The tax season is hectic, tedious, and undesired for many people. Getting financial statements checked, filing returns, complying with regulations, collecting all necessary documents, understanding the complicated tax rules, and finally submitting tax returns is a long & complicated process. Whether individuals or small businesses, they find themselves in trouble during this time of the year.
However, many companies have developed tax software for the easy filling of tax returns in order to facilitate the users, whether businesses or individuals. You can get rid of the 1000-piece tax return puzzle by using any software. Besides, the CPAs can also save their time by drafting different types of tax returns for countless customers.
You must be wondering which one is the best software?
Turbotax by Intuit is a software that has been ranked as the #1 app in the category of tax apps. But is it actually worth it for all types of taxpayers? We will review the Turbotax in this article and find if the software is actually worth it to be the #1 app. We will talk about different pricing plans, who it is for, why to go for Turbotax, which users shouldn’t use the software, and more. So let’s get into it.
What Is Turbotax?
Turbotax is a product of Intuit to facilitate the taxpayers, CPAs, and businesses by giving a convenient method of filing returns backed by final expert review. Intuit is not only behind Turbotax but many other software like Mailchimp, Mint, Quickbooks, etc., are also on its credit.
Turbotax has been there for decades, and it’s as old as the mid-1980s. In 2022, the software has earned the repute of top software for tax returns.
Clean interface, ease of use, interview method for tax deductions, and several products available within the suite are what make Turbotax unique. You can answer different questions to make the right choices about tax deductions and get an expert review of the finalized return.
It wouldn’t be wrong to say that Turbotax has become a market leader as compared to other tax software like H & R Block, Cash App Taxes, etc.
The software has paid and free versions for the customers that they can choose from according to their requirements. The mobile app of Turbotax is also available that making it an even more convenient method for return filing.
Features Of Turbotax
So what do you get when subscribing to Intuit Turbotax?
All features of Turbotax might not be available at one or another pricing level. But most of the features are present in whichever option you go with. Here are the main features of Intuit Turbotax:
Different Options For All Types of Tax Payers
The best thing about Turbotax is that it offers different options for all types of taxpayers. For instance, an investor would have different types of deductions, and a self-employed person will have different needs. Therefore, you can choose the right option for your needs. However, different options might have varying pricing.
Expert Review Of Tax Return In Turbotax Live
Whichever option of Turbotax you go with, you have the option to get your tax return reviewed by the tax experts. Besides, you can get tax advice from experts all year round.
You can get advice and help from tax experts and CPAs about e-filing of tax. It’s a great option for individuals and those filing returns for the first time.
Advice From Tax Experts In Self-Employed and All Levels of Turbotax Live
You can ask for advice about industry-specific deductions, tax return filing for freelancers or small business owners, mortgage tax deductions, donations treatment, etc.,
Audit Assessment For Self-Employed People
If you’ve chosen the self-employed suite, you get the feature of audit assessment from CPAs and experts and make sure that everything is going in the right direction for you.
Industry-specific deductions feature is available for the self-employed suite only. You can also get advice on your self-employment income and expenses.
Who Should Use It?
Many people might wonder if it’s worth subscribing to Turbotax or not. So here is a descriptive answer of who should use Turbotax for filing returns.
The number one users of Turbotax are individuals and small business owners who would otherwise hire the CPAs to go through the financials and help file the return.
With Turbotax, they’re not only getting access to a simplified and convenient process of filing returns but also comes with advice from experts.
Besides, freelancers, self-employed people, and those investing in crypto, stocks, etc., are often confused about how to file the return. The dedicated suite of Turbotax also solves the mystery and makes it simple for them to file the return.
CPAs can also use Turbotax to cover different types of customers having different backgrounds. They can go for an all-in-one suite of Turbotax and get their workflow simpler and quicker.
In short, Turbotax is not software for a specific group of tax filers. Instead, it is for anyone who wants to file a tax return.
Plans and Pricing
Let’s come to different plans, as we mentioned before and how Turbotax has priced each to cater needs of different taxpayers.
There are four different editions of Turbotax that are as follows:
The free edition costs 0$ to file Federal tax returns and State returns. Get the snapshot of your W-2, and you’re good to go with file return by answering simple questions.
This one is the most practical and feasible package of Turbotax that gives a detailed description of 350+ deductions and credits you might qualify for. It means your chances of getting a maximum refund are high with Deluxe.
Besides, you can also claim deductions on donations by knowing which donations can be claimed. The cost of a Deluxe suite starts from $59.
Premier suite is fit for investments and rental property owners and starts from $89 for a Federal tax return. The charges for state tax returns will be added if you choose to go for it. Premier has everything that you get in Deluxe with additional ease for stocks, bonds, and other investments.
Besides, you can also file a return for gains and losses on cryptocurrency transactions. Rental property income and related tax deductions are also covered.
The self-employed are for small business owners and self-employed professionals like freelancers, contractors, etc. You get everything that is included in the Premier suite plus industry-specific deductions, uploading of 1099-NEC, and dedicated experts at your service. A federal tax return cost is $119, and an additional price will be added if you go for a state return.
Turbotax Live is a premium service by Turbotax that gives the users with a 24 hours advice from the tax experts. You can get an expert review from the CPAs or tax accountants of Turbotax. Users can choose Turbotax Live for any of the four plans. The pricing for Turbotax Live is higher than the normal plans.
Why Should You Use Turbotax?
Here are the reasons why you would love to file tax returns with Turbotax.
Ease of Use
The user interface of the Turbotax is user-friendly and swift. Therefore, you can easily navigate around and keep track of progress. Besides, there are embedded links containing tips, resources, etc., all-around to help you through the process.
Turbotax support is also an applaudable thing about the tax app, and you can get guidance 24/7. You can find general guidance through resources available for the users. Besides, tech support and one-on-one human tax help are available for Turbotax Live users. Chatbot and human tech support are also available for all users.
Some handy features of Turbotax have taken this app to #1 in tax app categories. The features include:
- Switching from another service provider like Liberty Tax, Credit Karma, H & R Block, etc.
- Cryptocurrencies support available for taxpayers
- You can use the auto-import feature for uploading income documents
- Donation calculator
Final Verdict: Is Turbotax Worth It?
What is the final verdict about Turbotax?
It might not be a fit app for individuals or small businesses having a tight budget because most of the useful features are present in the paid versions. However, it’s a great app overall and makes tax filing a very easy task.
The user interface and design of Turbotax along with human support options, Turbotax has elevated the standards of the tax ecosystem. Therefore, you must go for it as your do-it-yourself tax preparation industry.