Turbo Tax, a subsidiary of Intuit, is one of the leading software package programs available to consumers for tax preparation. There are different versions offered by Turbo Tax (deluxe, premier, etc.). The software offers both Federal and State income tax return. Turbo Tax is designed to be user friendly, making it easy to navigate and understand the different options in tax breaks for the average person. The software takes care of the nitty gritty for the consumer instead of having to meet with a person one on one.
Largest Possible Refund Guarantee
Turbo Tax guarantees upfront that they will provide the consumer with the largest possible refund. If a customer finds another tax service offering a larger return, Turbo Tax will provide a full refund. Turbo Tax prides itself on being the easiest-to-use software for taxes in the industry.
Finds Deductions Easily
Turbo Tax ensures the customer detailed review of all possible deductions. There are over 350 possible deductions offered and many people overlook or don’t have the appropriate knowledge to claim the suitable deductions. This software will assist the customer in identifying every deduction. It even offers a review at the end of the filing to double check for missed deductions.
Turbo Tax has a built in system to assess retail values for commonly donated items. Many individuals have a difficult time knowing how much to claim for an item they donated months ago. Turbo Tax makes it easy to assess accurately the first time, without question. The software also will automatically let you know if you qualify for certain deductions on your medical expenses.
Import Data From Last Year’s Taxes
Turbo Tax allows users to import data from previous year’s tax in order to cut down on the time it would take to manually enter the information. The software will automatically check for the previous year’s tax data file and will give the user the option of importing the information. You can also import data from Quicken, Microsoft Money, ItsDeductible, TaxCut, TaxAct, Turbo Tax Estimated Taxes, W-2, 1098 and 1099 from most banks and any software that can export in .txf files.
Turbo Tax Pricing
Turbo Tax is free to use and will only require payment when you print or e-file your return. The basic package is $19.95, which is recommended if you are filing with a 1040EZ or if you rent your house. Other options are the deluxe which is recommended if you own your home, have donated to charities or have expenses for education. The premier package is recommended for anyone who has sold investments or using real estate as a source of income (renting out a house). The highest level a consumer can purchase is the Home & Business version which is recommended for people who own a small business and file personal and business taxes jointly.
Turbo Tax offers free online support where a user can ask a question and get an email response within an hour. Another option available for $29.95 is to ask a question via the internet and receive a live phone call with a highly trained tax professional. This option is good for those with more complex filing.
Turbo Tax is a good product for individuals, small business owners and those with multiple exemptions. More information can be found at www.turbotax.com.
More Tax Resources
IRS.gov – Internal Revenue Service Homepage
Lord knows we all need help with Taxes!
With Tax season coming up again before you know it, this guide will serve as a resource for all things related to Taxes and the IRS!
Tax Prep Companies
Doing taxes on your own by hand is insane. Especially business taxes. There are a number of companies that offer free or pretty darn reasonable tax service software online including:
- Turbo Tax – Hands down the #1 choice in America for doing your taxes on your computer or online. I’ve used turbo tax online for the past 4 years now without a hitch. Great company too.
- TaxCut – A good alternative option to TurboTax, see review below
The IRS is a pretty huge organization. I don’t know how many people work for them, but probably a ton. They often come up in movies as well. No one likes the IRS and paying taxes, but you know what they say about them….two things you can’t avoid…death and taxes right?
TaxCut vs Turbo Tax
My #1 choice for doing your taxes is Turbo Tax, not Tax Cut
For The Latest Tax Cut Updates:
TaxCut is software backed by H&R Block to help the average American homeowner with filing their taxes and investments. TaxCut offers help with both Federal and State income tax returns. It is designed for easy navigation and understandable information for the average person. The software replaces the need to sit down with a person to file taxes. TaxCut is similar to Turbo Tax except it does not offer year to year deduction comparisons.
TaxCut is an effective program offered at an affordable price. TaxCut’s basic program is $14.95, Premium is $44.95 and TaxCut Home & Business (not available online) is $89.95. All versions include e-filing as an option, free of charge. The software is available to purchase over the counter or it can be downloaded from the website. The software also offers a business version, which assists companies (corporate, S-corp, partnership, LLC and payroll returns) file accurately. Each year TaxCut needs to be updated in order to stay current with fluctuated laws and regulations.
Best Refund Guarantee
TaxCut guarantees the best refund you can find. If a customer can find a higher tax return with another program, TaxCut will refund the money of the software. The Home and Business version is recommended for individuals that desire to file both personal and business returns together. TaxCut Premium includes DeductionPro for more specific assistance when tracking tax-deductible charitable donations. This feature is a great benefit for those making large contributions to non-profit organizations.
All of the accounting has been done for the user. Even a novice will find this software easy and friendly. The user is simply required to answer a series of questions from one screen to the next. It’s like sitting down at a tax office, and having an interview with a professional. All the difficult and consuming work is done for the user. The taxpayer can rest assured because each return filed by TaxCut is sent through a series of checks and balances to ensure the reliability of the return.
Free Consult with H&R Block Expert
TaxCut makes it easy to find help. Each step of the filing process is explained to the user. The ability to ask questions and receive quick research is built into each screen. There is also a free consultation with an H&R block tax expert that each user is able to use one time. This software is excellent for those with questions and desiring more education on specific deductions and investments.
TaxCut Premium is enables the user to import tax data from TaxCut or Turbo Tax software. TaxCut gives a detailed explanation of various regulations and advice on how to get the most out of the return. The software also provides users with the tools for future planning (retirement, college savings, etc.). Each return filed with TaxCut is audited by H&R Block to ensure accuracy and the maximum available return.
TaxCut is recommended for users that are filing a basic returns or an individual who has some preexisting knowledge of taxes. The desktop software is user-friendly and makes filing taxes easy for the average person. The only limitation with TaxCut is anyone who has a large amount of 1099’s, because TaxCut cannot download these forms. More information can be found at www.taxcut.com.