If you know how something works, you can use it much more efficiently and even make a profit financially. For example, promotions on online casino sites are just like that: an offer like cashback Vegas kazino can regularly return a significant portion of your losses if you know how to use it. This is also true for tax refunds: if you track your taxes regularly and make all your filings, you will be able to get a tax refund every year. For example, according to IRS statistics, the average tax refund amount in 2021 was $2,815. If you want to track, report, and get a refund for your taxes, it would be a good idea to use an application developed for this job. Below we list the best programs that you can use for this purpose.
TaxAct is one of the best tax apps for the regular user. It has been in use since 1998 and is quite inexpensive compared to other apps. Its interface may seem a bit complicated at first glance, but it doesn’t take you long to get used to it. The application has four versions: free, deluxe, premiere, and self-employed. In the free version, you only have to pay per-state filing; other than that, you can enjoy all the features of the application. This includes W-2 income, earned income, and a personal tax plan. In paid versions, you also gain access to the following features:
- Student loan & mortgage interest
- Real estate taxes
- Freelance income
- Maximized deduction & depreciation calculation.
If the app makes a calculation error, it reimburses your losses up to $100,000. Also, if you get a higher refund with a different application, you don’t have to pay for filing. It is also possible to use the refund amount to make the tax filing payment. We can say that the best application for general use is TaxAct Express.
QuickBooks is the most recognizable brand of tax applications. One of the most important reasons for this is that it can be integrated with other applications developed by Intuit: you can use QuickBooks with TurboTax, Mint, and Credit Karma. It may not be a very suitable choice for everyday users because there is no free version, and its features are mainly for small business owners. But for the same reason, we can say that it is the best option for small businesses. The application has three versions: self-employed, self-employed bundle, and self-employed live bundle. The self-employed bundle will be the best option for almost any small business because it offers every feature you could ever need:
- Pay quarterly estimated taxes directly
- Transfer data to TurboTax to file all taxes
- State & federal tax return filings.
The highest version also allows you to contact and get help from a CPA (Certified Public Accountant). If you wish, a CPA can review all your data before making the necessary filings.
H&R Block Tax Prep and File
If you don’t have a budget problem, this app may be the best choice for both regular users and small businesses. This is because even in its basic version, you can get help from CPAs and tax experts. CPA support, which is limited to the most expensive version of QuickBooks, is offered by H&R more comprehensively and at a lower cost. It’s even possible to just upload all your documents to the app and leave the rest to a professional. It’s one of the most expensive tax apps right now, but it might be worth it as it does pretty much everything for you. The app also guarantees:
- If you get an audit notice from the IRS, H&R will answer for you free of charge
- Losses due to software bugs are reimbursed up to $10,000
- If the software doesn’t deliver what it promises, you get 20% off the next tax filing.
There is also a free version of the app, but it contains very few features: we recommend purchasing at least the deluxe version. The more you upgrade the version, the more you can benefit from CPA and tax experts.
TurboTax is currently the leader of the tax applications market and offers many options to make your job easier. For example, if you take a picture of your W-2 and upload it to the application, it can automatically add the necessary information to the correct forms. It can even fill out the W-2 form for you if you use the Employer Identification Number. In addition to these:
- Reimburses losses due to software bugs even if you use the free version
- Offers the option to pay your taxes using the tax refund
- Get up to $4,000 in tax refund three hours after IRS accepts the return.
In addition, it allows you to get help from CPAs like H&R, who do just about everything for you. Unfortunately, there are about 12 different versions, and it’s a little hard to figure out which version gives you what. In addition, it can be quite expensive compared to other apps.