TaxAct Premium+ 2024 is a cost-effective option for individual users with its user-friendly interface and comprehensive features. Drake Tax Software 2024 is better suited for tax professionals needing to file numerous returns, offering unlimited plans and additional accounting features.
| Attribute | TaxAct Premium+ 2024 | Drake Tax Software 2024 |
|---|---|---|
| Federal and State Filing Included | Yes, state returns incur an additional fee, typically ranging from $54 to $64.99 per state. | Yes, supports all states that require tax returns. |
| Self-Employment Tax Support | Offers a "Self-Employed" tier specifically designed for freelancers, gig workers, and small business owners. Includes features for reporting self-employment income and expenses (Schedule C). | Yes, helps with planning taxes related to self-employment. |
| Investment Income Reporting | The "Premier" tier supports investment income reporting, including stock transactions, dividends, and capital gains/losses. It also handles cryptocurrency transactions. | Yes, can handle investment income, including capital gains. Supports forms such as Form 8960 for Net Investment Income Tax (NIIT) calculations. |
| Rental Property Income/Loss | The "Premier" version is suitable for individuals who earn money from rental properties. | Yes, can manage rental and royalty income. Supports Schedule E. |
| Deduction Maximizer | Includes a "Deduction Maximizer" tool that suggests potential deductions based on your tax situation. | Yes, includes features like DoubleCheck and LookBack to support accuracy and completeness of tax information, which helps in maximizing deductions. It also has a Tax Planner to identify tax-saving opportunities. |
| Tax Law Accuracy Guarantee | Offers a tax accuracy guarantee, promising to cover any penalties and interest incurred due to errors in their software's calculations, up to $100,000. | Yes, strives to keep users compliant with state and federal tax laws. |
| Audit Support | Provides audit support through a partnership with ProtectionPlus, offering full-service audit assistance for an additional fee. ProtectionPlus covers your return for three years, guiding you through the audit process and handling IRS correspondence. | Yes, offers assistance with IRS interactions and audits. |
| Prior Year Data Import | Allows you to import PDF files from other tax programs like TurboTax and H&R Block. | Yes, simplifies importing data from previous years, including client records and tax forms. You can transfer data from previous software versions or backups. |
| Mobile App Availability | Compatible with multiple devices, offering online access for convenient filing. | Yes, offers a web-based solution that can be accessed from smartphones and tablets. |
| Customer Support Options | Offers customer support via chat, email, and phone. Expert tax advice is available as an add-on service. | Yes, customer support is provided via telephone, email, and online chat. They also offer online videos for new users. |
| Ease of Use | User-friendly interface with a step-by-step process. Questions are phrased simply, minimizing tax jargon. Includes a tax glossary to help users understand tax terms. Provides access to prior year comparison reports, which compares the returns from the current year and the previous year to check for any discrepancies. | Considered user-friendly for basic 1040 returns. The interface is similar to actual tax forms, making it easy to navigate. |
| Price | Premium version: $94.99 for federal filing. Self-Employed tier: $109.99 for federal filing. State returns: $54 to $64.99 per state. | Pay-Per-Return Plan: Starts around $345 to $350 annually for the first 10 individual returns. Additional returns are charged per return. Unlimited Plan: Around $1,825 to $2,195 annually for unlimited individual and business tax returns. Power Bundle: Around $1,975 annually, including Drake Accounting & Payroll. |
| Overall Rating | Not available | Not available |
| Performance Rating | Not available | Not available |