New Features in TurboTax for 2020

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Every year tax preparation software developers implement improvements to make the process of tax preparation as uncomplicated and relaxing as it gets. But there is only so much that can be done to simplify the entire experience. Other than updates to the tax law, it has proven difficult to make sweeping changes. Nevertheless, one of the latest changes in TurboTax is an addition of TurboTaxLive line of products, which besides the regular features include live help of CPAs during the tax reporting process.

The main benefit of TurboTaxLive is ability to connect with a tax expert. TurboTax has arguably developed the best user experience for tax filing. The interface is simple, uncluttered, and intuitive. Yes, you still have to put time entering or importing your information, but you don’t get derailed by confusing steps. That doesn’t mean that it’s always going to be easy to complete a return. Everyone faces unique situations, some may require additional research to properly report. That’s when an access to a CPA or an IRS Enrolled Agent (EA) comes handy. Connect with them from any device and ask questions specific to your tax situation. You have unlimited access to get advice all year long and they can even review your return line by line for accuracy.

Currently, TurboTax offers the following Live products:

  • Basic – ideal for simple tax returns.
  • Deluxe – talk to tax experts about credits and deductions that apply to your tax situation.
  • Premier – report profit or loss on investments from stocks, bonds, rental property or cryptocurrency.
  • Self-Employed – get help from tax pro about any part of your taxes, anytime, anywhere.

If you’re comfortable getting the taxes done from A to Z on your own, TurboTax offers the following online versions:

  • Free Edition – offered at no cost for those who have simple returns; check if you qualify.
  • Deluxe – most popular version that goes over 350 credits and deductions.
  • Premier – includes all the features of Deluxe and covers investments.
  • Self-Employed – combines personal and business tax reporting.

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