TurboTax has been a top-level tax software for decades, improving itself with the latest impressive versions. Whether you are filing taxes for the first time or are an experienced tax filer, TurboTax helps you manage your tax information and assist you through the process of finishing your federal and state tax returns. However, it's not the cheapest software, and it offers an intuitive user interface with good support for any tax condition. Despite being more expensive than its competitors, it remains a top-notch choice due to the ease of use of the user interface.
Why Use TurboTax?
There are multiple reasons to use TurboTax online Taxing software. It has made the tax filing process easier for a large population of people. Also, there are multiple ways to file your taxes, such as hiring a CPA, using third-party software, or using the IRS' free file online solution- TurboTax Login. However, TurboTax will not be the best solution for every user. For instance, if you are a self-employed worker and work with multiple clients, the business package of TurboTax will cost you more than others. If you can't hire a CPA, you should use TaxSlayer for self-employed individuals.
What Does TurboTax Offer?
TurboTax has four different products, namely Basic, Deluxe, Premier, and Self-Employed, according to the complexity of your return. Each tier has two additional levels of expert help- TurboTax Live and TurboTax Live Full Service. The Live assistance lets you regularly consult an expert to review your return. It's an optional category. On the other hand, the Full Service has an expert who will prepare and file tax returns for you.
Here are the different products offered by TurboTax:
Basic
As the name suggests, it's a simple tax return that contains a single W-2 from one employer and doesn't need multiple itemized deductions. Also, it doesn't include investment income or rental property. With this product, you can claim the earned income tax credit, student loan interest, and child tax credit. If you get unemployment benefits, you need to pay for the Deluxe edition.
Deluxe
This version is best for maximizing deductions and credits. The tier costs just $39 for your federal return and $39 for each state return. If you want to add TurboTax Live, it will cost you $119 for federal return and $49 for each state return. Also, if you want full service for this tier, it will cost $249 plus $49 for each state return.
Premier
This product allows you to report investment income and rental property, maximizing your refund. It's also a good option for users with powerful cryptocurrency activity, allowing you to upload 4,000 crypto transactions at once. It costs $69 for your federal return plus $39 for each state return. If you want to add TurboTax Live, it will cost $169 for your federal return plus $49 for state returns. Also, for Full Service, it costs $359 plus $49 for each state return.
Self-Employed
It is best for gig workers, freelancers, and business owners. Also, contractors and business owners can maximize their deductions and report personal and business income expenses. If you have a salaried job or have done freelance work in 2021, you will have to pay for this TurboTax product to report this income and maximize deductions. The initial price is $89 for your federal return plus $39 for state returns.
If you want to add TurboTax Live, it will cost you $199 for federal taxes and $49 per state. And for Full service, you'll have to pay $389 for federal taxes and $49 per state.
How Is TurboTax Software Useful?
The desktop app, as well as the mobile app, is convenient for inputting information and uploading tax documents. Plus, you can upload documents from your prior years or other tax services or take photos of your physical documents. If you start or stop the process on one device, you can continue the process where you left off on another. TurboTax Sign in also offers useful tools, such as a charitable donation calculator and a refund estimator that is used to update the tax figure consistently.
However, the mobile app experience is really good. It is convenient for personal as well as practical reasons. TurboTax makes it easy to manage your information on mobile apps. Although it's difficult to read additional information given on the smaller screen, you can follow along with TurboTax's interview-based approach.
You can also receive your refund in a few different ways, such as:
● Direct deposit
● Paper check
● US savings bond
● Turbo Visa Debit Card
● Free partial refund advance
● Applied to next year's tax return
Why Choose TurboTax?
Users who want to manage their taxes quickly and with less effort should choose this software. In the world of digital technology, TurboTax offers you the perfect solution for the management of your taxes. It is also a leading contender among various similar software options. However, it's not the cheapest option available; the services and products it offers are good and worth the cost.