The Best Tax Software Programs

Tax filing can be a daunting and complex task for many, especially those whose employment, financial and asset situations are multi-faceted and not quite straight forward. To assist with the process, many choose to use tax filing software. These software programs help facilitate the calculations and bookkeeping involved in filing one's taxes while getting rid of nearly all the potential for human error.

When choosing the right tax software program for you, it is important to know your particular tax and financial situation in order to find the program that will best serve your needs. Each tax software program will have advantages for one type of situation and disadvantages in others. Whether your tax return will be straightforward, complex or wholly unique or whether you just desire a free program, there is an ideal software program for you.

Straightforward Tax Returns

For tax returns that involve a minimum amount of figures and paperwork - for example, W-2s and perhaps some mutual fund dividends and some bank interest - the name of the game is fast, easy and accurate tax returns. TaxACT offers an easy to read and use data entry interface. It is affordable at $7.95 for each return. For users who can qualify to file a 1040-EZ tax form, then SnapTax is also a good option. It is a newer software program offered by the same makers who produce TurboTax.  It is quick, affordable and easy to use, with many users completing their returns in just 15 to 30 minutes.

Complex Tax Returns

Those who are self employed, generate income through rental properties, do a great deal of trading on the stock market or have partnered investments will find themselves in a more complicated tax situation than others and will need a more sophisticated tax software program. The two best are Turbo Tax Premier and Complete Tax. Though these are both more expensive to purchase (from $24.95 up to $59.95), they are ideal for handling more complex figures and situations. Those who have rental properties will especially want to look at using Turbo Tax Premier as their software program.

Unique Tax Situations

Turbo Tax Premier is also an ideal choice for those who find themselves in complex tax situations that go even further beyond what is the normal and commonplace. This can include investments in small business corporations, day traders and individuals who must account for net operating losses. Aside from this program, there is no other on the market that can sufficiently handle these situations. The next choice would be to work with a tax professional.

Free Tax Software

For those who simply want a program they can use for free, regardless of their particular situation, the easiest to use is Complete Tax. It offers a web-based user interface. One major advantage of using Complete Tax over all the other free programs is that it does not subject its users to any annoying sales gimmicks or ads.