best tax software for rental property owners

BEST TAX SOFTWARE FOR RENTAL PROPERTY OWNERS UPGRADE
BEST TAX SOFTWARE FOR RENTAL PROPERTY OWNERS PRO
BEST TAX SOFTWARE FOR RENTAL PROPERTY OWNERS FREE

TaxAct is worth considering if you have different income streams, are an entrepreneur, contractor or self-employed.

TaxAct ensures that you’ll get your maximum refund, the company offers up to a $100,000 guarantee. If you’re reasonably well-versed in the terminology, you can play around with the tool to get a ballpark idea of your estimated taxes without committing to anything. TaxAct offers a fairly robust calculator you can access under the Tax Tools tab. The offer will be applied once you enter your eligible Employer ID Number during filing.

BEST TAX SOFTWARE FOR RENTAL PROPERTY OWNERS FREE

If you’re a military member, TaxAct offers a free package for federal and state filing for all active-duty service people via the TaxAct military landing page. You don’t have to be in the most expensive tier to access filing options for a variety of income types, including royalties, K-1 (partnership) income, or investment and real estate income, along with forms for holders of foreign bank and other financial accounts. Visitors to the TaxAct website are greeted with a user-friendly, multiple-choice dashboard that quickly funnels you towards one of four options: one free and three paid, ranging from $29.95 to $64.95.

BEST TAX SOFTWARE FOR RENTAL PROPERTY OWNERS UPGRADE

You can always upgrade your package at an additional cost to get instant access to a tax professional. It offers comprehensive explanations on all tax forms and a clear step-by-step guide to help you file taxes on your own. You can also file in person or drop off your tax documents at your local H&R Block.Īs one of the leading tax software providers, H&R Block has a streamlined interface that's easy to navigate. With H&R Block, there are four ways to file your taxes, including e-filing on your own or with a tax professional. However, this service is only available through the company's paid tiers. These “triple tax-exempt” accounts are funded with tax-deductible contributions, and H&R Block offers to maximize deductions and credits for filers who have them. H&R Block specifically targets the growing number of taxpayers who have a Health Savings Account (HSA).

BEST TAX SOFTWARE FOR RENTAL PROPERTY OWNERS PRO

There is also a hybrid service for those who prefer the DIY approach, the Tax Pro Review, which provides filers the assurance of an extra (and professional) set of eyes on their returns. H&R Block offers an option to file with a tax pro, either in person, online or by dropping off your documents at a local office. If you have a more complicated return, there are three paid tax-filing software tiers: Deluxe, Premium and Self-Employed. Its Free Online filing option for simple returns is easy to use and offers the ability to import your previous year’s tax return from another provider. H&R Block offers products comparable to those of its main competitor, TurboTax, but at a lower price point. Must pay an additional cost for on-demand support.“Taxpayers had a pain point of inserting all their info for transactions, like stock and cryptocurrency sales,” she says, and the software facilitates that. “There’s been a rise in the number of people investing,” says TurboTax tax expert Lisa Green-Lewis. One great TurboTax feature is the ability to import investing gains and losses from a variety of sources. Filers simply have to go to the regular TurboTax portal and enter their rank to file using any TurboTax product tier.

As a service member, you’ll get free access to Deluxe, Premier and Self-Employed products.

TurboTax also offers free federal and state tax filing to active duty and reserve military, including members of the National Guard, with E1-E9 classifications. It can accommodate taxpayers who qualify for the Earned Income Tax Credit, who plan to claim the child tax credit and who received unemployment income. TurboTax's Free Edition is available to tax filers who receive W-2 income and/or Social Security benefits and don’t itemize deductions. Those who opt for the Self-Employed tier get a personalized audit assessment, easy imports from Quickbooks and other sources and all of the services in the Free, Deluxe and Premier tiers, all of which include online assistance. Its Deluxe package is best for users with fairly simple returns who want to maximize tax deductions and credits, while its Premier tier is better suited for individuals with investments such as rental property, stocks, bonds, or cryptocurrencies. TurboTax has a Free Edition and three main pricing tiers: Deluxe, Premier and Self-Employed. It's also one of the most expensive - at least, for users of its paid products. Intuit’s TurboTax is probably the best-known online tax-prep software out there.

Best tax software for rental property owners