TaxACT Launches Its Free Tax Planning Solutions for 2014 Tax Returns

CEDAR RAPIDS, IA--(Marketwired - Oct 2, 2014) - TaxACT®, the critically acclaimed leader of digital and download tax preparation solutions, has released tax year 2014 federal solutions. With all e-fileable forms, TaxACT is the only year-round DIY tax planning and preparation solution that's free for all consumers.

Taxpayers can easily calculate their 2014 tax refund or amount owed for free with TaxACT. The straightforward Q&A format in its Free Federal and Deluxe Editions covers the latest tax law changes plus hundreds of credits and deductions.

"The idea that only tax experts are qualified to do year-end tax planning is a myth," said TaxACT President JoAnn Kintzel. "Even if you know little or nothing about taxes, TaxACT gives you the tools to confidently navigate your taxes. Answer simple questions about your income and expenses for 2014, and TaxACT will calculate your refund as it currently stands and show you where you could potentially increase it."

Preview your refund or liability amount to budget ahead
After importing last year's tax return or quickly entering basic information, TaxACT explains how life changes such as marriage, graduating from college and buying a house may impact your taxes.

From there, the Q&A interview reviews the latest tax law changes, credits and deductions to help maximize your refund or minimize the amount owed.

For taxpayers who want to adjust their withholding for the remainder of 2014, TaxACT's withholding calculator will figure the new amounts and prepare a new Form W-4.

Expert tax guidance for the Affordable Care Act

The 2014 program includes all tax law changes related to the Affordable Care Act. While the insurance mandate means little to no change for most Americans' 2014 tax returns, TaxACT offers easy guidance for those who are impacted.

If you purchased coverage from a government-sponsored marketplace or were uninsured for more than three months in 2014, TaxACT translates the advanced premium tax credit, exemptions and the individual shared responsibility payment into simple questions.

TaxACT also offers guidance to help Americans make health insurance decisions for 2015. The HealthWatch report includes calculations and tax information to help consumers apply for coverage in marketplaces.

Taxpayers who want more information can download a free year-by-year guide to the tax implications of the ACA at HealthcareACT.com, powered by TaxACT.