Updated 03/20/2020 – Since everyone is preoccupied with the coronavirus pandemic, the U.S. government has decided to allow more time to file taxes. Secretary of the Treasury Steven Mnuchin announced the move via Twitter. Tax Day has officially been moved from April 15 to July 15 for all taxpayers and businesses. You can take this additional time to file and make payments without interest or penalties. (Scroll down to see the official tweet.)
The IRS officially began accepting returns for the 2019 tax year on Jan. 27, 2020. Don’t freak out though. With the newly announced extension, you have until Wednesday, July 15, to file. Unless, of course, you ask for an extension to file; if that’s the case, you have until Tuesday, Oct. 15.
But, as you know, time flies and the deadline can sneak up on you in a hurry. That’s why it’s a good idea to start getting things in order as soon as possible.
At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.— Steven Mnuchin (@stevenmnuchin1) March 20, 2020
That’s why we’re going to take a look at some of the best online tax software out there. They can really help you file the most optimum return possible this year. Where do your taxes go? Find out with this site.
If it’s the first time doing your own taxes, TurboTax might be the one for you. It’s known for its ease-of-use and can do most of the work for you if you’re filing a simple return. This year, TurboTax offers four packages to choose from, depending on your filing situation.
If you have a simple tax return to file, your best option is the Free Edition. You’ll pay nothing to file your federal and state taxes if you have a simple return. Start by importing your W-2, answer a few simple life questions and TurboTax will help get you the maximum refund.
Other options include Deluxe, which helps maximize tax deductions and credits. Premier is for those with investments and rental property. Finally, there’s a Self-Employed edition, which is perfect for personal or business income and expenses.
Price: Free Edition: $0; Deluxe: $60; Premier: $90. Self-Employed: $120
State filing fee: $0 with Free Edition and $50 for all others.
If you need a little help filing, you might want to turn to H&R Block. You can file online and add support from a tax pro at any point throughout the process. This year, H&R Block has four different online options.
The Free online option is best for those with a W-2, with or without children, and who rent their living space. It’s really simple to use. You can even snap a picture to import your W-2. For those who qualify for this version, it’s free to file both federal and state.
The other online options include Deluxe, which best for homeowners, donations and HSAs. Premium is best for freelancers, contractors and investors. And the Self-employed option works best for self-employed and small businesses.
Price: Free online: $0; Deluxe online: $49.99; Premium online: $69.99; Self-employed online $104.99
State filing fee: $0 with Free online and $44.99 for all others.
If you choose to go with TaxAct, you might be able to receive a bonus with your tax refund. It’s offering up to a $100 refund bonus by putting part of your refund on gift cards from a list of popular retailers. The bonus amount depends on your refund and choice of gift card.
TaxAct also offers a Free filing option for simple returns that can include retirement income. There are three other options to choose from, depending on your situation.
Deluxe+ works for homeowners, deductions, credits and adjustments. And Premier+ is for filers with investments, rental property and includes prioritized support. Self-employed+ works best for self-employed and small businesses.
Price: Free: $0; Deluxe+: $54.95; Premier+: $79.95; Self-employed+ $109.95
State filing fee: $0 with Free option; $44.95 for the Deluxe+ and Premier+ options; $49.95 for Self-employed+
If you want peace of mind with identity protection, you might want to take a look at TaxSlayer. There are five options to choose from and its Ultimate package includes identity theft protection and tax audit defense.
It also has a Simply Free option that is perfect for simple filings. You can even upload previous tax returns from another tax service to help make the filing process easier.
Other options include Classic, which is its most popular and is good for all tax situations — all forms included. Premium is the fastest way to prep and e-file and includes priority support when you need it. Self-employed comes with the most personalized guidance for unique self-employed situations.
Price: Simply Free: $0; Classic: $17; Premium: $37; Self-employed: $47
State filing fee: $0 with Simply Free and $39 with each of the other options.
Jackson Hewitt offers easy step-by-step preparation along with unlimited online support in case you need some additional help. It has three different plans to choose from that aren’t named, just identifiable by price.
The Free option is best for filers with simple returns with up to $100,000 taxable income. The Deluxe plan is best for families and retirees that include filings with children and other dependents, student loans, educator expenses and retirement income. The Premier plan is best for those complex returns with income over $100,000 that might include rental property.
Price: Free $0; Deluxe: $49.99; Premier: $69.99
State filing fee: $0 for the Free plan and $44.95 for the other two.
Since people need to be focusing on their health and taking care of each other, moving Tax Day to a later date will really help. If you want to file taxes online, take advantage of the tax software options we provided in this post and remember to stay safe.