemized deductions.
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Best Tax Software for Itemized Deductions
TurboTax has been established as the gold standard in tax preparation software. It provides a very intuitive interface, using a simple question and answer format. You do not need prior experience preparing tax returns to use them. TurboTax also offers generous tools and support, helping you every step of the way. They offer their 100 percent accuracy guarantee. If you have to pay a penalty for a mistake made by TurboTax, they will pay both the penalty and the interest. They provide a robust provision of audit support with each plan. And if you want a direct audit representation, it’s only available at $ 49.99. That’s a fraction of what you would pay the CPA for similar representation.
2. Karma Credit Tax
When it comes to tax filing, you can’t win for free. With Karma Credit Tax, you get a free tax return without the errors and limitations you see with other free software. That being said, there are limitations to the software. Although most taxpayers can use the service, there are forms that are not compatible with the platform. Before getting started with Karma Credit Tax, please review the list of unsupported forms. If you are filing in more than one state, you will need to look elsewhere, as if you were receiving funds from a trust or estate. However, the most common forms are supported, so it may be easier to search to make sure that the forms you use regularly are included.
3. Liberty Tax Online
Liberty Tax Online along with H&R Block, has a great advantage over pure tax software plans. In addition to their tax software, they also have a very extensive network of tax preparation offices and tax professionals. You can even integrate both. You can get started with tax software, but if you decide you need help, you can get it from one of the company’s tax professionals. Another advantage is that it combines a moderate level of prices with a very high level of service. It can accommodate everything from very simple returns to very complex returns. Liberty Tax has made some changes to its product line since the 2018 tax filing season for 2019.
4. H&R Block
H&R Block combines the services of its online tax preparation software with its extensive network of thousands of tax professionals. Like Liberty, you can start working with the software by hiring the services of a local tax professional at any point in the process. The add-on service is called Online Assistance. Depending on the plan you choose, H&R Block will charge an additional $ 39.99 to $ 60 for the professional’s services.
TaxAct is located at the bottom of the tax software fee schedule. But it is also a simpler program, which may not be the best option for more complex tax cases. One of the most exciting features they offer is the 100 percent Accuracy Guarantee. TaxAct guarantees that its software is 100 percent accurate and will result in the maximum possible refund. If this is not the case, you will be reimbursed for the cost of your software and will pay the difference in your lowest refund or highest tax liability, plus any legal costs or penalties, up to $ 100,000. That is great peace of mind!
Before you go, I hope this article best tax software for itemized deductions is helpful for you.