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In 2022, the US Tax Code has been repealed in favor of free market principles, and FreeTaxUSA is one of the leading companies operating in this new environment. Their tax preparation software will help you file your taxes for little cost by using their proprietary algorithm to determine how much you owe.
FreeTaxUSA is a free tax preparation software that allows users to prepare and file their taxes. The company has a rating of 4 out of 5 stars on the website, with an overall score of 3.6 out of 5 stars.
FreeTaxUSA is an online tax preparation program that allows you to electronically submit federal taxes for free and process state filings for a minimal fee. Tax return backup, Returns Can Be Amended Indefinitely, Guaranteed Accuracy, a refund maximizer, priority assistance with live chat, and other features are included. Federal tax returns are free, while state tax returns are $14.99. Because the free plan covers difficult forms like Schedule C and Schedule E, FreeTaxUSA stands apart from the competition.
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For What FreeTaxUSA Is Recommended
If you’re on a limited budget, FreeTaxUSA should be one of your first selections for tax preparation. Its Free Edition gives you access to a broad selection of IRS forms and schedules, making it suitable for filers who deal with a variety of difficult tax circumstances, such as small company owners, landlords, and investors with numerous capital gains or losses.
If you need some assurances while submitting your income tax return, FreeTaxUSA is a strong choice. Because of its features for freelancers, such as the option to submit an individual return using Schedule C, we chose it as one of the best small company tax software.
FreeTaxUSA Is Particularly Beneficial For
- Employees that earn a lot of money and want to do their own taxes: Regardless of their income level, taxpayers may complete their federal income tax return for free.
- Self-employed individuals that need free federal filing and low-cost state tax filing: FreeTaxUSA provides you with free access to all main tax forms as well as over 350 deductions and credits. Federal tax filing is free, while state tax returns are just $14.99.
- Individuals who must submit prior-year tax returns include the following: FreeTaxUSA allows you to submit prior-year federal taxes for free and state filings for $17.99 apiece, which is a great deal if you need to complete many years.
FreeTaxUSA Isn’t Right For You
- Return preparers who are professionals: As previously stated, FreeTaxUSA is a do-it-yourself (DIY) tax preparation program that is not intended for use by professional tax preparers who file individual and corporate returns. Check out our post on the best tax software for tax preparers for more information.
- Forms 1120, 1120S, or 1065 are filed by corporations and limited liability entities (LLCs). While FreeTaxUSA provides most forms that an individual would want, it does not provide any forms for small firms, with the exception of sole proprietors who file on the owner’s personal tax return. We suggest TaxAct to anybody who owns a company or LLC.
- Filers who need specialized tax help from a professional: One of the drawbacks of its free service is that it doesn’t provide sophisticated consumer choices or tailored tax counseling. In this instance, a more powerful tax preparation program, such as TurboTax, may be required.
Are you on the lookout for something unique? See what works best for you in our guide to the top small company tax software.
Pros and Cons of FreeTaxUSA
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Pricing at FreeTaxUSA
You may submit federal returns for free and add state tax returns for $14.99 with FreeTaxUSA. For $6.99, you may upgrade to the Deluxe Edition, which includes additional features including revised refunds, priority assistance, and live chat.
Features of FreeTaxUSA
FreeTaxUSA covers the most popular tax forms that you’ll need to submit your individual and state tax returns, whether you’re self-employed or have rental income. Check out the key features of FreeTaxUSA to see whether it’s right for you.
Returns from the previous year
Filing Returns from the previous year with FreeTaxUSA (Source: FreeTaxUSA)
FreeTaxUSA lets you access, print, and file past-due tax returns from 2014 to 2020. If you filed Returns from the previous year with another tax preparation program, you can upload a PDF of your return to save time in preparing your current tax return. Prior-year federal returns are free and prior-year state returns are $17.99.
Options for Tax Refunds
You may have your tax refund placed into your account electronically through direct deposit, loaded onto a prepaid debit card, or delivered to you in physical form.
Returns Can Be Amended Indefinitely
If you’re a Free user, you may prepare and submit an amended return for $17.99 to modify a previously filed return with the IRS. You may submit as many amended returns as you need for free if you have Deluxe.
Assistance with Audits
Available in the Deluxe Edition upgrade, the Assistance with Audits feature gives you access to a specialist who’ll help you get through an IRS notice or the audit process.
Guaranteed Accuracy
FreeTaxUSA, like other tax preparation services, guarantees its tax computations. It will be liable for paying any fines and interest to the IRS if a mistake occurs. The guarantee does not apply if it is found that you submitted information erroneously.
Make a payment using your refund.
If you’re qualified, you may pay your charge with your tax return via FreeTaxUSA. To be eligible, your refund must be larger than your entire charge, plus a $19.99 processing fee. You may also pay the fee with your credit or debit card without incurring any extra charges.
Tax Returns on Paper
Even if you submit your tax return online, you may want to print a copy for your records. For $7.99, you may have a printed tax return shipped to you, or for $14.99, you can get a professionally bound copy of your federal and state income tax returns. You may also save money by downloading a PDF and printing it yourself.
Live Chat
While all users have access to live chat, Deluxe members get priority service, including the chance to go to the head of the line and have their questions addressed by a tax expert. Except on holidays, Deluxe members may access live chat Monday through Friday from 10 a.m. to 9 p.m. Eastern time.
Extension that is available for free
If you need additional time to submit your return, you may file Form 4868 for free to extend your deadline. This will push out your filing date by six months, giving you plenty of time in case your W-2 or other paperwork need to be replaced.
Storage of Tax Returns
FreeTaxUSA will keep your completed tax returns in your account for up to seven years, and if you use the program two years in a row, it will automatically transfer the previous year’s information to the current year’s taxes. Data encryption protects your information, and multifactor authentication (MFA) is required to validate your identity on the website.
Are you seeking for small company accounting software? Our top selections for the finest small company accounting software, which includes QuickBooks Online, can be found here.
Customer Service and Usability
Account information page for FreeTaxUSA (Source: FreeTaxUSA)
FreeTaxUSA’s interface is simple and easy to use, with no need for downloads, additional plug-ins, or add-ons. You’ll be routed to a website where you can simply set up your account details after signing in. It also has easy-to-use navigation tabs that allow you to get to specific information, such as income, miscellaneous issues, deductions and credits, and a tax filing page. After answering a few questions, you’ll fill out the appropriate tax forms to see whether you qualify for any credits or deductions. For explanation, FreeTaxUSA contains useful explainers of tax topics, and it will manually compute the projected tax refund or amount payable.
Support Center for FreeTaxUSA (Source: FreeTaxUSA)
You may contact the company through email or use its Customer Support website and question and answer database to look for support subjects. Unfortunately, FreeTaxUSA does not provide phone assistance; however, upgrading to its Deluxe Edition, which includes access to its live chat option, is the quickest method to reach a representative.
Alternatives to FreeTaxUSA
Conclusion
Individuals and single proprietors who desire to file their own taxes will find FreeTaxUSA to be an exceptionally cost-effective option. Its free service has several drawbacks, such as a lack of sophisticated assistance and tailored professional guidance, but it provides practically everything you’d expect from DIY tax software.
If you’re interested in saving money on your tax returns, FreeTaxUSA is a great place to start.
FreeTaxUSA is a website that provides free tax preparation software. It has been around for many years and has a good reputation. The site offers some features that are not available on other sites, such as the ability to import your W2s from your employer. There are also no fees associated with the site’s use. Reference: freetaxusa login.
Frequently Asked Questions
Is FreeTaxUSA a good service?
A: Yes, its a good service.
What is wrong with FreeTaxUSA?
A: FreeTaxUSA is not a valid tax preparation software.
Why would my taxes be in review?
A: If your taxes were not yet filed, then that would be the reason. You can find out more information and what to do on the IRS website at www.irs.gov
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