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Best Tax Software 2024: Top Picks in 2024

Best Tax Software 2024: PortfolioPilot for tax-smart investing, TurboTax for ease, H&R Block for personal help, TaxSlayer for affordability.

Best Tax Software 2024: Top Picks in 2024

This content has been reviewed and edited by an Investment Advisor Representative working for Global Predictions, an SEC-registered Investment Advisor.

Tax season can feel like a maze of forms, deductions, and deadlines. Finding the right software to guide you through this process is crucial to minimizing stress and maximizing financial outcomes. The latest tax software solutions cater to various needs, whether you’re a first-time filer, a self-employed professional, or an investor managing a complex portfolio.

What follows is our opinion for top picks for 2024.

1. PortfolioPilot 

PortfolioPilot.com is an AI-driven financial advisory platform designed to assist investors in optimizing their portfolios with a strong emphasis on tax efficiency, particularly through tax-loss harvesting strategies.

Category Details
Ideal For
  • Individual Investors: Seeking data-driven, tax-efficient strategies to enhance investment outcomes.
  • Self-Directed Investors: Managing personal portfolios with professional-grade tools.
  • Retirees: Focusing on tax optimization for retirement funds.
Key Tax-Related Features
  • Continuous Tax-Loss Harvesting: Identifies real-time opportunities to sell underperforming assets and offset capital gains.
  • Year-to-Date Capital Gains Tax Estimation: Provides updated estimates of capital gains taxes to inform year-end decisions.
  • Tracking of Sold Securities: Monitors all sales year-to-date, offering a detailed breakdown of tax implications.
  • Personalized Tax Recommendations: Offers tailored suggestions to optimize tax efficiency based on individual financial goals.
Pros
  • User-Friendly Interface: Easy navigation and understanding of tax features.
  • Comprehensive Tax Tools: Includes features like continuous tax-loss harvesting and capital gains tax estimation.
  • Continuous Updates: Regular feature enhancements based on user needs.
  • Security: Employs bank-level measures to protect user data.
Cons
  • Cost for Advanced Features: Free plan available, but advanced tools require a paid subscription.
  • Learning Curve: The wide array of features may take time for new users to fully master.
Pricing
  • Free Plan: Includes net worth tracking, portfolio analysis, scenario modeling, and investment research tools.
  • Gold Plan: $29/month; adds personalized recommendations, AI Assistant (5 queries/day), tax impact analysis, continuous tax-loss harvesting, and premium support.
  • Platinum Plan: $99/month; includes all Gold features plus fee optimization, unlimited research, and advanced AI Assistant (100 queries/day).

For more detailed information, visit PortfolioPilot's pricing page.

Note: Pricing and features are subject to change; it's advisable to consult the official website for the most current information.

2. TurboTax

Category Details
Best For
  • Individuals: Users with straightforward income sources seeking an intuitive tax filing platform.
  • Self-Employed and Small Business Owners: Professionals needing specialized support for specific tax deductions.
  • Families: Taxpayers looking for guidance on credits like the Child Tax Credit.
Key Features
  • Step-by-Step Guidance: Simplified instructions to make the filing process easier.
  • Live Expert Support: Access to tax professionals or CPAs through TurboTax Live for personalized assistance.
  • Expense Tracking for Self-Employed: Integrated tools to track deductions like home office and mileage.
  • Audit Assistance: Optional support if your return is questioned by the IRS.
Pros
  • Intuitive interface that simplifies even complex tax scenarios.
  • Comprehensive coverage, supporting a wide range of deductions, credits, and tax forms.
  • Time-saving automation, with features like automatic data imports from W-2 and 1099 forms.
Cons
  • Higher costs for advanced features, including expert support.
  • Limited for investors, as it lacks robust tools for managing complex portfolios.
Pricing
  • $0 - $129: Handle your taxes yourself with AI-powered tools and step-by-step guidance.
  • $89 - $219: Get expert help as you work on your taxes, including live support and a final review by professionals.
  • Starting at $129: Let experts handle your taxes for you, ensuring 100% accuracy and managing all details.

Note: Prices and features may vary; it's advisable to consult the official TurboTax website for updated information.

3. H&R Block

Category Details
Best For
  • Individuals: Those seeking professional assistance for tax preparation.
  • Complex Tax Situations: Includes investments, self-employment, or multiple income sources.
  • Taxpayers Seeking Flexibility: Prefer in-person consultations or virtual support.
Key Features
  • In-Person Tax Preparation: Access to over 10,000 offices for face-to-face consultations.
  • Online Tax Filing: User-friendly platform with step-by-step guidance.
  • Virtual Tax Preparation: Upload documents online and collaborate remotely with a tax professional.
  • Tax Pro Review: Option for a professional review of self-prepared returns before filing.
  • Audit Support: Guidance and representation if audited by the IRS.
Pros
  • Multiple filing methods to suit different preferences.
  • Access to knowledgeable tax professionals for personalized advice.
  • Transparent pricing with no hidden fees.
  • Audit support is available if needed.
Cons
  • Services may be more expensive compared to competitors.
  • Pricing structure with add-ons can be confusing.
  • In-person services may not be accessible in all areas.
Pricing
  • In-Person Tax Preparation: Starts at $85 for federal returns, with state returns costing an additional $70 each.
  • Online Tax Filing:
    • Free Online: $0 for simple returns.
    • Deluxe: $55 for federal; $49 per state.
    • Premium: $85 for federal; $49 per state.
    • Self-Employed: $115 for federal; $49 per state.
  • Virtual Tax Preparation: Starts at $80 for federal returns, with state returns costing $65 each.
  • Tax Pro Review: Additional fees apply depending on the complexity of the return.

Please note that prices may vary based on individual tax situations and the specific services selected.

4. TaxSlayer

Category Details
Best For
  • Individuals: Suitable for straightforward to complex tax needs.
  • Freelancers & Self-Employed: Offers tools for managing business-related tax deductions.
  • Military Personnel: Free federal filing for active-duty military members.
  • Budget-Conscious Users: Affordable yet robust tax filing solutions.
Key Features
  • Comprehensive Form Support: Covers all IRS forms, including 1099 and Schedule C for self-employed filers.
  • Step-by-Step Guidance: User-friendly instructions for self-filers.
  • Refund Maximizer Tool: Searches for deductions and credits to ensure the highest refund possible.
  • Audit Defense: Premium and Self-Employed plans offer audit support for up to three years.
  • Tax Pro Support: Access to tax experts for personalized advice with higher-tier plans.
  • Mobile App: Intuitive app for filing taxes on the go.
Pros
  • Affordable pricing compared to competitors.
  • Free federal filing for active-duty military.
  • Comprehensive tools for freelancers, contractors, and gig workers.
  • Priority support, including live chat and tax expert advice, in premium tiers.
Cons
  • State returns are an additional cost for all plans.
  • Free plan limited to basic tax situations (simple Form 1040 filings).
  • Advanced features, like audit defense and self-employed tools, require upgrading to premium tiers.
Pricing
  • Simply Free: $0 for federal and one state return (basic tax situations).
  • Classic: $22.95 for federal + $39.95 per state.
  • Premium: $42.95 for federal + $39.95 per state (includes audit defense and expert support).
  • Self-Employed: $52.95 for federal + $39.95 per state (optimized for freelancers and gig workers, includes Schedule C).

TaxSlayer is particularly strong for self-employed filers and those comfortable filing on their own but still looking for comprehensive support if needed.

Making the Best Choice for Your Tax Needs

Choosing the right tax solution depends on understanding your financial complexity and specific goals. PortfolioPilot excels at integrating tax-efficient strategies with investment management, ideal for those prioritizing portfolio growth. TurboTax offers intuitive and flexible options for individuals, families, and self-employed professionals seeking comprehensive guidance. H&R Block brings human expertise to the forefront, whether online or in-person, perfect for navigating unique tax situations. Meanwhile, TaxSlayer delivers affordability and robust features, particularly for budget-conscious users and freelancers.

How optimized is your portfolio?

PortfolioPilot is used by over 22,000 individuals in the US & Canada to analyze their portfolios of over $20 billion1. Discover your portfolio score now:

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1: As of July 14, 2024
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