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TaxAct is a tax preparation software package created by TaxAct Holdings, Inc., an American software company based in Cedar Rapids, Iowa. The company was founded in 1998 as TaxACT and is now a subsidiary of Blucora. TaxAct is a member of the Free File Alliance, a free federal tax preparation and electronic filing program. It is known as the official sponsor for Sprint Cup series racer Danica Patrick during the NASCAR 2015 and 2016 seasons.

Early history
In 1994, Intuit, makers of TurboTax, acquired Parsons Technology, a technology company based in Cedar Rapids and active in the tax preparation business. Parson had its featured and most lucrative product Personal Tax Edge used for  upgrade every year. However, Intuit discontinued Personal Tax Edge within a few years. As a result, four of the former Parsons employees branched out to found “2nd Story Software” in 1998, with no assets nor funding and with the idea of challenging the industry leaders. They relied on the emerging popularity of the Internet. The name of the company was inspired by their 2nd initiative in creating a tax product and their location on the 2nd floor of a building.

TaxAct was founded in 1998 as TaxACT by Lance Dunn, the former Vice President of software development at Parsons, who recruited Jerry McConnell and Alan Sperfslage as software developer, and Cammie Greif as a marketing specialist.

Around 2000, a cloud-based version of TaxACT software was released to support the company’s expansion.

In 2004, TA Associates, a private equity firm based in Boston, acquired two-thirds of the company for $89 million.

In October 2010, H&R Block said it would pay $287.5 million in cash to acquire the parent firm of TaxAct. In May 2011 the U.S. Department of Justice attempted to stop the acquisition in an antitrust lawsuit. In November 2011, a federal judge sided with the Justice Department of the United States to make both companies mutually terminate their contract.

In 2013, the name of the company 2nd Story Software was officially changed to TaxACT to better align with the product.

Recent history
Over the last few years, the company has acquired Balance Financial (2013), 2nd Story Software (2013), and Simple Tax (2015). In the same year, its results defied Wall Street estimates. In 2017, Sanjay Baskaran was appointed as the President of the company.

Timeline

 * 1998 Four co-founders, all veterans of Parsons Technology, decide to create a new DIY tax preparation software. They name the company 2nd Story Software.


 * 2000: The first entirely cloud-based version of the TaxACT software is released.


 * 2004: The company receives an $89 million investment from TA Associates in exchange for a two-thirds ownership stake.


 * 2005: TaxACT is the first tax preparation software to offer free online filing.


 * 2012 (January): 2nd Story Software is acquired for $287.5 million by InfoSpace (now known as Blucora), the holding company of TaxACT.


 * 2013: The company's name is changed to TaxACT to better reflect its mission. Then, in October of the same year, TaxACT made its first acquisition with Balance Financial.

Overview
TaxAct provides affordable software and assistance to salaried employees, homeowners, investors, freelancers, self-employed individuals and tax professionals. It is a full-featured online tax application that offers options for most tax scenario in a simple user interface with a range of products as follows:
 * Free - for those who file simple returns, using 1040EZ and 1040A filers.
 * Premium - provides form filing assistance using prior data.
 * Freelancer - for individuals filing Schedule C.
 * Pro - aimed towards heavy usage customers and professionals.

Reception
In 2018, TaxAct was awarded the title of Best Free Online Tax Software by Business News Daily. and listed in the Best Tax Softwares by PCMag

TaxAct handled 5.5 million U.S. filers’ tax returns 2015 and is known as the third-largest online tax preparation firm in America. Two decades after its predecessor Parsons Technology was shut down by Intuit, maker of TurboTax, TaxAct has grown into a viable alternative to Turbotax and H&R Block.