TaxACT Review : File your taxes free and get fastest refunds with TaxACT

TaxACT makes filing taxes fast, easy and 100% accurate. Available in both software and Web-based versions, TaxACT has two ways to enter relative information – the interview format and the forms-based entry method. Either way, you get the best tax services in the country. TaxACT also offers alert system that finds and corrects errors caused by omissions and misinformation. TaxACT offers a fully free and functional do-it-yourself tax program that provides services accompanied by a no-risk guarantee. Here is a brief glimpse of what TaxACT has to offer.

taxactFree Federal

This software is totally free, you can prepare, print and efile without any cost. There are no restrictions on income or age. TaxACT Free Federal gets you the fastest tax refund possible while handling simple and complex tax returns. This software supports 1040, 1040A, 1040EZ and all other pertinent IRS forms. It is great for all life situations whether you are single, married, own properties or a small business.

TaxACT will help boost your savings with Credit, Deduction and Income examiners. TaxACT guarantees the biggest refund with every step of filing your taxes. It provides personalized help from experts via the TaxACT Answer Center. TaxACT Alerts help find inaccurate information, omissions, and deductions that you may have missed. You also get free audit support with Federal Free software.

Deluxe Federal

Deluxe Federal imports last year’s TaxACT data along with finding numerous ways to maximize your deductions with donations. TaxACT offers scores of useful tools to make filing your taxes easy and to make sure that you get the largest refund possible. Donation Assistant tracks your charitable donations to provide values that negate audit risks.

Deluxe Federal software helps you understand the impact of your life choices on your taxes. TaxACT Life Events provides a huge amount of information and offers many tips on getting the biggest income tax deductions. TaxACT Import transfers last year’s data that is vital to this year’s taxes like AGI/PIN, stock information, W2s and Schedule K-1.

TaxTutor Guidance is an essential tool that offers simple instructions on tax preparation and strategies that include money-saving deductions, tax law changes and snares to avoid. Get free help from specialists and video tutorials for a better understanding of how it all works. Along with all the special features of Deluxe Federal, you also have access to all the tools of Free Federal software.

Joint vs. Separate report determines which status of tax filing offers the best tax outcome. Depreciation and disposal summaries help review all of your assets to maximize depreciation deductions while Audit Assistant helps you get through an audit, if any, by the IRS. Tax Calculator gives an idea on the impact of different scenarios on your taxes and the Tax Watch gives you information on ways to minimize your taxes for the next year.

Take advantage of the Free Federal Edition + State software and the Deluxe + State tax software from TaxACT. All your federal tax information will automatically transfer to your state tax return. Start with your federal taxes and continue with your state tax returns, which only take minutes to complete.

Business Federal

Business Federal Edition is perfect for partnerships, corporations and multi-member LLCs. With Business Federal software, you will benefit from the essential features for forms 1065, 1120 and/or 1120S along with all the features that come with the Deluxe Edition. Answer some simple interview questions that help TaxACT calculate and enter your data into relevant and appropriate tax forms.

With Business Federal, you can easily import last year’s data and your Trial Balance Reports in CSV format from your accounting software. Once your data has been imported, make any adjustments that you deem necessary and TaxACT will do the rest. Whenever you need, experts will be there to give you a helping hand via email or phone.

TaxACT offers a list of common business expenses to help you maximize common deductions. It has also included tax differences and common book to help with the completion of Schedule M-1. 1065 and 1120S Schedule K-1 items are automatically updated as business income, deductions and credits change. The Schedule K-1 data can also be imported into TaxACT 1040 Deluxe.

Capital Gains Summary tool from TaxACT compares your brokerage statements to your tax returns, whether they be short term or long. Keep all your stock transaction details at your fingertips with TaxACT. Prior Year Comparison Report is responsible for finding all errors, if any, by comparing last year’s data with your returns that result from incorrect entries or information that has been overlooked.