TurboTax
TurboTax is an American tax preparation software package developed by Intuit, Inc. There are a number of different versions, including TurboTax Deluxe, TurboTax Premier, etc. TurboTax is available for both Federal and state income tax returns. The software is designed to guide users through their tax returns step-by-step. TurboTax became an Intuit product as a result of the 1993 acquisition of its creator, San Diego-based Chipsoft. Chipsoft, now known as Intuit Consumer Tax Group, is still based in San Diego, but moved into a new office complex in 2007.
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.
Standout Features:
* You only have to pay when you print or e-file
* Looks for tax deductions as you go and checks again when you are done
* Tracks audit risk
* Imports financial data from Quicken
* Can transfer previous year’s data
New for Deluxe:
* Additional Tax Preparation Assistance Services
* Life Events Expert: Explains how changes such as the purchase of a new home, changing jobs, or becoming a parent, can affect your return.
* Guide Me: Can offer assistance line by line.
* Explains Your Return: Includes a summary of your return, including income, tax, credits and payments, also includes recommendations to help you get a larger refund the next year.
Pros
* Can navigate return outside of tax interview constraints (advanced users)
* More competitively priced this year; good value for price
* TurboTax for Windows and Mac includes 5 free federal e-files
* TurboTax Online includes 1 free federal e-file
* Download W-2 and 1099 data directly from over 100,000 employers and financial institutions
Cons
* Where to find help resources in TurboTax could be more obvious
* No human audit support included; sold separately
TurboTax is very quick and easy for simple tax returns, and provides plenty of added features for those purchasing a premium version of the software product. Intuit has several versions of the software, ranging from a basic bare-bones version for the simplest tax returns to their top-of-the line Home & Business for entrepreneurs.
TurboTax Help is hidden under the Tools button to reduce on-screen clutter, but this may not be obvious to new TurboTax users. Clicking on Tools presents well-organized resources for TurboTax help and income tax help. Live Community is back with questions and answers that are relevant to the part of the tax return being worked on.
TurboTax Product Versions and Prices
Desktop software versions:
* TurboTax Basic ($29.95 federal only + $39.95 state. Up to five e-file federal returns included.)
* TurboTax Deluxe ($59.95 federal and state. Up to five e-file federal returns included. State e-file is an additional $19.95.)
* TurboTax Premier ($89.95 federal and state. Up to five e-file federal returns included. State e-file is an additional $19.95.)
* TurboTax Home and Business ($99.95 federal and state. Up to five e-file federal returns included. State e-file is an additional $19.95.)
Online software versions:
* TurboTax Free (free federal + $25.95 state)
* TurboTax Basic ($14.95 federal + $34.95 state)
* TurboTax Deluxe ($29.95 federal + $34.95 state)
* TurboTax Premier ($49.95 federal + $34.95 state)
* TurboTax Home and Business ($74.95 federal + $34.95 state)
TurboTax Online Free Edition has no income limits (unlike the Free File program) and anyone with a simple federal income tax situation can use TurboTax Online Free Edition. TurboTax Free Edition does not transfer data from last year’s tax return, and it does not import data from Quicken personal finance software or download W-2 or 1099 data. You need TurboTax Basic Online for these features, but if you have a really simple tax return, TurboTax Online Free Edition is the way to go.
TurboTax Deluxe Online improves every year and once again is the best do-it-yourself tax preparation product on the market. The service is easy to use and can turn a nail biting, pencil breaking process into a no-worries, quick walk-through a simple to use online application.
TurboTax Deluxe is also available in a software box version. The software includes federal and state filing and all of the convenient features of the online version. Using the online service eliminates the need to install the program. And TurboTax Deluxe can add another layer of protection by saving copies of your tax documents on their servers, so should anything happen to your computer or your hard copies, you are covered.
Get Your 2009 Tax Refund Fast When You eFile
Start your federal tax return and efile with TurboTax today. As soon as the IRS starts accepting returns, they will quickly efile submit your return. State efiling is also free with TurboTax Online, although the fee to file starts at about $25 for each state filing. To learn more, you can visit the Turbo Tax website, or their online support center.