Filing online, or efiling, has been gaining popularity every year due to the speed of tax preparation process. It is arguably the most efficient way to submit your tax returns and receive refund if you file a simple and straightforward tax return. In fact, those who receive a W-2 and don’t have to itemize deductions or claim credits can even file taxes from their smart phone.
Below is a list of products TurboTax is offering this year. It mirrors that from last year with the exception of TurboTaxLive. Here’s the full list:
- Free Edition – yes, it is still possible to file taxes for free, nevertheless there are some conditions in order to qualify for this offer. It applies only to the individuals who file 1040EZ or 1040A forms, make less than $100,000, don’t own properties or a business, do not receive 1099-MISC forms, don’t sell investments, or experience major medical expenditures.
- Deluxe – allows you to import your W-2s, connects you to TurboTax community where you can post questions to your tax inquiries and search for deductions, handles homeownership with mortgage interest reporting and property taxes, and deducts your donations.
- Premier – includes all features of Free and Deluxe versions and adds focus on rental property tax implications, refinancing of your loans (deducts points and appraisal fees), and covers your investments in financial assets including an import of investment income details such as cost basis.
- Self-Employed – professionals who work independently can rely on this version to search for deductions specific to the industry they operate in, calculate standard mileage, home office expenses. Additionally, by using QuickBooks Self Employed you can track mileage and business expenses as you go and have them all sorted out when tax season comes. QB Self-Employed lets you take a picture of your receipts and import them so you don’t have to worry about misplacing them or sifting through a shoe box to find the one you need.
- Turbotaxlive – the new product whose biggest benefit is the ability to reach out and ask tax specific questions to tax professionals. Simply click on Expert Help and automatically connect with a CPA or EA who will help you sort out your tax question and move on with the return.
And here is a list of CD/download options:
- Basic – this version includes step-by-step guidance and includes 5 federal e-files. To speed the process, you can import last year’s returns to save time on filling out common information; additionally import W-2s, investment, and mortgage information.
- Deluxe – import multiple documents just as in the Basic version and let TurboTax review the information you entered to maximize your credits and deductions; includes one state download and ItsDeductible app that tracks charitable donations.
- Premier – best suited for individuals who besides mortgage and financial assets own investment and rental property. It also offers retirement tax help, analyzes your tax history and makes recommendations to maximize next year’s return. Finally, it gives you access by phone to speak to CPAs or EAs to answer your tax questions.
- Home & Business – the most encompassing version that considers all tax situations and fits the growing gig economy. It is designed to analyze start-up costs you can deduct, create W-2s and 1099 for your employees and contractors, and educate on how to maximize tax deductions.
- Business – best for businesses set up as partnerships, corporations (C or S), multi-member LLS, or Trust or Estates. To maximize the benefit of this product it’s helpful to have your accounting set up in QuickBooks and then import the information – TurboTax then takes care of classifying the accounts for you for tax purposes. With the purchase, you will receive product and tech support, guidance on asset depreciation, ability to create unlimited W-2, 1099-MISC, 1099-INT, and 1099-DIV forms.