1040.com is a developer of income tax software based in Franklin, North Carolina. The company is owned by Drake Software, which has been in business since 1977 and has an A- rating with the BBB. Drake Software provides tax software and business services to over 55,000 tax professionals throughout the United States. 1040.com provides professional grade tax filing services directly to consumers. In 2016, over 15 million federal income tax returns were filed using its online platform.
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What Services Does 1040.com Offer?
1040.com provides the following services:
· Maximum Refund Guarantee for Federal and State Tax Returns
· 100% Accurate Calculations Guarantee on Federal and State Tax Returns
· E-file Service
· Account Information Roll Over
· Automatically imports W-2 tax forms
· Printing of Tax Return
· Complex Tax Filing
· Online Backup and Archive
· Federal Tax Extension
· State Tax Filing and Preparation
· Amended Tax Return
· U.S.-based Customer Service
· Pay With Your Refund
What Is 1040.com's Pricing Structure?
1040.com has three editions: a free edition, a deluxe edition ($19.95), and a premium edition ($39.95). The price of filing a state return is not included and varies depending on the version you choose.
The free edition offers free federal tax filing, but a state return costs $9.95. 1040.com’s free edition includes all the features listed in the deluxe and premium edition (see above), but it only covers the simplest of tax returns. The free version is designed for taxpayers who are filing as single or married filing jointly. They must also earn less than $100,000, have no dependents, receive no investment or retirement income, and must not be self-employed.
The deluxe edition is $19.95 for federal and $14.95 for state returns. It is valid for all types of statuses (single, married filing jointly or separately) but is only designed for taxpayers who earn less than $100,000. However, it does provide coverage for families with children and other dependents and includes most tax credit and deductions, such as child care, education tax breaks, and credit for retirement savings. This edition does not include itemized deductions or self-employed income, so it is not appropriate for freelancers or small business owners.
The premium edition is $39.95 for federal and $19.95 for tax returns. It provides coverage for all statuses and income levels. This edition includes all the tax features of the deluxe edition plus itemized deductions (Schedule A), self-employment income (Schedule C), investment income, small business income (Schedule C) and pass-through entity income.
What Are the Advantages & Disadvantages of 1040.com?
1040.com offers an inexpensive way of filing state and federal tax returns. However, it lacks essential features such as audit assistance and personalized customer care by phone. Taxpayers with simple tax returns can get free federal filing, but they will have to pay $9.95 for state. Other tax preparation companies, such as TurboTax, provides free federal and state filing services for simple tax returns.
Benefits of 1040.com:
· Customers with simple tax returns can file federal tax returns for free.
· Free customers get access to the same features as paying users.
· It includes similar features to TurboTax at a lower cost.
· The software provides free advice on credits and deductions.
· Returning users are not charged additional fees for rolling-over prior year tax data.
· Automatic Error Detection is a feature.
Disadvantages of 1040.com:
· State returns are priced separately.
· Does not provide in-person support.
· No phone or email address to contact.
· No audit assistance.
Compare 1040.com with other leading tax preparation services to ensure you are getting the best deal possible.