TurboTax is a popular software program that allows users to easily fill out their tax return forms. There are a variety of versions of the program available, each offering options to suit the needs of specific users. Each version is consumer friendly and walks you through the forms you need to fill out, step by step. Once you have completed your return TurboTax users can e-file their federal tax return for free.
Here is a more complete review of TurboTax.
TurboTax encourages e-filing for a variety of reasons. E-filing your tax return versus paper filing has its benefits. First, there is a much less chance of error over paper filing. Once you have filed your return you will receive a confirmation that it was received. You won’t need to worry if your return got lost in the mail. Finally, you will receive your refund quickly, in as soon as eight days after filing.
If you are ready to get started in your tax preparation with TurboTax, but are unsure of which version will be best for you, here is a look at the different options and what they offer.
The Basic program is easy to use walking you through each step. It is recommended if you are filing and easy return, one with no deductions. All forms that are needed are included and the program checks for accuracy.
The Deluxe version offers all the same benefits as the basic. It also helps you find all of the deductions and credits you are entitled to. It asks you questions along the way to be certain that you have not missed anything. The program works to ensure you get the maximum refund you are entitled to. The Deluxe version is also set up to help reduce the risk of being audited.
The premier addition offers users all the benefits of the basic and deluxe. In addition this version provides users with guidance on their investments and is recommended especially for those consumers who own stocks, bonds and mutual funds. Another great feature of this program is the guidance it offers to those users who have investment or rental property.
TurboTax Home and Business
This version offers all the great benefits already listed in the other versions with additional guidance to those who are sole proprietors, contractors, consultants or single owner LLC.
TurboTax business is tax software for corporations, partnerships and multiple owner LLC’s. This version walks business owners through the forms they will need to fill out to get the best tax savings. With this version up to five federal tax returns are included for free e-filing.
As already mentioned, all TurboTax versions come with free federal e-filing. Free State filing is also included when you purchase on line federal and state TurboTax products. With each on-line version purchase you can file up to three state returns for no additional cost. If you choose to purchase the TurboTax CD or a down loadable version of the program your state return will be just $19.95 for the first three state returns. Here is a discussion of the differences between the online version vs desktop version of tax software.
How to organize your tax paperwork