Best Tax Preparation Softwares:
Comparison of TurboTax, FreeTaxUSA, TaxSlayer, and Credit Karma:
Looking for help preparing your taxes and saving money on your taxes? There are many tax preparation softwares available for you according to your specific situation. Look further to explore four excellent options: A comparison of TurboTax, FreeTaxUSA, TaxSlayer, and CreditKarma:
Want to prepare your own taxes but need some help? There are many tax preparation softwares available for you. Tax preparation software takes you step-by-step through the process. The four excellent software for tax preparation is TurboTax, FreeTaxUSA, TaxSlayer, and Credit Karma. The apps allow you to prep tax in both packages – free edition and paid features. TurboTax covers more situations when compared to its competitors, and is well known for its customer satisfaction and trustworthiness.
TurboTax vs. FreeTaxUSA vs. TaxSlayer vs. CreditKarma Overview:
| Brand | Price | Best For |
| TurboTax | $0 – $120 Federal, $0 – $50 State (Additional cost for TurboTax Live). | Simple returns, filers with complicated taxes, and needing guidance |
| FreeTaxUSA | $0 – $6.99 Federal, $14.99 State. | Confident filers needing minimal guidance and DIY audit support |
| TaxSlayer | $0 – $47 Federal, $0 – $39 State. | Confident filers needing audit support |
| Credit Karma | $0 Federal, $0 State | Confident filers that don’t need much guidance |
Features:
TurboTax:
TurboTax is a guide leader for online tax filing. On the other hand, it has several different versions. Some interesting features include:
★ Live CPA guidance: This is a premium service that will cost you extra. But if you get it, you can connect with your CPA through a live chat, who checks your taxes and answers your questions before your tax filing.
★ Three financial numbers: TurboTax gives you access to three key financial numbers, they are – debt-to-income ratio, credit score, and overall income for your yearly tax.
FreeTaxUSA:
FreeTaxUSA offers two versions of its software. The free version gets you most tax filing and the deluxe version gives you access to increased support options, including Audit Assist.
TaxSlayer:
This is a very affordable software, which you can use for free if you use its basic services. It has a deduction finder tool that allows you to get potential deductions according to your personal and tax information. It also gives an automatic comparison of your tax year to year if you use it for years, which gives you a good handle on your financial situations.
Credit Karma Tax:
This can save you money, but it doesn’t have a lot of additional bells. It features Audit Defense, an easy-to-use interface, and an accuracy guarantee. You can file the most common tax forms with Credit Karma. But it doesn’t support multiple state filings, foreign earned taxes, or state returns for married people. It may not cover your specific tax situation.
Pricing and Fees:
TurboTax:
| Edition | Includes | Pricing |
| Free | Simple returns | $0 Federal, $0 State |
| Deluxe | More deductions, including mortgage, and property taxes | $60 Federal, $50 State |
| Premier | Stocks, bonds, and other investment | $90 Federal, $50 State |
| Self-employed | Personal and small business income and expenses | $120 Federal, $50 State |
FreeTaxUSA:
| Edition | Includes | Pricing |
| Free | Confident filers needing minimal guidance | $0 Federal, $14.99 State |
| Deluxe | Confident filers looking for DIY audit support | $6.99 Federal, $14.99 State |
TaxSlayer:
| Edition | Includes | Pricing |
| Free | Basic taxes and student taxes | $0 Federal, $0 State |
| Classic | All tax situation except self-employed | $17 Federal, $39 State |
| Premium | Similar to classic with priority support | $37 Federal, $39 State |
| Self-employed | Personal and self- employed taxes | $47 Federal, $39 State |
Credit Karma:
| Edition | Includes | Pricing |
| Credit Karma Tax | All tax forms and most tax situations | $0 Federal, $0 State |
