10-second breakdown:
A low-cost option that gives you access to the brick and mortar locations of Liberty Tax Service if you need an assist. Much improved interface that will help you sail through your return.
The good:
eSmart is owned by the Liberty Tax Service company and offers additional assistance to self-preparers in those retail locations. You can also find one quickly from right inside the tax software.
The software is on the lower end of pricing and can be significantly less expensive than using the leading alternatives.
The developers have been actively seeking to improve the interface which has led to a much improved experience that is simple to use/understand and makes the process move quickly.
The bad:
eSmart is one of the only tax prep software products that doesn’t include a tax calculator to show you (in real time) how you owe or will be getting returned.
The deduction help seems to be lacking and individuals with complicated returns may want to take notice.
How it works:
eSmart is definitely a budget-friendly option but has some significant features that keep it competitive with some of the bigger fish in the market.
The interface now compared to just a few years ago tells you that the company is trying to compete and make something genuinely useful for it’s customer base. The weight of the large organization and franchise network of Liberty Tax also means that you can get help in almost any corner of the country when you need it.
Before we get into the details about filing, you’ll need to know which version is best for your situation. We have a brief overview of each of the tax software products to help you figure out the one you need.
Free: This version is solely for simple returns using the 1040EZ form to file their taxes. No itemized deductions or extra forms and your income has to be less than $62,000 annually. Filers must be between the ages of 18 and 54 to qualify as well.
Basic: The basic version from eSmart is actually one of the best deals in all tax preparation softwares. This will help you claim a host of deductions from self-employment, health savings accounts, and typical business expenses. However, it doesn’t include Sole Proprietor businesses or single-member LLC’s which could be confusing.
Deluxe: All of the deduction help from the basic version is carried over here, but the only significant difference here is the ability to have a home-based sole proprietor business. If you do have a business with a home office, this version is much more affordable than most competitors.
Premium: If you have complicated returns that involve investments, gains, and S Corp, or home sale this is going to be the only version that can help you file accurately. It’s a bit different of a tiered-scale than other options on the market, but the pricing is still incredibly competitive.
Now onto the filing process. The interface is intuitive and will guide those who are frightened of filling in the forms directly for themselves. If you feel like you need less guidance, there is sort of a self-driving mode that you can navigate on your own. Getting started is a breeze and you can even upload your previous years returns from a list of competing services including:
- TurboTax
- TaxAct
- H&R Block
- FreeTaxUSA
- And more
This ability appears to be unique in the online filing marketplace and makes it appealing to those wanting to switch to a lower cost option.
The software will take you on a guided (or partially self-guided) process of filing both federal and state returns. While it may not be as smooth as some of the better-known products, the company has come a long way toward making the experience very simple to understand.
If you’re used to the deduction tools of say, TurboTax, you’ll notice that eSmart’s version isn’t as in-depth which could be an issue if you have some of the odd deductions, but this won’t be an issue for most taxpayers.
In the event that you run into trouble and prefer to have a certified pro handle your tax affairs, you can load up and take you work to a local Liberty Tax office. Finding one isn’t difficult either as the software has a one-click process to finding the locations near you.
Before you resort to that, you can also take a look at the vast amount of beginner-friendly resources available on the eSmart website. There you’ll find guides like “taxes 101”, calculators (even though the software doesn’t provide one at the time of this review), and even information on the new healthcare act.
Unfortunately, there aren’t a large number of support options. Online support is available during business hours and email is an option, but no phone support is provided. If online methods of help or in-person assistance aren’t things you’re comfortable with, this one may not be the best option for filing your returns.
When you’re ready to finish the process, you can either choose to print the forms to mail them in the “old fashioned way”, or the more popular method—efile. State forms and filing are extra and aren’t as expensive as some, but still seem a bit steep for a budget software.
Sidenote: Printing out your returns is always a good idea. Make sure you save a version on your computer that can be opened with another program, like a PDF, so you won’t need the software anymore after filing.
For complete rankings of all online tax preparation software, go here.
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