Think of ways you like to spend your time and filing taxes is never going to be top of the list. Unfortunately, it’s said that only two things are inevitable in this life: death and taxes. Fortunately, taxes need not feel like death with a little help from the best tax software available.
Taxes can be complicated and just because you got them right last year doesn’t mean the same rules apply this year - the goal posts are constantly shifting. Do I need to declare my cryptocurrency? How do I incorporate my side gig? Why did the tax code change last year?
There’s no doubting that taxes can be stressful and time-consuming. This is compounded by the fact there is little margin for error. Incorrectly filing your taxes can result in:
Making a mistake on your taxes is not going to land you in jail unless those ‘mistakes’ were purposeful. However, a mistake will most certainly result in a loss of time at the very least and quite possibly, loss of income. Some of the most common mistakes individuals make on their tax returns include:
These are just a handle of the top mistakes. Mistakes the IRS sees time and time again. Mistakes that result in loss of earnings and a waste of time for hard-working Americans up and down the country. The solution? Save time, money, and stress by using tax software.
Tax software makes filing your taxes immeasurably more straightforward. It will guide you step by step through all the information you need to include, find tax deductions you are entitled to, and review your submission before it’s filed to ensure everything is as it should be.
It was once the case that taxes were fairly straightforward. The average worker was salaried with few investments outside of a 401(k). These days, many Americans have more than one income stream and diversified investment portfolios. Couple that with personal life events such as marriage/divorce, death/life, health complications, etc. and the picture becomes even more complex.
While a personal accountant may be preferable in certain situations (e.g. if you run a sizeable business or just inherited a complex estate), for the average citizen they are unnecessary and good tax software is more than sufficient. There are a few factors to consider when choosing the best program for you, but here are some key points to consider:
To save you even more time, we have compiled three of the best tax software companies for 2024 for you to choose from:
Choosing the wrong tax and accounting solution can cost your business time, money, and resources. But what if you have neither the time nor knowledge to pick the best one? Don't fret! Our team has made the buying process easy by testing several of the top solutions in the market. We screened each of the vendors based on the following factors:
It is possible to file your taxes manually. However, the time and effort required means that few Americans do. Another alternative is to use an accountant who will do the legwork for you. While this may be suitable for business with employees or certain personal circumstances, for the average individual tax software is more than enough.
Marriage, divorce, birth, death, and moving home can all turn an otherwise straightforward tax return into a complex mess. Tax software will guide you through the process, ensure all necessary information is included, and apply any new deductions you are entitled to.
Many of the best tax software services offer comprehensive reviews of every submission and 100% accurate calculations guaranteed. Some also promise to pay IRS penalties should any be incurred. If this is a concern of yours, make sure to opt for a service with an accuracy guarantee.
Free tax software is typically suitable if you have a very simple tax return, for example, W-2 income only and claiming the standard deduction. For those with more complex situations like house ownership, dependents, or an investment portfolio, a paid tax software will provide everything you need and ultimately save you money.
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