All About TaxAct Basic

All About TaxAct Basic

When you search for tax preparation and filing software, TaxAct is one of the famous names that come up. Both in-house programmers and tax accountants use TaxAct software to simplify preparing tax returns and filing the same. However, while most professionals consider a feature-wise comparison of tax preparation software, they do not dig deeper into their specific versions. The same holds for TaxAct.

TaxAct desktop software is available in four different variants, one of which is TaxAct Basic. Here, we will cover various aspects of TaxAct Basic and what makes it suitable for W-2 employees (typically salaried employees).

Why Use TaxAct Basic?

TaxAct Basic is mainly used to help you with saving time in transferring data from the last year’s income tax return. Using this variant of TaxAct, you can e-file five federal tax returns.

Benefits of Using TaxAct Basic

  • Multiple Import Options

Using this basic variant of TaxAct, you can quickly transfer personal data from the tax return you filed last year. With the easy sharing of information required for IRS e-file, you can also minimize errors that may occur otherwise in case of manual data checks.

  • Real-time Refund Status

TaxAct Basic can also help you check how the entries impact your refund/amount due. This real-time updating of the refund amount at the time of return preparation will allow you to cross-check the maximum guaranteed refund as expected.

  • Tax Return Amendment at No Extra Cost

Want to make minor changes to your IRS return? You can file Form 1040X whenever you wish using this variant of TaxAct software. This does not require any additional upgrades.

  • TaxAct Alerts

This advanced tax software checks your return for errors and omissions and helps you find ways to save tax you might have missed. Besides this, the alerts given by TaxAct Basic software also help reduce the audit risk. 

  • TaxTutor Guidance

Its TaxTutor Guidance feature will provide you with tax tips for deductions and mistakes to avoid as you prepare the return.

Recommended Read: TaxAct Software: Features, Pricing, Benefits, and More

Pricing of TaxAct Basic

TaxAct Basic download version is priced at $39 (apx.) for federal returns. The State returns are charged at $50 each.

Federal Tax Forms and Schedules Supported with TaxAct Basic

  • Form 1040
  • Form 1040ES
  • Form 1040V
  • Form 1040X
  • Form 1045
  • Form 1127
  • Form 1310
  • Form 14039
  • Form 2210
  • Form 2120
  • Form 2210F
  • Form 2848
  • Form 4868
  • Form 5471
  • Form 8379
  • Form 8332
  • Form 8453
  • Form 8615
  • Form 8815
  • Form 8822
  • Form 8862
  • Form 8863
  • Form 8888
  • Form 8915B
  • Form 8915C
  • Form 8915D
  • Form 8915E
  • Form 8917
  • Form 8990
  • Form 8995
  • Form 8995A
  • Form 9465
  • Form 965
  • Form W7
  • Form W7(COA)
  • Schedule 8812
  • Schedule EIC
  • Schedule LEP
  • Schedule R

Note: The pricing and information related to supported Forms and Schedules have been obtained from TaxAct official website. (Assumption: Free means TaxAct Basic)

OS Requirements for TaxAct Basic

  • Windows 8.1 or higher
  • Mac OS 10.15 or higher

Switch to the Cloud with TaxAct Hosting

Once you have selected the TaxAct Basic variant for your needs, it’s time to switch to the cloud with the help of a TaxAct hosting provider. At Verito, we provide the best-in-class TaxAct hosting services to enable our clients to avail benefits like anytime-anywhere TaxAct access and top-notch security. In addition, our high-performance servers ensure that you face no performance lag in using TaxAct on the cloud.

For more details about TaxAct hosting and our hosting plans, call us at 1-855-583-7486. 

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