TaxACT makes filing taxes easy, fast and affordable for small business owners

Cedar Rapids, IA - January 5, 2015 - TaxACT®, the critically acclaimed leader of affordable digital tax preparation solutions, released final versions of its filing programs and opened e-filing for partnership, LLC and corporate tax returns today. TaxACT will transmit e-filed Form 1065, 1120S and 1120 returns to the IRS as soon as business return processing begins later this week.

TaxACT's expert guidance and straightforward tools make it easy to prepare, print and e-file federal and state tax returns.

"Small business owners are in an ideal position to prepare their own business tax returns," said TaxACT President JoAnn Kintzel. "They are the experts regarding the details of their business. TaxACT translates tax forms into simple questions about business income, losses and expenses that business owners can easily answer.”

Time and money-saving tools

TaxACT's new interface features a cleaner design for easier navigation. The simple Q&A interview starts with import of last year's TaxACT return. TaxACT also imports this year's accounting records and investments. The Quick Entry forms expedite entry of Schedule K-1, L, and M-3 and Form 4562 information.

TaxACT's easy wizard can quickly create Schedule K-1s, or customers can enter owner information directly into Schedule K-1s. TaxACT 1065 and 1120 Editions automatically allocate and update Schedule K-1 items as income, deduction and credit information is entered.

Business owners get easy, fast insight into potential deductions and missed opportunities with TaxACT reports, including:

  • Depreciation and amortization summaries with current, future and accumulated deductions
  • Capital gains summaries for reconciling brokerage statements with the tax return in order to ensure all investment transactions are reported
  • Partner or shareholder basis and distributive share reports
  • TaxACT Examiners summarizing income, deductions, pass-through items, miscellaneous and Schedule K-1s for convenient review
  • Year-over-year tax return comparisons to help identify incorrect entries or overlooked information

Easy guidance through tax law changes and complex situations

TaxACT is up-to-date with final tax forms and tax law changes, including business extenders and the credit for employee health insurance premiums. The simple Q&A interview navigates all available deductions and credits to help minimize any tax liability.

At the end of the interview, TaxACT Alerts check for errors, missing information and potentially missed savings.

If needed, answers are always just a click away in TaxACT Small Business Editions, with guidance tailored to each interview question:

  • TaxTutor Guidance – new for 2014 – offers straightforward tips, strategies and explanations
  • The most popular FAQs
  • TaxACT's Answer Center, where you can browse all TaxTutor Guidance, FAQs and other resources

Customers can also email or call TaxACT's tax and technical specialists for help.

Seamless integration with affordable state and individual tax returns

TaxACT automatically fills in state tax forms at the same time federal forms are completed. TaxACT Small Business State returns take just minutes to finish and e-file, and are a best value at just $19.99 each.

TaxACT automatically imports all the necessary information from small business returns into TaxACT Deluxe 1040 returns, including Schedule K-1 data.

All TaxACT Online federal and state returns include free e-filing. Customers can get the status of their e-filed returns anytime, anywhere with email and text notifications, by signing into their TaxACT Account or on any browser at efstatus.taxact.com.

TaxACT's Price Lock Guarantee promises customers the price in the offer through which they started their TaxACT Online return, regardless of when they file. Other brands require users to pay the current price.

Additionally, payment for TaxACT Online products is never required until printing or previewing completed tax forms, e-filing or redeeming phone help.

About TaxACT

TaxACT is the critically acclaimed leader of affordable digital and download tax preparation solutions for individuals, business owners and tax professionals. TaxACT was the second-most visited online tax preparation destination for the 2013 tax season1. In the 2005 tax season, TaxACT became the first to offer free federal tax software and e-file to all U.S. taxpayers. Since 2000, TaxACT has assisted with nearly 53 million e-filed federal returns. TaxACT is a business of Blucora, Inc. (NASDAQ: BCOR). Learn more about TaxACT at www.taxact.com and www.taxact.com/press.

Contact

Jessi Dolmage
TaxACT Public Relations
pr@taxact.com
(319) 373-3600

1 According to collective week end reports for www.taxact.com released by Hitwise™.