taxact 2018 tax year software price increase 100%?

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panhead
Posts: 292
Joined: Fri Feb 22, 2013 10:53 am

taxact 2018 tax year software price increase 100%?

Post by panhead » Thu Nov 08, 2018 8:14 am

I used the home/business 1065 bundle last year and I paid $100, currently its listed as $200 for this year. Last year was the first time I used taxact, and had been using a CPA prior to that for years. I suppose in the grander scheme of things this isn't a lot of money for a quality product, and it is certainly cheaper than using a CPA, but a 100% price increase? I'm hoping to sell the rental property in the next couple years so I won't need the 1065 part after that.
To make this actionable and not just a bitch session, what have people done with taxact in the past? Do they discount the software any time of the year, maybe black friday or after the first of the year? Should I wait or just suck it up?

Edited to add, I also need the state version as I'm in Mass.

Silk McCue
Posts: 1319
Joined: Thu Feb 25, 2016 7:11 pm

Re: taxact 2018 tax year software price increase 100%?

Post by Silk McCue » Thu Nov 08, 2018 9:25 am

Ouch on the increase cost over last year. I would wait to purchase for discounts that might occur around Black Friday or Cyber Monday in a few weeks.

On the flip side the product including state returns seems like a "reasonable" price without respect to how much you paid last year. Hopefully you will get a price drop before you need to purchase.

Cheers

Tamales
Posts: 1294
Joined: Sat Jul 05, 2014 10:47 am

Re: taxact 2018 tax year software price increase 100%?

Post by Tamales » Thu Nov 08, 2018 10:15 am

This opinion piece on TaxAct's future viability is interesting (parent company blucora, formerly infospace):
https://seekingalpha.com/article/406853 ... rain-wreck

Also have a look at the wikipedia entry:
https://en.wikipedia.org/wiki/TaxAct

Most recently, note that its President, appointed in 2017, resigned in May of this year. So in my view, all bets are off regarding their past history of discounts potentially applying to the 2018 tax year. Given their financial state, the company seems to need to jack up the prices in order to remain viable.

I have used what is currently called the Plus version, but given all of the above, it seems worthwhile to consider switching to one of the big-two (turbotax or H&R Block). I just don't know how much of a pain switching tax software would be since Taxact is all I've ever used (I always manually prepared and filed before that)

As far as price history, the Plus version prices I got in the past 5 years are as follows:

Tax year 2013: all same as 2014

Tax year: 2014
Software: Taxact
Version: Deluxe (homeowner/itemize/investor)
download software cost:$19 (8.82 fed, 10.17 state)
state filing cost: $10
total: $29

Tax year: 2015
Software: Taxact
Version: Plus (homeowner/itemize/investor)
download software cost: $30 (federal 29.99, state 0 extra)
state filing cost: $10
total: $40

Tax year: 2016
Software: Taxact
Version: Plus (homeowner/itemize/investor)
download software cost: $24 (federal 23.99, state 0 extra)
state filing cost: $10
total: $34

Tax year: 2017
Software: Taxact
Version: Plus (homeowner/itemize/investor)
download software cost: $32 (federal 32.00, state 0 extra)
state filing cost: $10
total: $42

and for 2018 it looks like an increase in the 50-100% range, with a change in the pricing model, where state is now a separate additional cost, and I presume the extra state filing fee on top of that. Whether this gets discounted between now and April 2019, or maybe today's prices are the lowest they will be, is hard to say, given the lack of stability at the company.

panhead
Posts: 292
Joined: Fri Feb 22, 2013 10:53 am

Re: taxact 2018 tax year software price increase 100%?

Post by panhead » Thu Nov 08, 2018 10:55 am

Silk McCue wrote:
Thu Nov 08, 2018 9:25 am
Ouch on the increase cost over last year. I would wait to purchase for discounts that might occur around Black Friday or Cyber Monday in a few weeks.

On the flip side the product including state returns seems like a "reasonable" price without respect to how much you paid last year. Hopefully you will get a price drop before you need to purchase.

Cheers
Yeah, I agree if I view the price in a vacuum it wouldn't be unreasonable. Looking at the previous post concerning company viability is very interesting though. Maybe it is time to think about switching....

panhead
Posts: 292
Joined: Fri Feb 22, 2013 10:53 am

Re: taxact 2018 tax year software price increase 100%?

Post by panhead » Thu Nov 08, 2018 11:02 am

Tamales wrote:
Thu Nov 08, 2018 10:15 am
This opinion piece on TaxAct's future viability is interesting (parent company blucora, formerly infospace):
https://seekingalpha.com/article/406853 ... rain-wreck

Also have a look at the wikipedia entry:
https://en.wikipedia.org/wiki/TaxAct

Most recently, note that its President, appointed in 2017, resigned in May of this year. So in my view, all bets are off regarding their past history of discounts potentially applying to the 2018 tax year. Given their financial state, the company seems to need to jack up the prices in order to remain viable.

I have used what is currently called the Plus version, but given all of the above, it seems worthwhile to consider switching to one of the big-two (turbotax or H&R Block). I just don't know how much of a pain switching tax software would be since Taxact is all I've ever used (I always manually prepared and filed before that)

As far as price history, the Plus version prices I got in the past 5 years are as follows:

Tax year 2013: all same as 2014

Tax year: 2014
Software: Taxact
Version: Deluxe (homeowner/itemize/investor)
download software cost:$19 (8.82 fed, 10.17 state)
state filing cost: $10
total: $29

Tax year: 2015
Software: Taxact
Version: Plus (homeowner/itemize/investor)
download software cost: $30 (federal 29.99, state 0 extra)
state filing cost: $10
total: $40

Tax year: 2016
Software: Taxact
Version: Plus (homeowner/itemize/investor)
download software cost: $24 (federal 23.99, state 0 extra)
state filing cost: $10
total: $34

Tax year: 2017
Software: Taxact
Version: Plus (homeowner/itemize/investor)
download software cost: $32 (federal 32.00, state 0 extra)
state filing cost: $10
total: $42

and for 2018 it looks like an increase in the 50-100% range, with a change in the pricing model, where state is now a separate additional cost, and I presume the extra state filing fee on top of that. Whether this gets discounted between now and April 2019, or maybe today's prices are the lowest they will be, is hard to say, given the lack of stability at the company.
This was very interesting, thank you for this. I was unaware of the company's situation, and this certainly makes me think to look into switching products. Last year was the first year I used Taxact, and the first year in well over a decade since I used diy tax software. There was a lot of stuff I had to dig up and enter for the 1065 filing, and I'm hoping that TaxAct will update the 2018 return with that info using my previous return. I could certainly go to another software, but it took me a while to figure out how to enter a lot of stuff correctly in TaxAct and I hate to climb that learning curve again, though I certainly could. I think I'm going to stick with TaxAct for now, and hope they survive and are reasonably enough priced to use through the 2020 tax year. After that, my need for the 1065 should (hopefully) be done and my situation simplifies a lot.

panhead
Posts: 292
Joined: Fri Feb 22, 2013 10:53 am

Re: taxact 2018 tax year software price increase 100%?

Post by panhead » Thu Nov 08, 2018 11:07 am

Tamales wrote:
Thu Nov 08, 2018 10:15 am
This opinion piece on TaxAct's future viability is interesting (parent company blucora, formerly infospace):
https://seekingalpha.com/article/406853 ... rain-wreck
Wow I should've read this before responding. This does look bad, and if they are depending on cost increases, they are also probably trying to cut costs, ie software engineering costs, which might also effect product quality.

I'm going to seriously consider changing products this year....sigh.

TravelGeek
Posts: 2363
Joined: Sat Oct 25, 2014 3:23 pm

Re: taxact 2018 tax year software price increase 100%?

Post by TravelGeek » Thu Nov 08, 2018 11:30 am

panhead wrote:
Thu Nov 08, 2018 8:14 am
I used the home/business 1065 bundle last year and I paid $100, currently its listed as $200 for this year.
Does anyone actually pay list price for tax software?

Tamales
Posts: 1294
Joined: Sat Jul 05, 2014 10:47 am

Re: taxact 2018 tax year software price increase 100%?

Post by Tamales » Thu Nov 08, 2018 12:18 pm

I just pulled up the Taxact website, and apparently they've changed the model yet again. Two days ago there was still a "Plus" version (download version), but as of today there is no longer a Plus version. The equivalent is apparently the Premier version, for $81.90, plus a fee for state filing (previously it was $10 for this, so $91.90 total. That means ~120% price increase!!!

panhead
Posts: 292
Joined: Fri Feb 22, 2013 10:53 am

Re: taxact 2018 tax year software price increase 100%?

Post by panhead » Thu Nov 08, 2018 4:00 pm

Tamales wrote:
Thu Nov 08, 2018 12:18 pm
I just pulled up the Taxact website, and apparently they've changed the model yet again. Two days ago there was still a "Plus" version (download version), but as of today there is no longer a Plus version. The equivalent is apparently the Premier version, for $81.90, plus a fee for state filing (previously it was $10 for this, so $91.90 total. That means ~120% price increase!!!
Yeah, I think what you were seeing a couple of days ago was still the 2017 products, at least that's what I saw.
Crazy eh?

panhead
Posts: 292
Joined: Fri Feb 22, 2013 10:53 am

Re: taxact 2018 tax year software price increase 100%?

Post by panhead » Thu Nov 08, 2018 4:21 pm

I've tried to price turbotax, and for what I need, it appears to be even more expensive. H&R block seems cheaper, but the reviews on the business software are not good.
Looks like I might be sticking with the devil I know.....

panhead
Posts: 292
Joined: Fri Feb 22, 2013 10:53 am

Re: taxact 2018 tax year software price increase 100%?

Post by panhead » Thu Nov 08, 2018 4:23 pm

TravelGeek wrote:
Thu Nov 08, 2018 11:30 am
panhead wrote:
Thu Nov 08, 2018 8:14 am
I used the home/business 1065 bundle last year and I paid $100, currently its listed as $200 for this year.
Does anyone actually pay list price for tax software?
Actually, I have no idea. I know turbotax is available all over the place, amazon, BJs, etc. I'm not sure that's the case for taxact. As I said, last year was the first time I used tax software in well over a decade, so I'm not familiar with the pricing models.
Edited to add: I will sure be shopping around this year for a deal however!

Dottie57
Posts: 4645
Joined: Thu May 19, 2016 5:43 pm

Re: taxact 2018 tax year software price increase 100%?

Post by Dottie57 » Thu Nov 08, 2018 5:07 pm

I am not sure deals will be available given the cost of programming changes for the trump tax changes.

Tamales
Posts: 1294
Joined: Sat Jul 05, 2014 10:47 am

Re: taxact 2018 tax year software price increase 100%?

Post by Tamales » Thu Nov 08, 2018 5:18 pm

FYI here's a fairly thorough comparison of the "big 3" retail tax software packages:
https://thecollegeinvestor.com/15201/co ... #tab-con-0

PS I found a chart from back in 2012 that showed Turbotax having ~65% market share, Infospace(TaxAct) and H&R Block have about 15% each, and all the rest having ~5% (it was an unlabeled pie chart so I'm eyeballing the numbers). I couldn't find more recent freely available numbers.

Parthenon
Posts: 434
Joined: Wed Apr 04, 2007 3:44 pm
Location: Illinois

Re: taxact 2018 tax year software price increase 100%?

Post by Parthenon » Thu Nov 08, 2018 6:18 pm

You may want to review https://www.consumeraffairs.com/finance ... nline.html before using them.

Ed
"What am I gonna do if I run out of money?"

bnes
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Contact:

Re: taxact 2018 tax year software price increase 100%?

Post by bnes » Thu Nov 08, 2018 8:54 pm

Keep in mind TurboTax's retail price is not the full price you pay, as at the very end they'll hit you up for an e-File fee.
Competition for full strength individual tax software would be nice...
The comparison chart from above is great : https://thecollegeinvestor.com/15201/co ... #tab-con-0

2015
Posts: 2080
Joined: Mon Feb 10, 2014 2:32 pm

Re: taxact 2018 tax year software price increase 100%?

Post by 2015 » Fri Nov 09, 2018 1:43 am

Tamales wrote:
Thu Nov 08, 2018 12:18 pm
I just pulled up the Taxact website, and apparently they've changed the model yet again. Two days ago there was still a "Plus" version (download version), but as of today there is no longer a Plus version. The equivalent is apparently the Premier version, for $81.90, plus a fee for state filing (previously it was $10 for this, so $91.90 total. That means ~120% price increase!!!
Just saw this too. Really sucks. OP, thanks for the head up.

I just found this for TT--$50.98 for pre-order fed/state download + $19.99 for state e-file, is cheaper than TA. I started with TT and it wouldn't bother me to switch back.

https://taxmarkdown.com/product/turbota ... gLTHfD_BwE

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