TurboTax: Taxes done smarter

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For those of you who choose to prepare their own tax returns this year, you maybe wondering which of the many online tax filing services you should choose from. TurboTax, the tax filing software arm of Intuit, is widely known for their simple, and intuitive solution when it comes to self-preparation. See below for some great benefits of working with TurboTax:

Income Tax Calculator

TurboTax offers a free calculator that quickly forecasts your tax refund with the TaxCaster based on new tax laws and guidance. This estimator will provide insight into how you might be able to receive this year or how much you owe prior to filing.

TurboTax Free Edition

You can file with TurboTax Free Edition if you use form 1040 with no attached schedules.

Simple tax situations covered in TurboTax Free Edition:

  • W-2 income

  • Limited interest and dividend income reported on a 1099-INT or 1099-DIV

  • Claiming the standard deduction

  • Earned Income Tax Credit (EIC)

  • Child tax credits

Situations not covered in TurboTax Free Edition include:

  • Itemized deductions

  • Business or 1099-MISC income

  • Stock sales

  • Rental property income

  • Credits, deductions and income reported on schedules 1-6, such as the Student Loan Interest Deduction

TurboTax Live

Recently, they have unveiled TurboTax Live, where users can have real CPAs and EAs review your return prior to filing to check for mistakes and missed deductions. You can chat with them for advice on demand and ask for help all year round. Click here to learn more.