Are you starting to get ready for tax season? Are you looking for the best software option that will allow you to prepare your own taxes with confidence? TurboTax offers a variety of solutions designed to assist you with each step of the tax preparation process.
TurboTax is a well-known and reliable tax preparation software option. It was featured as the top pick in our article "The Top 5 Online Tax Software."
To help you learn more about all the different features and plan options offered by TurboTax, read through our more comprehensive review below. After reading through our review, you should be able to determine if TurboTax is the right choice to help you meet your tax preparation needs.
Selecting the Right Product for Your Needs
TurboTax offers many different tax preparation software options. Each option is best-suited for different tax needs. To help you determine which option will provide you with all the features you'll need without making you pay more than is necessary, TurboTax offers a simple tool to help you.
Just click on the characteristics that describe you, and TurboTax will recommend the best product for you. Some of the different items you can choose from include owning a home, having children or depending, being self-employed or owning a small business, paying off student loans, or wanting your taxes to be reviewed or completed by a CPA.
After you click on the options that describe you, TurboTax will recommend one of the options they offer for filing. In the sections below, we'll go into some detail about what each of the options include and who they are best suited for.
The Free Edition of TurboTax's software cover income reported on a W-2. It can also calculate the earned income tax credit and child tax credits. If you have used TurboTax in the past, you can transfer your information from last year to speed up the process of completing your taxes.
The Deluxe Edition adds on to the features offered by the Free Edition and is a great choice if you want to take full advantage of all the deductions and credits available to you. With the Deluxe Edition, you'll be able to calculate deductions for mortgages and property taxes, donations to charities, educational expenses, student loans, HSA contributions, and retirement savings contributions.
If you have any investments or own rental properties, you will likely want to purchase the Premier Edition. This choice can help you calculate taxes owed related to any stocks or bonds and can help you report gains or losses related to cryptocurrency transactions.
The Premier Edition also will allow you to claim deductions for rental properties. To simplify the process of completing your taxes, you'll also be able to complete an auto import of your investment income.
If you are a freelancer or are self-employed, the Self-Employed Edition is the way to go. This version can help you identify specific donations that may be available and can help you maximize any work-related expenses you incurred. Additionally, the Self-Employed Edition will also provide guidance to help small business owners or freelancers with filing their taxes.
Turbo-Tax Live Assist and Review
If you want to take extra measures to ensure your taxes have been accurately calculated, TurboTax offers the Live Assist and Review Feature. If you choose to use this option, you will have access to a CPA to assist you with filing your taxes.
The CPA will be available to provide you with answers to any questions you have. You will be able to ask an unlimited amount of questions, so you won't need to feel like you should prioritize your questions.
With this Life Assist and Review option, the CPA working with you will also conduct a final review of your taxes to ensure accuracy before they are filed. Plus, you'll be able to reach out with questions or for guidance at any point during the year, not just during tax season.
You can add the Live Assist and Review option to any of the tax preparation options described above.
Turbo-Tax Live Full Service
If you are too busy to file your own taxes or don't feel confident that you'll be able to find and include all the necessary options, the TurboTax Live Full Service option may be the right choice for you. When you choose this option, one of TurboTax's CPAs will prepare and file your taxes for you.
This option will also allow you to receive tax-related advice and guidance from a CPA throughout the year. The Live Full Service option also comes with a guarantee that your taxes will be correct.
The Live Full Service option can also be added to any of TurboTax's plans. This option can really give you peace of mind that your taxes will be complete, accurate, and filed on time.
TurboTax has also developed a mobile app that is designed to make it easier for you to complete your taxes and take advantage of all of TurboTax's feature. With the mobile app, you'll be able to connect with your expert CPA if you chose the Live or Full Service Plan option. The app will also allow you to take a picture of your W-2 and can automatically enter the information into the corresponding forms for you.
If you download the TurboTax app, it can help you stay on top of getting your tax returns completed and filed on time since you'll be able to use the app from anywhere you are.
TurboTax makers added a lot of security features to help you feel confident that your personal information will be protected and stay private. They offer two different secure ways for you to login to your account and ensure no one else can gain access to it.
TurboTax uses multi-factor authentication to allow you to gain access to your account. This means that a code will be sent to your trusted mobile device that you'll need to enter along with your personal password. This can help ensure that no one else will be able to login to your account even if they are able to figure out your password.
The other login option is to use Touch ID. This option will allow you to login to your account on the mobile app using your fingerprint as a password.
TurboTax also keeps your information protected by encrypting your data that is stored. Once your return is complete and ready to be filed with the IRS, TurboTax uses SSL encryption that is more comprehensive than what the IRS requires.
TurboTax also allows you to view the devices that logged into your account and when these logins occurred. This will allow you to verify that no one was able to gain unauthorized access to your account.
Finally, TurboTax will alert you if any changes are made to your account by sending you an email. Some of these changes may include changing your password, logging in on a new device, or entering a new method of payment. If you were not the one who made these changes, you'll be able to know that someone has gained access to your account and take the necessary steps to remedy the problem.
TurboTax strives to deliver the best experience and ensure your confidence in their product. To help you feel protected, they offer a variety of guarantees.
The 100% Accurate Calculations Guarantee will help you feel confident in the calculations performed by their software. If you are charged a fee by the IRS or the state you live in because TurboTax made a calculation error, they will take care of paying the penalty and the interest.
The Maximum Refund Guarantee promises that TurboTax will be able to calculate the highest refund amount that you'll qualify for. If you are able to calculate a larger refund or a smaller amount due using a different software or tax preparer, TurboTax will refund your purchase.
With the 100% Accurate, Expert Approved Guarantee, you can feel confident in the advice and services you receive from the experts at TurboTax. If advice you receive from one of their experts leads to any penalties or interest, TurboTax will cover the penalties and interest.
Finally, you will be able to breathe a little easier if you get audited because of the Audit Support Guarantee. One of TurboTax's tax professionals will be available to help you understand your audit and answer any questions you may have.
If you are looking for a user-friendly program that will allow you to accurately complete your tax returns, give TurboTax a try. With the variety of software options designed to meet different tax preparation needs and the option to have a CPA verify or even complete your tax returns, you'll be able to be confident that your taxes have been filed correctly. Visit their website to select which plan is right for you.