It’s tax season and if you’re like me, you have federal taxes to file. I not a CPA or a bookkeeper, but over the years, as a head of household and business owner, I have had to tackle filing taxes. I’ve been using Intuit’s TurboTax since I owned a Mac SE in the early 1990s. I’ve never gone wrong.
TurboTax is an interview-driven software product that updates tax rules and forms via the Internet. Each year, Intuit releases a new version of the software that improves the user interface and updates its processes based upon federal laws. It also handles state tax returns, but in Texas, we don’t file personal state income taxes.
There are four versions of TurboTax for personal returns. Which one should you get? Here are the names of the four versions.
- Basic
- Deluxe
- Premier
- Home and Business
Basic ($28.97 buy here): This is for citizens with no mortgage, no kids, and not a lot of deductions. Filers using Basic generally will take the standard tax deduction rather than itemizing them. If you usually file the simply tax return, the 1040EZ, then Basic is your choice.
Deluxe ($39.86 buy here): This version is if you think you will have more deductions if you itemize them than the standard deduction. If you own a home, mortgage, and pay property taxes, this version is for you. It also includes an audit risk meter to provide a final review before E-Filing your return for you.
Premier ($54.86 buy here): This has all the features of Deluxe. But added are ways to report investment income, like stocks, bonds, and mutual funds sold. If you own rental properties, this version is for you. It also has tools for retirement planning and IRAs.
Home and Business ($64.96 buy here): This is for business owners who file as sole proprietors using the Schedule C. You can create W-2s and 1099s for employees and those with whom you have contracted. It also provides depreciation allowances for business assets and guidance on small business rules.
There is one more version of TurboTax called TurboTax Business. This version is for filing small business tax returns, including returns for C and S corporations, multi-member LLCs, estates, and trusts. Sole proprietors and single member LLC owners can still use the TurboTax Home & Business (above).
All versions of TurboTax include five (5) E-Filings, meaning with one purchase you can also file taxes for your children, provided you don't have more than four kids with W-2s or 1099s.
The deadline for filing your taxes is April 18, 2017. For a limited time, Amazon has all versions of TurboTax on sale, so save money by getting your software early.
Here is a side-by-side comparison chart between the four versions of TurboTax for the 2016 tax year:
Basic PC or Mac | Deluxe PC or Mac | Premier PC or Mac | Home & Business PC or Mac | ||
---|---|---|---|---|---|
List Price | $39.99 | $69.99 | $99.99 | $109.99 | |
Amazon.com | $28.97 (Save 28%) | $39.86 (Save 43%) | $54.86 (Save 45%) | $64.86 (Save 41%) | |
TurboTax.com | $29.99 | $59.99 | $89.99 | $99.99 | |
WalMart | $28.97 | $49.97 | $78.36 | $89.97 | |
BestBuy | $29.99 | $59.99 | $89.99 | $99.99 | |
Target | $29.99 | $59.99 | $89.99 | $99.99 | |
Compare Features | |||||
Basic Features & Step by Step Guidance | x | x | x | x | |
Special Help to Maximize Your Deductions | |||||
Investments & Rental Property | |||||
Schedule C Businesses (self-employed) | |||||
Other Features | |||||
Free federal e-files included | 5 | 5 | 5 | 5 | |
Available for PC or Mac | x | x | x | x | |
Tech support by phone or chat | x | x | x | x | |
Includes 1 state tax return preparation at no additional charge | x | x | x | ||
Included phone support and guidance from CPAs | x | x | |||
New: "My Analysis & Advice" tool to help you understand your tax history and maximize next year's refund | x | x |
San Angelo LIVE! is compensated for each TurboTax sold. But TurboTax is the only tax software I have used extensively and can faithfully recommend.
Post a comment to this article here: