(A previous version of this story incorrectly stated that the free version of TaxACT could only be purchased for one year)
When I hear someone start talking about taxes, my eyes automatically start to glaze over. Maybe it's because I just don't have the brain for that kind of thing, but I just cannot figure that stuff out.
In recent years, though, services have been popping up that are designed to make it easier for people to do their taxes. One of those is TaxACT, which has now purchased Balance Financial, a company that provides financial software for individuals and professionals, it was announced in a blogpost from TaxACT on Friday.
No financial terms of the deal were disclosed, but it was revealed that Balance Financial will continue to operate under the same name, and will still be working out of its current headquarters, located in Bellevue, WA office. In addition, current Balance Financial CEO Devin Miller will continue to lead product development and management of the PFM business.
TaxACT, a subsidiary of Blucora, is a provider of tax preparation solutions. It has both Free, and Deluxe Editions, that allow U.S. consumers to calculate their 2013 taxes for free.
“Taxpayers can prepare, print and e-file their federal returns free with the Free version. They can also buy the Deluxe version for $9.99, which will allow them to import their previous TaxACT data, maximize their deductions for donations and also gives them extra calculators and reports. Users also can import investment info, get free phone help (all Free and Dlx users get unlimited free tax and audit help via email, on our website and in the Answer Center).
The company also offers an Ultimate Bundle for $17.99, which also includes State taxes as well. All three versions of the software provide free tax help & audit support.
Founded in 2004, Balance Financial provides a branded portal that gives its professional customers details about finances of their clients. It also provides collaboration and task management tools for its clients that are small businesses and families. It helps them track spending, share files, pay bills, and organize a budget.
The company raised $1.2 million from Crosslink Capital and Seattle angel investors Geoff Entress, Michael Buhrmann and others in June of 2011.
In a separate blog post, Miller talked about how what his company would get out of the deal, and why the two companies were a good fit.
“TaxACT is well-capitalized and boasts the valuable resources of a larger company which will help us further expand the growth of the Balance Financial brand,” wrote Miller. “Together, we will leverage our combined knowledge and expertise in the digital personal finance market, enabling us to enhance the premium solutions for both TaxACT and Balance Financial customers.”
"In the end, this transaction is about adding the financial resources and talent to better meet your needs and ensure that our services remain at the forefront of our industry."
How exactly Balance Financial will be integrated into TaxACT is not clear at the moment.
VatorNews has reached out to Balance Financial for more details, and we will update if we learn more.
(Image source: http://www.balancefinancial.com)