Intuit TurboTax Programs

TAX TIME WITH TURBOTAX OFFERINGS FROM INTUIT
Reviewed by Andy Taylor

April 15th is a date that can trigger frustration and fear in many, yet it is one of those from beyond being on the calender that can't be avoided. For American's it is our annual Tax Deadline day and while some dread the date, others embrace it as they have found a solution to help them not only on April 15th but on the days preceeding and following throughout the year. The solution is a line of products from Intuit titled TurboTax. The product the company puts out is quality and has built on a reputation of dependability and ease of use as we find with many of the products from Intuit. The firm has its roots in Mountain View California where it was started by Scott Cook and Tom Proulx way back in 1983 with its flagship and still widely used program Quicken.

In 1993, Intuit acquired the company Chipsoft and the TurboTax program has continued to evolve and grow with special features and products for various levels of Tax Preparation from its free online program to its TurboTax Premier offering. The TurboTax Free Edition allows users to easily prepare 1040EZ and simple returns as well as offering a free efile included.  While the program is free, it still has the features that have made Intuit's full TurboTax programs so popular with help finding deductions for even the newest technology users. The program also allows you to work and save your progress as you go, even skipping some questions to move on to others with the ability to come back and answer them after research. For those looking for Step by Step guidance, they can easily upgrade to the TurboTax Basic edition which is available for $14.95. It is certainly worth every penny as the guidance is insightful and can rest your mind at ease while completing your taxes.

There are other great reasons to look at the TurboTax Basic program which also include the ability to import 1099 and W2 information from over 100,000 participating employers and financial institutions. It's about ease of use and making this process and painless as possible. If you are on top of your finances with the popular Quicken program, you can also import your data and easily find your deductions with your information from Quicken. If you are contemplating purchasing a home, getting married, having a child or making other life changing decisions, TurboTax Basic explains how these changes can affect your Tax filings and can guide you in those deductions. One of the features I do like seeing is a Tax Return determination in Real Time based on the information inputted. I have used the TurboTax program over the years and this feature has often had me begin with "yikes" to a sigh of relief with the well explained and often relieving numbers I was presented with.

User will find most of the forms needed as a part of the program which will also put the information into the proper areas. The next step up in the Intuit TurboTax family is the TurboTax Federal and State Deluxe Maximize Your Deductions package. This software offers the same features as the basic package but also adds features to help maximize the deductions. The program searches for over 350 deductions which include mortgage interest, property tax, education and the sometimes unnoticed ones that can bring in more dollars to help stimulate the economy! TurboTax Deluxe will even show you deductions you haven't taken as well as provide an audit meter which could raise red flags on certain items with the IRS to help you reduce the chance of an audit. These programs are not used to cheat on the taxes but make sure you are getting the maximum deductions. If you are a good citizen and make donations, a feature titled ItsDeductible is included to help value charitable donated items accurately. Most consumers will find the TurboTax programs are not disposable programs which only spit out numbers for filing your return. The programs from all levels can give you a clear view of your Tax Situation however the TurboTax Deluxe package will also offer insight to this year's outcome and provide recommendation on how to achieve an even bigger refund for next year.

The idea for owning rental property and having investments is obviously to make money and it would make sense to be able to benefit from these investments. The next step up on the product list from Intuit is the TurboTax Premier Investments and Rental Property product. Again, users will benefit from the features we have noted with the previous offerings but also add extra guidance for investments such as sales of stocks, bonds, mutual funds and employee stock plans. A 401k Maximizer can show how to increase contributions without decreasing your take-home pay.  This would be the product to look at with those that have second or even third rental homes to help maximize deductions and track tax liabilities for property income, expenses and refinancing.

Another product includes all of the previous product features and offers more for the many self employed and sole proprietors that would like to handle their own taxes. I am not discounting the professional and wonderful services that Tax accountants and CPA's can provide but for those that are take charge and Do It yourself entrepreneurs,  the TurboTax Home and Business, Personal and Business in One package can be the end all solution for your tax filing. Features include expanded Schedule C guidance and maximize the home office, vehicle and other business expenses. The ease of this package for those with many different types of income and deductions can save hours of reading and form cross checking to maximize your return. Employers could even produce W2 and 1099-MISC forms for workers and contractors. If you are a new business, the guidance in start-up cost deductions could prove valuable.

Working with the various TurboTax programs from Intuit is great for the Home owner, apartment dweller and small business proprietor whether out of a home office or storefront. Even Corporations can benefit with a Business package geared at these types of organizations. More information on this and the other programs can be found at the http://www.turbotax.intuit.com site. Intuit believes in its product and offers a Maximum Refund Guarantee as well as satisfaction guarantees that have made the product and its company one of the most respected in financial and tax preparation software. More info on the other products from Intuit can be found at http://www.intuit.com

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Last Update- 04/02/2009