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Tax season—a time of stress for many—is upon us. Not only does the process of filing tax returns present a challenge, but also the fear of an unexpected tax bill can be a source of anxiety for taxpayers. Even if you don't end up owing the IRS, you still may have to pay to get your taxes done. So, finding ways to save along the way can ease the burden of filing your taxes.
Ways to Save When Preparing Your Taxes
While the list below is certainly not exhaustive, many opportunities exist to save when preparing and filing a tax return:
- Airline/cashback portals
- Bank savings programs like Amex Offers and Chase Offers
- Referral systems
- Free filing
- Paying with the right credit card
These opportunities are not mutually exclusive either. You can stack two or more of these opportunities to save even more when you file your tax return!
Airline and Cashback Portals
Online shopping portals have been around for a while, but might not immediately come to mind during tax season. Most U.S.-based airlines and a multitude of other cashback shopping systems offer a way to earn rewards for your spending. Common tax preparation services and software — such as H&R Block and TurboTax — are no exceptions to this.
Whenever I am poised to use an online shopping portal, I make sure to check CashBackMonitor to compare which portal offers the most favorable return on spending. At the time of writing this article, a search for “TurboTax” yields the results below:
A few options immediately stand out:
- Southwest Rapid Rewards offers the largest airline points bonus at 1,000. However, per the offer terms and conditions, these points do not count towards Companion Pass qualification.
- Rakuten offers a way to earn up to 7.5% back. If your Rakuten account is set up to earn Amex Membership Rewards instead of cash back, that 7.5% means 7.5x Membership Rewards points instead!
- Several other 15+% cashback opportunities exist if neither airline portals nor Rakuten is appealing.
Offerings from each online shopping portal change frequently, so be sure to check back routinely to take advantage of what could be limited-time increased airline mile or cashback chances!
Tax Preparation Amex Offers and Chase Offers
Holders of Amex and Chase credit cards should be quite familiar with Amex Offers and Chase Offers, respectively. Currently, both sets of cardholders enjoy opportunities to save when they pay for tax preparation services and/or software this tax season.
I was able to find a couple of Amex Offers (that should be able to stack together) and one Chase Offer for myself at the moment. However, you may find different offers depending on which Amex cards you hold and when you check.
For example, on Amex Offer is for 30% back (up to $60) on TaxAct:
Another Amex Offer offers 5x bonus Membership Rewards points (up to 2,000) on TaxAct:
A Chase Offers is available for $10 back on TurboTax:
Be sure to read all of the terms and conditions of these offers carefully to make sure that all qualifications of the offer are met. Just as importantly, pay attention to the offer period for each of these as well.
Get Rewarded for Referrals
Referral offers for credit cards, cashback programs, and even bank accounts are the norm these days. But for tax preparation services? Just like last year, the same referral programs are in place for 2022.
Both TurboTax and H&R Block — and perhaps other tax companies — offer referral bonuses for users. You'll get a bonus whether you're the one referred or the referee. So, no matter what your business is rewarded!
Have a PayPal account? This isn't a “referral” in the same sense as above, but checking out via PayPal from select tax preparation services from TurboTax may yield additional savings.
Free Tax Filing
All of the offers mentioned so far are for discounts or extra rewards on tax preparation purchases. But, if your goal is to spend as little as possible, filing your tax return for free beats any 15% rebate or $20 back opportunity. The IRS website makes filing for free very easy. Free filing options exist no matter what your level of income.
For those with annual income over $73,000, free electronic forms are available that must then be filled out and filed independently. However, for those with an annual income under $73,000, you'll get free access to tax preparation software made by the same companies that sell tax preparation software.
Paying via Credit Card
After finalizing your tax return, you may find that you owe additional taxes. Even if you are due a tax refund, you may have a payment to make to a CPA or other tax filing service.
If a payment is owed, you can make that payment via credit card. This allows taxpayers one final opportunity in the filing process to save money. Note that multiple options exist for making a tax payment via credit card.
Besides choosing which method of payment makes the most sense, it is important to consider which credit card to use as well. If there is a credit card where you are working toward meeting a minimum spend requirement, that should take precedent.
Beyond that, tax payments do not fall into a bonus category for any consumer credit card. Credit cards that offer the most on non-bonus spending will provide taxpayers with the best return on these payments. Even for those who prioritize earning transferrable points, excellent payment options exist.
Filing taxes can be stressful, but it can also be rewarding. With a bevy of stackable options at your disposal, make sure you don't miss out on savings this tax season. There are even free options for preparing taxes exist for the most cost-conscious taxpayer.
No matter which filing option you pursue, make sure to make any tax filing-related payments with a credit card that will provide the biggest reward for your spending.
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