I have been doing my own IRS and Idaho self-employment tax preparation since starting Support4Business. As many tax preparation service employees use a similar questionnaire to prepare their clients taxes, I felt I understood my finances better than anyone else could, and did not see the need to pay someone else to prepare my taxes for me. (As a note, I highly recommend regularly utilizing a bookkeeping software, such as QuickBooks, to ensure that tax time is not as much of a headache. See my recommendation on my Bookkeeping Software post.)
For years, I used Intuit’s TurboTax to file my annual taxes, and it was fairly straight-forward, with its easy online questionnaire. However, each year, the price for business tax filing increased. So, a couple of years ago, I did some research on comparable tax preparation softwares, and found TaxAct.
I have been very pleased with TaxAct. It is just as easy to use as TurboTax, and much more affordable. TaxAct takes you though a thorough questionnaire about your life events, ensuring you do not waste time answering questions that are not applicable to you. It even allows you to transfer TurboTax assets to the TaxAct software, so that depreciation information is retained. Like other tax preparation software, TaxAct fills in the documents required, based on the questions answered, and it allows for e-filing of both federal and state tax returns. Furthermore, one of the things that keeps me returning to TaxAct is the transferring of prior year returns to the new year, as well as allowing me to lock in a discounted rate each fall. Of course, like anything, the prices do increase each year, but they are still about half of what I was previously paying. So, in my book, where being frugal is a priority, that’s a win! Click the link below to try TaxAct for your next tax filing.