In tandem with the development of technology, industries have evolved and altered. Everything, from office labour to household tasks, has been transformed.
Where manual labour has been replaced by automation, automatic machines have made life simpler for housewives. Similarly, other service industries have adapted to technological advancements.
E-filing or self-filing for tax returns is another IRS programme that has made it easier for taxpayers to file returns.
Using e-filing, individuals and students can file their tax returns without consulting a tax professional or accountant. However, many individuals and organisations face circumstances that necessitate consultant or expert guidance.
What to do in that case?
This is where QuickBooks identified a need and created TurboTax for tax filers. Whether you are an individual, a business, a self-employed person, or a registered firm, TurboTax can help you file your taxes.
Experts and tax consultants will guide you through each stage of filing your tax return.
However, is it worthwhile to file your tax return with TurboTax? In this post, we will discuss a user’s evaluation of filing tax returns with TurboTax, as well as its advantages and downsides and other features.
So let’s get into it.
What Exactly Is TurboTax?
Turbotax is a product of Intuit that provides taxpayers, CPAs, and corporations with a convenient approach for submitting tax returns that are backed by expert evaluation. Intuit is not just responsible for Turbotax, but also for other products such as Mailchimp, Mint, Quickbooks, etc.
Turbotax has existed for decades and dates back to the 1980s. In 2022, the software has attained the status of premier tax return software.
The distinguishing characteristics of Turbotax include its intuitive design, user-friendliness, interview-based approach to calculating tax deductions, and an array of products.
You can respond to a variety of questions to make informed decisions about tax deductions and receive an expert analysis of your final tax return.
Compared to competing for tax software such as H&R Block, Cash App Taxes, etc., it is not inaccurate to state that TurboTax has become the industry leader.
According to their needs, consumers can choose between paid and free versions of the software. The Turbotax mobile app is also available, making filing tax returns an even more convenient process.
Services Provided By TurboTax
All of TurboTax’s services are designed for tax filers with varying circumstances. To accommodate all types of tax filers, they provide distinct services and customised solutions.
They have separated the services into self-filing and expert-assisted filing.
Here is a brief description of all services.
File Your Own Taxes
You may file your taxes by following the straightforward instructions on TurboTax’s website. When filing your taxes on your own, you have the option of using TurboTax online or downloading the TurboTax PC edition onto your laptop.
With Do-It-Yourself options, tax filers have access to the following packages:
The free version is the one where filing your Federal or State tax returns does not cost you a dime.
Students who file a tax return but do not owe any tax typically qualify for the tax filing solution. You may file your taxes for free using TurboTax if you have a photograph of your Form W-2.
Deluxe is for you if you just file a tax return once a year and do not wish to pay a subscription fee for the entire year.
With a full instruction manual and information on available tax credits and deductions, Deluxe allows you to prepare your tax returns while claiming the highest possible credits.
In addition, you do not have to pay any upfront fees with Deluxe; you just pay the amount when filing your state or federal tax return.
If you are involved in the stock, real estate, or rental industries, your tax filing requirements differ differently from those of other taxpayers. To record income from investment sources on your tax return, you must obtain the appropriate tax filing guide.
TurboTax has a solution: the Premier plan.
TurboTax’s premier package is for people who wish to submit Federal and State tax returns under the specified conditions.
TurboTax Premier allows you to file tax returns for stock and bond investments. Premier subscriptions start at $89 per tax return and provide access to all credits, deductions, and relevant information pertaining to income from investments.
Self-employed persons, such as small business owners, freelancers, professionals, independent contractors, etc., can also benefit from TurboTax’s self-filing capabilities.
A self-employed solution is somewhat costly because the company offers industry-specific deductions to meet the demands of all self-employed individuals, regardless of their field of employment.
Start at $119 to file a Federal tax return with TurboTax as a self-employed individual or business. The filing of state returns incurs an extra price.
File With Expert Help
TurboTax Live is a method of filing taxes for people and businesses who need assistance preparing, signing, and filing tax forms.
Obviously, TurboTax Live incurs an additional charge, but the experience is indeed superior. You need not roam aimlessly to find the appropriate knowledge. The following packages and plans are available to customers who choose TurboTax Live:
Basic – Simple tax return filing beginning at $79 for Federal filings and an extra cost for State returns.
Deluxe – Get assistance from tax professionals to file forms and claim maximum credits and deductions, beginning at $119 for Federal filings and an extra charge for State taxes.
Premier – Receive assistance from tax professionals to file returns for investments and rental properties beginning at $169 for the Federal Tax Return and an extra cost for State returns
Independently Employed –
As a self-employed individual or firm, you can file your tax returns beginning at $199 for the Federal Tax Return and an extra charge for State filings.