We pay taxes for everything we have. These taxes are very confusing, so they must be handled efficiently. For this purpose, accurate income tax software is required. There are various software available in the market for this tax filing. Some are free to use, and some are on a paid basis. These software are fully-fledged with some new features that make your filing work very easy. There are many well-known and widely used tax filing software are available to use, but all these software has single math that is ‘the tax code is the tax code’. In this article, we are going to brief some of the best income tax software at present.
Let us discuss the best tax filing software.
1. H&R block
H&R Block is the best software for simple tax returns. Simple tax return means the one that includes wages and income from a W-2 and limited income from interest. If you just need to work with a simple tax return, then you don’t need to have a software with many complicated features. When it comes to simple tax returns, H&R block free stands out from the other software. H&R Block has a straightforward user interface and provides suggestion steps as you keep doing further levels of your work. You can also skip these suggestion steps if you want.
The free version of the H&R block allows you to file the Form 1040 and take a few most common tax breaks. The software also lets you file schedules 1, 2, and 3. This is a big bonus because many taxpayers need to file those forms. H&R Block allows you to report things such as alimony, business income, deductible student loan interest, the alternative minimum tax, specific retirement contributions, the Lifetime Learning Credit, the credit for dependent care expenses, and the Saver’s Credit. H&R Block is free to use. It is one of the best income tax software available in the market.
- Tax prep checklist
- W4 calculator
- W-2 early access
- Tax tips
- ACA calculator
- Tax Articles
- Deluxe – $29.99 to $36.99
- Premium – $49.99
- Self-employed – $79.99
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TaxRaahi is a complete income tax software that you need for your company. This software alone manages all the tax-related works like GST, TDS, ITR filing. TaxRaahi is one of the fastest software in the market in case of filing and tracking GST returns. It is also said that the software is 40% faster than other software as it files and tracks GST return in less than 15min. TaxRaahi is the top ITR preparation software in India. The software is best suited for individuals, CAs, and businesses. Taxraahi, being the best ITR preparation software, make sure that your ITR filing is completed within 5 min.
TaxRaahi is also suited for other works of TDS and GST. The software ensures that your TDS returns are 100% accurate by using its amazing features like TDS computation, FVU generation, and submission, etc. You can easily interact with your clients with their app that allows you to send messages, automated emails, etc. Some of the main reasons for choosing TaxRaahi over any other software are simplifying the tax process, import features, the software is fully automated, very user friendly, and excellent customer support. The best thing about the software is that you can return the file up to 10 returns for free, and then the charges will be as low as rs.19. No doubt, it is one of the best income tax software for your work.
- Mismatch notification
- E-commerce import support
- Imports past returns
- HSN finder
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If you have lots of investment to calculate and compounded returns, you should definitely go with this software. TurboTax is one of the best income tax software in the market. TurboTax, in itself, has two solutions to your problem: TurboTax premier and TurboTax self-employed. The premiere version of TurboTax helps you to calculate rental income and investments because it supports schedules K-1, D, and E. TurboTax Self-Employed feature gets you everything in the Premier version. And in addition to that, the software supports the extra deduction help, home office deduction, and special features for independent contractors, freelancers, and side-hustlers.
One of the fantastic features of TurboTax is TurboTax Live. This feature offers a one-on-one review with a CPA before you file. You can also get unlimited live tax advice. They’ll even sign and e-file your tax return if you want. This income tax software also has a standalone mobile app that is very helpful in quickly finding the deduction value of household items, donated clothes, etc.
- Accurate calculations
- Import financial data
- Updated tax and health care laws
- Maximum tax refund
- Electronic tax filing
- Tax payment options
- Basic – $80
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If you are comfortable doing your own taxes, TaxSlayer will be a better option for you. Comparing to other software, this income tax software is cheaper. Other software fixes their package prices according to the features included in it. But TaxSlayer is slightly different. The works like investments, itemization, rental income, etc. is handled by both the cheapest and most expensive package.
The only difference comes with support. The cheap package offers less support. The phone and email tech support are free in this software. The most crucial help provided by any income tax software is the tax help. It is also free with the software but only as part of the Premium and Self-Employed packages.
- Fastest tax refunds
- Safe and secure
- Updates with changes in tax laws
- File your work on any device
- Calculates every tax break you deserve
- Simply free
- Classic – $17
- Premium – $37
- Self-employed – $47
Get the full information of TaxSlayer:
Although the products of this software are not as flashy as others, these products definitely come with better prices. This income tax software can do works like importing last year’s returns, a donation assistant, a W-2 import, some planning tools, calculators, etc. You can also import 1099s. The self-employed package will help look for tax breaks specific to your line of work. TaxAct offers tax support through phones and emails for the paid users.
There is an attractive screen share option in the software for the Premiere+ and Self-Employed+ users. It is not a face-to-face video connection; this income tax software lets the user and the support agent see each other’s screens, including cursor moves and clicks. The software has covered around 350 credits and deductions to get the user’s maximum refund. The user interface of this income tax software is self-explanatory and sorted. Hence, TaxAct is one of the best income tax software.
- Screen sharing with tax experts
- Maximum refund
- Unlimited support through phones, emails or chat
- Import last year’s returns
- Saves a lot of time
- 100% accuracy
- Deluxe+ – $54.95
- Premier+ – $79.95
- Self-employed – $109.95
Get full information about TaxAct:
ClearTax is a free income tax software in the market. It is well known amongst the CAs and other fields working with the economy. This software is a platform where you can get hands-on with filing your return electronically. The basic process you need to do is just sign in through your existing email account, and then automatically, you have access to upload your form 16. all the taxes will be calculated and ready to be sent off to the client. The minimum fees on the website start from $10.52, and further costs depend on the complexity of the return filing.
This income tax software is easy to use, and its modules are elementary to understand. It has an inbuilt supplier communication module which helps in accepting and rejecting invoices. ClearTax not only takes care of your income but also provides various certifications regarding GST, ITR, etc. Also, it is one of the best ITR preparation software. ClearTax is a cloud-based software that ensures that you will never make mistakes or lose your important data. As this income tax software is cloud-based, you can easily access your data and returns anytime, anywhere.
- API integration
- Business-specific solutions
- GST compliance
- VAT/ CST/ GST reports
- Highly secure
- MIS reports
- Audit trails
- Sales tax management
There are various plans available for different work.
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Winman is India’s no. 1 CA suite. The software has many Free Income Tax Software, flagship products, Audit report software, Balance sheet software, etc. Also, this income tax software has been rated as the Best Free Income Tax Software. The software has been specially designed to cater to the needs of CAs.
It is known to have revolutionized the tax filing procedures, income tax preparation, and balance sheet computation. Winman includes many different software for various income tax-related works. The best thing about its CA-ERP software is the free income tax software that can be downloaded without any additional costs.
- Imports all data from XML files
- Paper return and e-return
- Automatic carry forward and set-off of losses
- Easy user interface
- Income tax computation in a single window
- Bulk import
Get full information about Winman:
Here we can conclude that all the taxes should be paid to the government accurately, and for this, you need a good income tax software that will sort all the income tax-related things for you with ease. So, I have provided a list of such seven income tax software that will surely help you regarding your work. All these above-mentioned income tax software has different specifications and pricing. You can refer to this article for choosing the best-suited income tax software for you.