- Who is EY TaxChat Best For?
- EY TaxChat Details
- EY TaxChat Pros & Cons
- How Much Does EY TaxChat Cost?
- How does EY TaxChat Work?
- Why You Should Trust Us: How We Rated EY TaxChat
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EY TaxChat
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star FeesStarts at $199 for federal and 1 state return
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Connect with a qualified tax pro quickly
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy-to-use interface
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy document upload
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Saves time vetting independent tax preparers
- con icon Two crossed lines that form an 'X'. Costlier than DIY tax software
- con icon Two crossed lines that form an 'X'. Direct access to your tax pro costs extra
- con icon Two crossed lines that form an 'X'. Filing for an extension costs extra
- con icon Two crossed lines that form an 'X'. Does not keep records of your tax returns
- con icon Two crossed lines that form an 'X'. No free tax preparation, even for the simplest returns
EY TaxChat offers a streamlined digital tax prep experience for those who want to hand the task off to a professional, though it could be more expensive for simple filers than TurboTax or H&R Block's full service offerings. And there is an extra $125 charge for filing an extension, which is usually free with DIY tax software.
Product Details- Full-service tax preparation
- All tax pros are CPAs or enrolled agents
- No appointments needed
- Cost depends on the complexity of your financial situation
- Easy to get a price quote by answering questions about your income and expenses
- Includes federal and state returns
The bottom line: EY TaxChat offers a streamlined digital tax prep experience for those who want to hand the task off to a professional. However, with prices starting at $199, it could be more expensive for simple filers than TurboTax or H&R Block's full service offerings. And there is an extra $125 charge for filing an extension, which is usually free with DIY tax software.
Who is EY TaxChat Best For?
EY TaxChat is best for someone who wants their taxes done by a professional but doesn't want to spend time vetting people. The service is backed by Ernst & Young LLP, one of the Big Four accounting firms, and all of the tax preparers are either certified public accountants or enrolled agents.
EY TaxChat is ideal for someone who is very comfortable using technology, since there are no in-person appointments. All correspondence and document sharing is done online via the web or the EY TaxChat mobile app (available for iOS and Android).
See Personal Finance Insider's picks for the best tax software >>
If you tend to wait until the last minute to file your taxes, EY TaxChat may not be for you. The deadline to submit all of your tax documentation is March 20. This gives your tax pro enough time to complete your return, obtain your final approval and signature, and file your tax return on time.
EY TaxChat Details
- Full-service tax preparation
- All tax pros are CPAs or enrolled agents
- No appointments needed
- Cost depends on the complexity of your financial situation
- Easy to get a price quote by answering questions about your income and expenses
- Includes federal and state returns
EY TaxChat Pros & Cons
EY TaxChat pros
- Connect with a qualified tax pro quickly
- Easy-to-use interface
- Easy document upload
- Saves time vetting independent tax preparers
EY TaxChat cons
- Costlier than DIY tax software
- Direct access to your tax pro costs extra
- Filing for an extension costs extra
- Does not keep records of your tax returns
- No free tax preparation, even for the simplest returns
How Much Does EY TaxChat Cost?
How much you'll pay for EY TaxChat's services depends on the complexity of your financial situation. Prices start at $199. You can expect to pay more if you have multiple sources of income, homeownership deductions, investment gains, business expenses, or rental property. That's similar to how most accountants price tax preparation.
For example, the price to prepare a simple return for a single filer living in New York with no dependents, W-2 income from one job, retirement contributions, and student loan interest was $320.
EY TaxChat charges a fee of $125 to file for an extension, which pushes your deadline from April 15 to October 15 (though you still need to calculate and pay your bill on time to avoid penalties and interest). Filing for an extension is often free via DIY tax software, regardless of which package you choose.
For an additional $500, you can add TaxChat Plus, a concierge service that gives you the ability to connect with your tax pro via email, phone, or chat to discuss the tax prep process and go over your completed return in detail.
EY TaxChat Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star FeesStarts at $199 for federal and 1 state return
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Connect with a qualified tax pro quickly
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy-to-use interface
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy document upload
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Saves time vetting independent tax preparers
- con icon Two crossed lines that form an 'X'. Costlier than DIY tax software
- con icon Two crossed lines that form an 'X'. Direct access to your tax pro costs extra
- con icon Two crossed lines that form an 'X'. Filing for an extension costs extra
- con icon Two crossed lines that form an 'X'. Does not keep records of your tax returns
- con icon Two crossed lines that form an 'X'. No free tax preparation, even for the simplest returns
EY TaxChat offers a streamlined digital tax prep experience for those who want to hand the task off to a professional, though it could be more expensive for simple filers than TurboTax or H&R Block's full service offerings. And there is an extra $125 charge for filing an extension, which is usually free with DIY tax software.
Product Details- Full-service tax preparation
- All tax pros are CPAs or enrolled agents
- No appointments needed
- Cost depends on the complexity of your financial situation
- Easy to get a price quote by answering questions about your income and expenses
- Includes federal and state returns
How Does EY TaxChat Work?
EY TaxChat pairs you with a qualified tax professional who can prepare and file your federal and state tax returns for a fee.
You need to create an EY TaxChat account to get a price estimate. After signing in, you'll be prompted to read and agree to various financial and privacy disclosures.
Then you'll be asked a series of questions about your marital status, dependents, income sources, expenses, and deductions for 2023. You will also need to provide your Social Security number or check the box that says you'll be filing with an ITIN. With that information, the platform generates a price estimate, which includes one federal return and one state return (there's an added cost for multiple state returns).
The more detail you provide at this stage, the more accurate your estimate will be. If you forget to mention that you earned money from a side gig or sold cryptocurrency in 2023, the cost to prepare your return will go up.
If you decide to move forward with EY TaxChat, you'll get a list of tax forms to upload to your account. For example, a W-2 if you're a salaried employee or one or more 1099s if you're self-employed. If you have questions about the required forms, you can start a chat with the support team at any time — but it may take up to 48 hours to get a response.
After uploading all of the required documentation, your tax pro will prepare your return. After reviewing it, you can pay the fee via debit or credit card and provide deposit details for your refund if you're getting one. Throughout the process, you can refer to a handy status bar on your account dashboard to see which steps still need to be completed.
EY TaxChat FAQs
What is the EY TaxChat app? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.It's a full service tax preparation service similar to TurboTax or H&R Block's full service offerings. You answer a few questions about your financial situation, get a cost estimate, and get paired with a CPA or enrolled agent who will ask you to upload specific documents to your online account via the web or EY TaxChat mobile app.
How much does EY TaxChat charge for a return? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Charges vary for tax preparation depending on the complexity of your financial situation and whether you need to file more than one state tax return. A single filer with no dependents and income from one job in New York who contributed to a retirement account and paid student loan interest can expect to pay at least $320.
Compare EY TaxChat
EY TaxChat vs H&R Block
H&R Block can connect you with a tax professional if you don't feel comfortable doing taxes yourself or you want to save time. H&R Block may be cheaper than EY TaxChat for certain situations. Two similar tax profiles — a single filer with no dependents, income from one job, and student loans — turned up a price quote of $320 at EY TaxChat versus $150 (plus an additional state fee) at H&R Block. If you'd like the option to meet with your tax pro in person to go over your return, ask questions, or submit supporting documents, H&R Block is the better choice.
EY TaxChat vs TurboTax
TurboTax is cheaper than EY TaxChat, especially for simple tax situations. Unless you qualify for free filing, the starting price for an assisted tax return for a single filer with W-2 income and itemized deductions is $89. TurboTax and EY TaxChat are both tech-forward and mobile friendly, but TurboTax has video chat and screen-share capabilities. TurboTax also keeps records of tax returns you file through the platform for up to seven years.
Why You Should Trust Us: How We Rated EY TaxChat
We rate tax software on a 1-5 scale. The overall rating is a weighted average that considers five different categories when reviewing each platform, some of which are judged more heavily than others. They are:
- Cost (30%): Is there a free filing package? How does the cost of the paid tax preparation software compare to similar offerings from competitors?
- Value (20%): Does the cost justify what you get? Can you get the same features elsewhere for a lower price?
- User experience (20%): Is the tax prep software easy to use? Can you seamlessly upload or import documents? Is the guidance clear and non-jargony?
- Expert help (20%): Can you chat, email, or call a tax professional when you have questions? Is this feature included with the standard packages or does it cost extra?
- Support (10%): Is there an accuracy guarantee or audit support? Is customer service reachable and helpful?
We also considered the breadth of tax forms included in the various packages offered by each tax software company, with an emphasis on what's available at no cost.
EY TaxChat Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star FeesStarts at $199 for federal and 1 state return
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Connect with a qualified tax pro quickly
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy-to-use interface
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy document upload
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Saves time vetting independent tax preparers
- con icon Two crossed lines that form an 'X'. Costlier than DIY tax software
- con icon Two crossed lines that form an 'X'. Direct access to your tax pro costs extra
- con icon Two crossed lines that form an 'X'. Filing for an extension costs extra
- con icon Two crossed lines that form an 'X'. Does not keep records of your tax returns
- con icon Two crossed lines that form an 'X'. No free tax preparation, even for the simplest returns
EY TaxChat offers a streamlined digital tax prep experience for those who want to hand the task off to a professional, though it could be more expensive for simple filers than TurboTax or H&R Block's full service offerings. And there is an extra $125 charge for filing an extension, which is usually free with DIY tax software.
Product Details- Full-service tax preparation
- All tax pros are CPAs or enrolled agents
- No appointments needed
- Cost depends on the complexity of your financial situation
- Easy to get a price quote by answering questions about your income and expenses
- Includes federal and state returns
Tanza Loudenback Tanza Loudenback is a personal finance expert and a Certified Financial Planner (CFP). She was the founding reporter of Personal Finance Insider, covering topics including taxes, retirement planning, banking, real estate and mortgages, and budgeting. Her work has been featured in WSJ Buy Side, Fortune Recommends, Korn Ferry, TheStreet, Morgan Stanley Wealth Management, and Fidelity. ExperienceTanza was the first reporter on the Personal Finance Insider team. In addition to helping build the vertical from the ground up, she helmed a biweekly advice column answering readers’ personal finance questions and launched a personal finance newsletter. She also published two e-books under the Personal Finance Insider brand.She was the editorial lead on Master Your Money series, a two-year-long Business Insider series providing financial advice to millennials. She managed Master Your Money bootcamp events over the course of the series. While at BI, she also expanded tax coverage to include a guide to the best tax software and commissioned a panel of experts to review all articles. Tanza obtained her CFP license in 2020. She aims to simplify personal finance concepts for readers so that they can make smart decisions with their money. ExpertiseTanza’s areas of personal finance expertise include:- Real estate/mortgages
- Taxes
- Retirement planning
- Small business finances
- Banking
- Budgeting
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