What Are the Pros and Cons of Using TaxAct?
This article is about the TaxAct tax preparation assistance software. It is meant to assist in making a tax preparation software purchase decision. A description of the features of each of the four TaxAct package is given. A list of the pros and cons of using TaxAct is given as well.
TaxAct is online tax preparation software that searches for tax credits and deductions that can help give you the lowest tax bill or biggest refund possible. There is a lot of tax preparation software out there, though, so you may be wondering which is the best software for you. Read on to learn about the pros and cons of TaxAct.
TaxAct Features
There are four TaxAct packages:
Free
The free package is for simple filers who just need assistance with their W-2s, dependent deductions, tax credits for childcare, educational expenses, and retirement income.
Deluxe+
The Deluxe+ package offers everything from the Free package plus assistance with itemized deductions, real estate taxes, mortgage and student loan interest, and Health Savings Accounts.
Premier+
The Premier+ package offers everything from the Deluxe+ package plus assistance for investors, royalty income, rental property owners, people with foreign bank accounts, and access to a professional tax specialist.
Self Employed+
The Self Employed+ package offers everything from the Premier+ package plus assistance with calculating business deductions, depreciation, and access to planning resources.
TaxAct Pros
- TaxAct has a minimalist approach, offering relatively few tools and features so that it is more affordable.
- It's quick and easy to navigate the website and get your taxes done.
- It comes with a FAFSA guidelines worksheet for students.
- It has a thorough tutorial.
- It comes with easy year to year data migration.
TaxAct Cons
- Because TaxAct's focus is on remaining inexpensive, it has fewer tools and features than other tax preparation software.
- TaxAct does not offer an advance on your refund.
- Telephone wait times for tax specialists can be over an hour.
- Some tax terms are not clearly defined.
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