10-second breakdown:
The easiest interface and a “gamified” system to make doing your taxes less stressful. TurboTax is by far the best software product to do your taxes solo. It’s the height of accuracy and simplicity for the DIYer who’s afraid of April 15th.
The good:
This software can be used by anyone with a computer to run it. It’s just easy. From automatically inputting your W2’s to finding all the nook and cranny deductions for a maximum refund, TurboTax is as simple as it is thorough.
Built in audit detection will help you determine mistakes that may raise some eyebrows of the IRS reviewers. The software will also tell you which part of your return is the most skeptical and offer pointers to fix it.
Fantastic helpline to help you with any questions.
Free version for simple tax returns.
The bad:
While they offer the best self prep for your taxes, there are no physical locations if you decide to take the hands-off approach.
TurboTax is the most expensive software on the market, but still reasonable given the perks.
How it works:
If there is one thing you should come away from this review knowing it’s that TurboTax is easy-to-use. Once it’s on your hard drive, you’ll be whisked through a series of questions about the previous year. Depending on the device you have, getting it to your computer will be different.
For users with a disc drive, you can take a trip to your local big box retailer or Amazon and pick up a copy that you’ll need. For Mac users and others without a disc drive on your computer, you’ll have to purchase from an authorized seller that offers the downloads. There are some concerns about buggy issues with the downloadable versions, but as long as you follow directions there won’t be a problem (there wasn’t with our download).
Of course, you’ll have to choose a version before you begin shopping and that could be the trickiest part of your entire tax preparation. The company offers six different versions of software. The products range from a free prep tool called “Absolute Zero” to a version for corporations simply called “Business”. We’ll go over them briefly:
Absolute Zero: This version is for individuals with simple tax returns (1040EZ/1040A). There are a few other inclusions and restrictions, but if your taxes are very simple to begin with you can probably use their service to file both state and federal returns for free.
Basic: A bit stronger than the free version, but this one doesn’t seem to be a great value. It will help you with the basics in an easy to understand way, but doesn’t include a state file (as with the deluxe and up versions). If you have a complicated situation (e.g. investments), this level won’t work for you.
Deluxe: This level promises to help you find more deductions and includes a state tax return. With that value, it makes sense to move from the basic to deluxe. However, it still doesn’t offer help with investment sales.
Premier: If you have a complicated tax situation, this would be the version you’ll want to look at. Things like investment sales and property income are all covered. You also get access to certified CPA’s to answer questions at this level.
Home and Business: Sole proprietors and single member LLC’s can take advantage of lumping their business dealings in with their other incomes. All the benefits of the Premier come with this option as well.
Business:Corporations or multi-member LLC’s will have to upgrade to the highest product to take advantage of this software. Still a bargain when compared to the full cost of a CPA service.
If you want more info on the versions, here’s the link to their pricing page with all the details.
Now, that you have done the hard work of choosing a version and gathering together all of your financials, it’s time to start plugging them into TurboTax’s proprietary software. If you work for a larger employer, there’s a good chance your W2 is importable. You simply enter a code and follow the prompts and your information will appear into the program. If you don’t have that luxury, you will have to manually punch in all the numbers. Just follow the easy instructions and you’ll be just fine.
After it’s clear how much money you made, it’s time for TurboTax to earn their money by finding deductions. Each section is clearly laid out and the pages within those sections will ask you simple questions not financial jargon. You’ll see things like, “Did you own a home in 2016?” or “Did you sell any stocks?”. This simplicity will be seen throughout the entire process until you are done.
If you’re worried about tracking your healthcare, don’t be. TurboTax (no surprise) has an intuitive section that will help you figure out that whole situation.
Once you’re ready to file, it’s time to slow down. You’ll know you’re nearing the end and the software will tell you that you should be ready to file, but knowing how you want to file is important. The prompts are still easy, but TurboTax makes it abundantly clear that you want to e-file. If that’s not something that you want, you may do it without being fully aware. The whole process is a series of clicks and answering questions. If you get carried away, you could e-file when you wanted to mail it in the old-fashioned way.
Sidenote: Printing out your returns is always a good idea. Make sure you save a version on your computer that can be opened with another program, like a PDF, so you won’t need the software anymore after filing.
If you do want to print it out, check the paper level on your printer and look for the option to print it out. The printouts will include a synopsis sheet of how much you should get back or how much you owe and the address to send it or make payments.
For complete rankings of all online tax preparation software, go here.
http://authority.org/online-tax-software/turbotax/ http://authorityorg.tumblr.com/post/149360431877
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