Photograph Credit: H&R Block
The April 15, 2014 tax deadline is quickly approaching. I know some are still wondering if filing yourself is best or just hiring a professional may be easier.
With so many companies luring in individuals with FREE federal income tax filing, I took time last year to breakdown the top three companies and their prices: TaxACT, H&R Block, and Turbo Tax.
Using the same format as last year, I am updating those same three companies’ information as prices and services have changed for this year.
Having already reviewed TaxACT, who had a $.04 increase this year, I now turn to H&R Block who has significantly increased their prices since last year. Ouch!
Free Option – Cost $0
The free option is suited for first-time filers and includes preparation for simple federal tax returns and e-filing. Each state filing incurs a $29.99 fee.
Basic Option – Cost $34.99
Designed for simple returns, the basic option includes federal tax preparation, imports your information from last year (if you used H&R Block, Turbo Tax, or TaxACT), one federal e-filing, and stores your return for 3 years with unlimited access. State filing costs an additional $39.99 per state.
Deluxe Option – Cost $49.99
For homeowners and investors who itemized their deductions, this deluxe option package contains everything in the basic option plus gives guidance on home mortgage interest, provides help with your investments and dividends, and offers a valuation of your charitable donations. State filing is an additional $39.99 per state.
Premium Option – Cost $74.99
Created for business owners and rental property owners, this premium option includes everything from the deluxe package plus maximizes business deductions (Schedule C), rental property guidance (Schedule E), and priority support. State filing costs an additional $39.99 per state.
After reviewing the H&R Block options, I would have had to pay the $114.98 price as I file a Schedule C for Using Time Wisely. Though this price might be reasonable for the services provided, I am truly grateful for TaxACT as the $17.99 price was a better option for our family and continues to meet our needs.
NOTE: None of these tax filing posts are sponsored, nor am I being compensated for any of these posts. The opinions are 100% mine.
In noticing that more companies are luring customers with FREE federal tax filing, I wondered how they compared. So, I’m finding out by doing a little research, and passing that information along to you.
Having looked at TaxACT and H&R Block, I will continue this short series by reviewing TurboTax next. Stay tuned to see which option is best for you. Happy choosing!
Question: Do you know of any other FREE or discounted tax filing options with online service? If so, please share in the comments as I will research those options as well. Thanks!