TeamThe process of filing taxes is often challenging and confusing for many American taxpayers. And with the complexity and all the hurry to submit your taxes, you may end up making mistakes that carry hefty penalties and interest charges.
One of the best and fastest ways to do your taxes is using an online tax preparation service. These tax services allow you to do your taxes accurately even without any tax knowledge, maximizing your returns and helping avoid IRS audits.
With so many tax prep and filing software available, knowing the best one to choose for your specific situation can be challenging. To help you narrow down your options, here are the best services in the US for doing your taxes online for free:
1. H&R Block
Established back in 1955, H&R Block is one of the most recognized tax preparation firms in the US. Since its inception, H&R Block has earned an enviable reputation for offering hassle-free tax preparation.
The company provides you an online portal with an intuitive interface where you can do your taxes for free. The good thing about H&R Block is that you can file federal and state taxes as well as deductions for student loan interest online entirely for free.
Additionally, H&R Block allows you to get started on your taxes as fast as possible by importing your previous year’s taxes and uploading a photo of your W-2 form. While filing simple tax returns is free on H&R Block, you may need to upgrade to their Premium offering if you want on-demand assistance from a tax professional.
Pros:
● Free student loan deduction and individual federal and state filing
● Can file for Earned Income Tax Credit
● DIY and live support plans
Cons:
● Tax support comes at a fee
● Lacks mortgage interest or property tax deductions
2. TurboTax
TurboTax (INTU) is another popular tax preparation service designed to make it easy for inexperienced or first-time tax filers to get started.
What makes TurboTax stand out is its incredibly easy-to-use software, which makes doing your taxes a breeze. The software walks you through the entire filing process through a series of simple questions. Through TurboTax’s free version, you can do federal and state filing with unemployment income, Earned Income Tax Filing, and child tax credit.
Once done doing your taxes, your online tax return is reviewed by one of TurboTax’s experts to ensure nothing gets missed before you file. While TurboTax’s free version is great for simple tax returns, you may want to upgrade to the company’s Deluxe edition for on-demand help from a dedicated tax expert.
Pros:
● Straightforward and simple-to-follow tax wizard
● Free one-on-one expert guidance in case of an audit
● Free filing for individual federal and state taxes
● You can review your online tax return before filing
Cons:
● The free version doesn’t offer student loan deduction
● It also lacks mortgage interest or property tax deductions
3. TaxSlayer
Another great service that can help you do your tax fast and seamlessly is TaxSlayer. This online tax preparation service has a simple, intuitive interface to ensure the best experience when filing your taxes.
Through TaxSlayer, you can easily get started on your taxes by importing the previous year’s tax returns or entering your tax situation and the software will find the best deductions for you.
TaxSlayer’s free plan not only lets you file federal and state taxes but also student loan deductibles, and covers W-2 income. On top of that, you also get access to phone and email support.
What’s more? The service will reimburse you for any federal or state penalties and interest charges due to inaccurate filing.
Pros:
● Free individual federal and state filings with unemployment income
● Covers student loan deduction
● 100 percent accuracy guarantee
● Low state filing fees
Cons:
● Mortgage interest or property tax deductions not included
● Free plan only limited to those earning less than $100,000 per year
Conclusion
As you’ve seen, there are great free online filing services that allow you to file your taxes pretty fast and hassle-free. No matter the service you choose, it’s always best to double-check all your details before filing your returns. If you find your return too high or too low, you may want to have it reviewed by a tax professional from the service you selected.
