Information about Turbo Tax Software

turbo tax

Over 200 million income tax returns will be filed this year. There are many options for preparing and filing your I income tax return. TurboTax has effective and simple-to-use products available to those choosing to file taxes themselves, either electronically or by mailing a paper tax return. TurboTax offers a variety of products: online products, CD/download products, mobile applications and professional tax services. Pricing for the particular products depends on the required documents, deductions, credits and other specific information. On the TurboTax website, you can answer a few simple questions and it will help determine which product is right for you.

TurboTax Federal Free Edition
This is the ideal choice for anyone filing a simple tax return. With this product, TurboTax will ask questions and, based on your answers, prepare simple tax return forms such as the 1040EZ or 1040A. You will be able to directly import your W-2 instead of finding and entering the data yourself. TurboTax experts are available to answer your tax questions via email, phone or online chat. Once prepared, you will be able to print and e-file your tax returns. Customer reviews on this free product state that it is quick and very easy.

TurboTax Deluxe
One step further than the Federal Free Edition, is the TurboTax Deluxe product. This product will search for over 350 different tax deductions and credits to help you get the highest tax refund. TurboTax Deluxe will find the deductions and credits you qualify for based on your answers to simple questions about your income, family and tax situation. This product is especially useful to homeowners as it helps with deductions such as mortgage interest, property taxes, refinancing fees and improvements to your home’s energy efficiency. TurboTax Deluxe also includes the Audit Risk Meter which will check your tax return for common audit triggers and determine the level of risk you are of being audited. It will also provide tips to help reduce your chance of an income tax audit. If using the online product, you can start for free and not pay until you file. The cost of this product starts at $29.99 for federal and $36.99 for state. The price of the product includes a free e-file option.

TurboTax Premier
TurboTax Premier includes all of the features of TurboTax Deluxe in addition to forms needed for investments and rental properties. This product can automatically import your investment information directly from thousands of participating financial institutions. It will calculate cost basis for stock sales, capital gains/losses and keep track of anything that may carry over into future tax returns. TurboTax Premier helps those owning rental properties by showing you which rental depreciation method will give the largest tax deduction. Those refinancing will benefit from this product because TurboTax Premier takes into account appraisal fees, recording costs and more to maximize your tax deduction. The starting price for this product is $49.99 for federal and $36.99 for state.

TurboTax Home & Business
For small business owners or sole proprietors, TurboTax Home & Business is the best option. This product will help you find small business tax deductions such as utilities, supplies, home office expenses and more. For you vehicle tax deduction, it will help determine if your actual expenses or the standard mileage rate will get you the biggest tax deduction. More key features are the preparation of W-2 and 1099 tax forms, streamlined expense entry, filing of the Schedule C and help spotting commonly overlooked industry-specific tax deductions. TurboTax Home & Business starts out at $74.99 for federal and $36.99 for state. As with all of the other products, free e-filing and full expert support is included.

TurboTax Mobile Products
TurboTax offers convenient mobile apps to assist with your tax preparation. TaxCaster helps you estimate your tax refund when you enter basic information about yourself. If you filed your taxes electronically, even if it wasn’t with Turbo Tax, MyTaxRefund can track your e-file status. It will let you know exactly when you can expect your tax refund. ItsDeductible keeps track of charitable deductions throughout the year. This app syncs with your TurboTax account setting you up to get the greatest deductions on your tax return. The TurboTax mobile app works directly with your Turbo Tax account so all of your tax information is available to you wherever you are. With this app, you are also able to automatically import your W-2 information by snapping a photo of the form.

TurboTax Personal Pro
As opposed to a product that you purchase to help prepare your tax return, TurboTax Personal Pro is a service TurboTax offers. Tax experts with an average of fifteen years of professional experience are available to do your taxes for you. Personal Pro has a secure file sharing system where you can scan and upload your tax documents or even snap photos of the documents with your camera and send them that way. On the TurboTax website, you can choose which professional you would like to work with. These tax professionals are able to handle even the most difficult of tax returns. Pricing for this product does vary so TurboTax can provide you with a free quote in five minutes or less.

No matter how simple or complex your tax needs, TurboTax has a product or service for you. TurboTax software is always up-to-date with the latest tax laws and guarantees you will receive the maximum refund. There is also a 100% accurate calculations guarantee and TurboTax provides a free year of audit support. TurboTax provides thorough, guaranteed products and services for anyone filing an income tax return.