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Computer Times
Editors' Choice Tax Software TurboTax Reviewed by Terry Kibiloski Intuit’s TurboTax continues to be the best tax filing software available. Each year we review TurboTax, it just keeps getting better, adding great features to make tax filing as easy as possible. For the average home user, there are four distinct versions to fit your individual needs. The Basic version ($29.95) provides the capability to do unlimited federal tax returns. The Deluxe version ($59.95) adds state return capability and special features to maximize your deductions and reduce your risk of audit. The Premier version ($89.95) adds guidance for investments and rental property. The Home & Business version ($99.95) adds guidance for self-employment income. While there are many helpful features in each version, the one we like that spans all versions is the little window at the top that displays your refund (or tax owed) on every screen and updates the amount as you answer questions.
Yes, I said answer questions, not fill in forms. If you are tax savvy and prefer to fill in the forms, there is a feature to allow you do just that. But, if you want to take advantage of the expertise of TurboTax in finding you every possible deduction out of its over 350 deductions that it covers, you will want to follow the question and answer mode so you don’t miss getting back every penny that you deserve. When testing the TurboTax Home and Business version, TurboTax managed to find several deductions that our on-staff tax expert had never even thought about when preparing the preliminary numbers to key into the program. Once you answer a few basic questions, a summary is presented that shows you the areas TurboTax now knows are most important to you.
A great feature of TurboTax is all of the optional popup screens that will give you more information and lists of deductibles that might apply to your situation, as shown below. Throughout the program, there are items in the questions that are highlighted in blue. If you wish to get more information, you simply click on the item, like self-employment, and a popup window will appear to guide you. We found it a great planning tool to help us know what we can do for the current year that is tax deductible. When you are working on your charitable deductions, all of the TurboTax versions, except for the Basic, give you retail values for over 1,000 commonly donated items, so you can take the biggest deduction possible. No more worry about accidentally over- or undervaluing a donated item. When it comes to medical deductions, TurboTax instantly does the math to tell you how much you will need to qualify, which saves you a lot of calculation time if you know you are not even close to the amount needed.
TurboTax goes way beyond your standard tax preparation professional and program by promising, "If you get a larger refund or smaller tax due from another tax preparation method, we'll refund the applicable TurboTax federal and/or state purchase price paid. TurboTax Federal Free Edition customers are entitled to payment of $14.95 and a refund of your state purchase price paid.” Intuit does require that you submit your claim within sixty (60) days of your TurboTax filing date and no later than 6/15/09. In short, TurboTax simplifies taxes, so you can complete your return with speed, ease, and confidence. While tax preparation is never fun, TurboTax makes it as painless as possible and ensures that you are always using the latest tax information as it checks for updates each time you open the program.
Even if the word “taxes” makes your hair stand on end, you will be comfortable as TurboTax leads you through with easy-to-answer, plain-English questions about you, your income, and your life. TurboTax Deluxe, Premier, and Home & Business save you time by only asking questions that pertain to your unique tax situation, which you identify via a set of radio buttons and check boxes when you first start the program, as shown below. Buy or sell a home? Have a baby? Change jobs? Get married? Based on your responses TurboTax automatically fills in the right tax forms for you and looks for deductions and credits based on your answers to help you take advantage of every opportunity to save.
An especially nice feature is that TurboTax can collect your W-2 information automatically from over 100,000 companies and investment information from several well-known financial institutions, and then automatically put it into the right places on your return. With just a few clicks, your return could be half-way done. If you used TurboTax in the previous year, all of your identification data is automatically carried over, plus TurboTax will use your previous year’s return to prompt you for similar deductions from past years. If you ever have a question, no problem. TurboTax provides answers to commonly asked tax questions on every screen. Plus, with the new Live Community, (included FREE with TurboTax Basic, Deluxe, Premier, and Home & Business) live answers from tax experts and fellow TurboTax customers are just a click away. If you are concerned about being audited, the Audit Risk Meter helps you reduce your chance of an audit. TurboTax Deluxe, Premier, and Home & Business scour your return for common audit triggers, and then give you plain-English help for correcting them. Finally, TurboTax guarantees the accuracy of all the math across the many tax forms. If by some slim chance you need to pay an IRS or state penalty or interest because of a TurboTax calculation error, Intuit will pay you the penalty and interest. Just prior to e-filing, TurboTax double-checks your tax return for accuracy and completeness, and helps you fix any errors or omissions. When, you click the final e-file button, you can rest assured your taxes are done right. If you did get an audit notice from the IRS, TurboTax includes a free Audit Support Center which provides downloadable step-by-step guidance that tells you everything you need to know. If you are unsure of what version of TurboTax is for you, simply go to http://turbotax.intuit.com/tax-tools/ and fill in some basic information about your financial status. Intuit’s TaxCaster tool will give you a summary of your projected taxes and recommend the version of TurboTax that is right for you.
With an easy-to-use tax preparation tool like TurboTax, there is no reason to do your taxes any other way. You are in full control, plus you will quickly learn what your personal savings and spending will do to your overall tax bill. Not only will TurboTax help you file your taxes, it will educate you in maximizing your tax refund for years to come. It doesn’t get any better than this.
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