What's the Best Tax Software? - Not Who You Think!
ฝัง
- เผยแพร่เมื่อ 6 ก.ค. 2024
- Before testing, I predicted that the best Tax Preparation software was going to be TaxSlayer, And hot damn, I was totally right. What’s TaxSlayer?!
I am going to strip away all of the marketing nonsense, and give you a straightforward comparison of all the major USA Tax Software Options for Small Businesses. I have had my own freelance and computer repair business for well over a decade, and I always used TurboTax. This video is going to show you how it may have cost me a fortune in overpayments.
0:00 What's the Best Tax Software?
0:28 TURBOTAX vs. TAXSLAYER vs. TaxAct vs. HR Block
1:16 Up Front Costs
2:21 1099EZ Form
2:58 Importing Basic Information from Last Year’s 1040 Form
5:09 Moving Forward
6:34 Now What?!
8:18 Conclusion
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Tax Software is expensive, no matter which one you buy (rent, lease? It’s only good for a single use). They are all very expensive on the front end. But the real question is which cost the most on the back-end. I systematically entered the same information into 4 of the leading products, TurboTax, TaxSlayer, TaxAct, and H&R Block. I have no affiliation with any of these companies, so this is a pure and simple personal evaluation. I thought that because taxes were nothing more than a mathematical equation, all the different software options available would spit back basically the same tax refund. Math is Math, right? Boy was I wrong.
On the surface, before purchase, the prices seemed to vary wildly, however it was all a marketing ploy. It mostly came down how much they were going to charge extra for the state filing. TurboTax included the state taxes into the initial price, this is why they seem to cost significantly more than the competition. However, everyone else listed one price for federal, then charged extra for the state. Upon realizing this, the purchase price difference wasn’t nearly as noticeable.
I have always used TurboTax, and I have always found it very easy to use. This year, I will be putting in some extra effort to try other online software so you can get the best bang for your buck. None of them are cheap. But my general experience is that it’s less about the up-front money, and more about the overall experience, and who can save you the most at tax-time, given the exact same information.
When including the up-front cost for TurboTax (best interface) at $117, and then TaxSlayer (best value) of $94.90, the clearest winner of this comparison is TaxSlayer ultimately saving me $219. So you need to decide how important Intuit’s Closed System of Quicken, Mint and Quickbooks means to you. If you don’t use the other software, go with TaxSlayer and save a bunch. If you need to import from other software, go with TurboTax.
Very good content. Great job. I'm surprised there are so few views and 0 comments. Let me be the first to compliment you. 😃👍
Thanks, Ricardo!
This was the best online review I’ve watched/read yet. You took the time to compare the same person’s experiences with each software, which is the only legitimate way to compare. Plus you, too, had the same problems I was finding with H&R Block, namely 1099-NEC vs 1099-MISC. I think it’s mostly the IRS’ fault but it will cause lots of problems I predict. Plus, the consultant issue is a problem for us, too. Great job! New subscriber.
Or different 1099's calculate different rates in the underlying programing.
Clean high quality video awesome keep up the good work
So helpful!! Thanks!
This was a great video!
Thanks for the review.
Before PCs I used a ten key calculator do my tax return. Next was a TI progamable calculator that attached to a printer. Writing the program took the most time. When spread sheets became available I implemented my tax return on them. it took less time programming on a spreadsheet, and except for 1040 I could print the supporting forms. Then TurboTax appeared and for the 1st 5 years it was much worse than my spreadsheets. Finally TurboTax worked, but invariably I have to use work arounds to do taxes the way I was trained in University. Also I don't trust TurboTax with my data and file a paper return.
Now that I am old and lazy the TurboTax seems to help me get done easily without wasting to much time
Wow! Somethings you considered negatives, such as entering base information before proceeding, I would consider a plus.
Do not use turbo tax! They will scam you into the more expensive plan. Then after all your hard work of entering your information into their system. You will have chosen the super extra premium edition which cost $90 extra, and you can easily start over and enter all that same information again (looking out for the upgrade scams) and hope to file for free. But I doubt it’s even possible to do it completely free on turbo tax.
The irs. Gov does it free for people making less than 70k
Tax slayer Works but will cost a lik
I paid $125 for TurboTax (total) last year, but only $95 this year. Guess enough people voted with their wallets last year. I was going to go with TaxSlayer this year (saw several commercials on TV for it), but decided I was lazy again, and just imported everything as usual. With my businesses, it took me 8 hours to go through everything by hand.
This is a good video with lots of good information 👏... I'm impressed! New sub.
I'm an old Turbotax customer... it's getting expensive, $113 this year, with no state return at all. Looking for alternatives.
Thanks for posting!🎉
via filing through turbotax we do not need EFIN and PTIN to file ?
@AnasKhan-uw7vf The Turbo Tax Program goes step by step and you can save your work as you go. It's very easy. They'll mention the documents you need. 🎉
Thank you.
I compared tax slayer, turbo tax, and H&R online, put in all the same info.
Tax slayer saved me about $200,
and cost $24 Fed only with coupon (honey35), plus it was easy to use.
I tried tax slayer the professional edition and it wouldn't let me change the W2 after I entered it; but that was 10 years ago.
Which is best for filing 1040NR return (for international students under F1 status)?
Excellent!
Having worked for tax preparation office earlier in my life, I definitely think its best just to find someone locally (who sounds competent and build trust over time) instead of going with these quirky programs that may or may get your tax return correct. The gap between paying for these online programs vs finding someone locally is shrinking. The key is don't look for someone to prepare your taxes in Feb....you should start to search for someone in the fall....get their prices (per form) view their online reviews and compare to atleast two other offices. If you get it right....your done looking for someone for long time.
Amen, there should not be a difference but what amazes me with small business is how much they don't want to hire someone but they want everyone to hire them. If you are not keeping books, you are not a business, a business keeps books to pay only what they owe, guide them on what they should invest in and when they should sell how they pay employees and and future projections, taxes and operations are 2 different things. No bank investor or any person with a BRAIN will purchase any business where the taxes are the only item for review. Stop being CHEAP hire a a good accountant, not a CPA unless you need public company attestations, otherwise Tax ACT was the original developer with IRS free file, use the IRS free file tool if you want to do taxes yourself, otherwise Pay some and never more than a hundred or two, YOU SHOULDNT do taxes for others if YOU ARE clueless, I am sorry but your complaints about Sch C is evident that you are clueless.
Great vid! Well thought out and hit all the bells and whistles! I’m a turbofan!
Yes, I always use tax slayer
Good video.
via filing through turbotax and TaxAct we do not need EFIN and PTIN to file ?
Unbelievable, one day April 15th will just be another day on the calendar..
Do you recommended software for truck drivers I am a 1099 and need to claim the accelerated Capital depreciation or whatever it's called when I depreciate my new truck that I bought this year so that I don't owe any taxes?
Like in the video, despite TaxSlayer saving the most, I prefer the TurboTax desktop edition for ease of use. If you bought a new truck, then yes, you can do the immediate depreciation and take it all now. However, I bought a ton of new equipment this year and I maxed out my deductables without even getting to this point (when you exceed $22,500 standard deduction). So I took the spread out payments over the next few years that will pay back about $1,000 per year. My point is, the truck cost a little bit more, so you may max out the deductions quite quickly if you haven't made enough to leverage the deductions in a single year.
I like TaxAct but have never tried any of the others.
I used taxslayer for my 2021 taxes, and it was great. Then used it for 2022 taxes, and I somehow owed the fed gov 18 dollars… idk what happened
I’m scared to use it again this year
Uh.. all those guys outsources the software from two basic vendors
There should not be a difference but what amazes me with small business is how much they don't want to hire someone but they want everyone to hire them. If you are not keeping books, you are not a business, a business keeps books to pay only what they owe, guide them on what they should invest in and when they should sell how they pay employees and and future projections, taxes and operations are 2 different things. No bank investor or any person with a BRAIN will purchase any business where the taxes are the only item for review. Stop being CHEAP hire a a good accountant, not a CPA unless you need public company attestations, otherwise Tax ACT was the original developer with IRS free file, use the IRS free file tool if you want to do taxes yourself, otherwise Pay some and never more than a hundred or two, YOU SHOULDNT do taxes for others if YOU ARE clueless, I am sorry but your complaints about Sch C is evident that you are clueless.
FreeTaxUSA Thank me later
i believe it uses turbotax on the back-end.
I just clicked through, and when you see something like this, you figure it's a scam. It's like FaxZero is a service that offers free faxes. Not everything needs to cost you money.