TurboTax Vs Credit Karma Vs H&R Block
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Tax season is finally here, and with that – there are millions of people all across the nation who have a ton of questions. First off, should I do my taxes by myself, or do I need to go to an accountant and have them done professionally? Well, that would depend on your own individual circumstances. You would consider the complications of your tax preparation process, your filing status, your level of income, your risk for audit, etc. However, if you do choose to go the route of preparing and filing your income taxes on your own, then you have a few great options available to help you do it.
Remember, navigating your own personal finances can be tricky, so ensuring that you know what to expect when working with one of the three biggest tax filing software applications out there is key. In this short article, we are going to provide you with some insight into the differences between these three software applications. Let’s begin with TurboTax.
What’s The Deal With TurboTax?
There are a few tiered options including free filing* that provide you with some additional tools which might run you a bit more. Additionally, if you are self-employed as an independent contractor, a freelancer, or a consultant, you’ll be required to pay a fee of $120 upfront – which isn’t too hefty when you consider the complexities of your write-offs, deductions, and credits.
TurboTax also offers a wonderful 24/7 online and phone support hotline to help walk you through the steps of filing your taxes. If you have a question, you can receive instant support and assistance by whatever means necessary. So, even if it’s 11:30pm on April 14th (or thanks to the extension May 14th at 11:30pm) and you only have 30 minutes left to file your taxes before the IRS deadline, you can still receive support.
Let’s also not forget, TurboTax offers Live Tax Preparation for a fee, where a professional accountant will work with you to help you file your taxes. The software really is quite powerful, and it even offers an option for TurboTax Audit Defense to ensure that your filing is clean and free from potential errors. Check out TurboTax today (*for simple tax returns only” AND “not all taxpayers qualify)
Credit Karma
Now, what about Credit Karma? Well, they might not have as many features as, say, TurboTax or H&R Block, but they still provide you with all of the basics that you’ll need to address your personal finance structure and ensure a seamless tax filing process. Technically, the software is free to use if you’re going to earn a return from the IRS or your respective state, but there is a slight grey area there.
Additionally, their online help center is accessible, but a little more limited than the others. However, they do make it quite simple to track your refund after you’ve filed your taxes. This is a big plus because it helps you plan ahead for the future if you are planning to use that refund for something special.
Lastly, one of the biggest benefits with Credit Karma is that they offer a free Audit Defense process, provided by a third party. This helps to verify your tax filing to ensure that it is free of mistakes and potential audit risk. Check out Credit Karma today.
What About H&R Block?
As the cream of the crop, H&R Block really isn’t all that different from TurboTax – even if it has a stronger and more durable reputation. In fact, the two are nearly identical – although H&R Block’s paid tiered options might come at a cheaper price point.
For instance, the free version is enough to help you file your taxes from scratch. From there, tiered options begin at about $30, and increment increase to $50, and then $85 for self-employed. When compared with the prices that accountants are charging for tax preparation, this really is a steal.
From there, unlimited live chat and phone support is a big benefit. Not only does it ensure that you have assistance whenever you need it, but it gives you an opportunity to breeze through support with simple and easy answers.
Lastly, H&R Block offers you additional audit support for just $19.99. At the end of the day, H&R Block probably gives you the biggest bang for your buck, along with a great reputation as a company that is easy to deal with. Check out H&R Block today.
Rounding It All Out
As you can see, tax preparation always comes with a range of options – especially when you plan to do your taxes on your own. Each of these software applications bring a world of benefits designed to make the process easier for the everyday tax filer.
Denis Trufin
