Nowadays, tax preparation products are quite sophisticated and offer many features making their comparison quite extensive and including numerous categories. In my opinion, the only categories that should matter are those tied directly to helping you file taxes on your own making simplicity and accuracy the most important features of tax preparation software. TurboTax 2014 continuously works on ensuring those two conditions are met.
The simplicity begins with a selection process of a product that’s right for you. From the main page scroll down to the section asking you “Which TurboTax product is right for you?” and select an appropriate box. You can select more than one box, as it is plausible you fall into several categories. TurboTax then suggest the product that will be able to handle all your tax situations.
Students, first-time filers, and individuals with simple tax returns may qualify for Free Edition; Deluxe is the most common product people use as it encompasses such situations as home ownership, charitable donation; use Premier if you own an investment and/or rental property, stocks, bonds, mutual funds plus all features of Deluxe version; Home & Business is the most comprehensive offering able to handle most tortuous tax scenarios.
TurboTax maintains the user interface clutter free so you don’t get confused and distracted by all the information and help. It is there when you need it but the pages are quite minimalistic for a tax software product. If questions get confusing or you get stuck one of the most useful things I found were the examples straight from the W2s or other forms. The software shows you the box from which you have to copy the data.
Accuracy of your tax calculations and overall tax returns has been proven over the years. In order to do that TurboTax stays up to date with the current federal and state tax laws and updates its products as soon as the new rules become law. To minimize errors there is an option to import you W2 form and TurboTax automatically populates the required fields. After each step the return is scanned for accuracy and if any discrepancy is detected, TurboTax brings that to your attention.
As you continue answering questions, TurboTax updates you federal and state refund of liability. The program analyzes how to apply over 350 tax deductions and credits to your particular situation. You are guaranteed to receive the maximum tax benefit (biggest refund or smallest liability) with TurboTax and having the return prepared without any mistakes. Additionally Audit Support Guarantee protects you in case on an audit with a personal guidance by TurboTax expert on how to prepare in case of an IRS audit.
TurboTax is available online, on a CD or download, and mobile & tablet. Below is a list of available products on each platform:
There is one more added benefit to file your taxes with TurboTax this year. It is offering an Amazon.com gift card ranging from 5% (for Federal Free Edition or Basic) to 10% (for Deluxe, Premier, Home & Business, and Military) of your refund for any increment of $100. For example, a $300 refund could get you a $330 gift card.
TurboTax offers few more options to stay on top of your tax returns. After You File tab on the main website enables you to track you refund, check the efile status, print your return, amend your return, and access the returns you filed in the past.