TurboTax is a tax preparation software that you can utilize to maximize your tax refunds obtained after filing state and federal income tax returns. The solution provides you step-by-step guidance to identify business purchases and it automatically scans credit card and bank transactions. It also enables you to capture receipts via mobile device, track miles automatically, and track expenses in real time.
TurboTax is ideal for small businesses and independent contractors as it offers state and federal e-filing, with more than 350 automated tax deductions. Simply take a photo of your W-2 form using your tablet or mobile phone, verify your data, and allow the info to be securely placed in all relevant tax forms.
The software helps you find new tax credits and deductions you may be eligible for. It also provides detailed clarifications about any changes in tax refunds and helps you get the maximum refund amount possible. Qualified EAs and CPAs provide you one-on-one assistance and guide you by circling and drawing fields on-screen. Plus, the tool offers personalized reports to help you understand what affects your tax refund including details on bonds, stocks, ESPPs, and other investment income.
In our TurboTax reviews, we detail the benefits, pricing and more about this software.
Benefits of TurboTax
TurboTax offers user-friendly features as well as cloud access to empower you to prepare your return on multiple devices – on your PC via the website or on your mobile device via the app. You can import your W-2 data from your employer or click a photo with your mobile device and get all the data entered in your return. The photo option is very helpful in case you have multiple W-2s.
Get Help Anytime
One of the recurring comments on many TurboTax reviews is that the software provides help throughout the preparation process. A banner at the top informs you where you stand in the process and highlights areas that you need to complete.
TurboTax’s interface is similar to chatting with a tax preparer. The application asks you simple questions and places your answers in the right field on your return. You also get the option of skipping the interview process and going directly to the forms if you wish to save time.
Ideal for Self-Employed
TurboTax’s Self-Employed version provides an expense-tracking tool through QuickBooks. It includes the options to store images of your receipts and monitor mileage from your phone. A new feature provides info on common deductions in your industry.
Plenty of Support Options
If you need assistance, you can make use of the online community, video tutorials, searchable knowledge base, and live on-screen human help (this is a paid feature named SmartLook).The SmartLook feature provides you real-time help by connecting you to a tax adviser via one-way video using your computer or the TurboTax mobile app. You can ask your questions and the specialist can view your screen and highlight areas where you need to enter more info.
Utilize Multiple Refund Options
The fastest method is to get your federal refund in your bank account via direct deposit. Another option is to get your refund loaded onto a TurboTax Prepaid Visa Card. Other choices include a paper check, using the refund for next year’s taxes, or instructing the IRS to purchase US savings bonds with your refund. If you are eligible to get a state tax refund, check if your state also provides a prepaid card option.
You can peruse other TurboTax reviews to learn more about this software’s key features and tools.
Overview of TurboTax Features
- 350+ tax deductions and credits
- Anytime access and protection
- Automatically import investment income and cost basis
- Automatically import W-2 tax forms
- Business deductions for vehicle, phone, supplies, and more
- Business expenses management
- Live, on-screen advice from credentialed CPAs and EAs
- Mortgage/property tax deductions
- Personalized reports
- Rental property income management
- Self-help tools & support
- Stocks, bonds, ESPPs and other investment income
- Turn charitable donations into deductions (ItsDeductible)
Pricing of TurboTax
TurboTax provides 4 pricing packages:
Basic Plan – $39.99
- Offers step-by-step guidance. Features include: state additional and 5 federal e-files.
Deluxe Plan – $69.99
- Enables you to maximize your deductions. Features include: 1 state download and 5 federal e-files.
Premier Plan – $99.99
- Ideal package for investments & rental property. Features include: 1 state download and 5 federal e-files.
Home & Business Plan – $109.99
- Recommended for Self-Employed and Personal. Features include: 1 state download and 5 federal e-files.