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File Your Own Taxes with TurboTax

Many people get nervous or worried about filing income taxes, thinking it’s a boring and confusion process. Using tax software like TurboTax (also available online) can make it much easier and quicker.  TurboTax offers a user friendly interview style that guides you through the tax process.

Filing taxes can be easy with Turbo Tax

Filing taxes can be easy with Turbo Tax

Personal Information

TurboTax asks questions to see what your correct filing status should be. while that seems like a minor detail, your filing status determines your standard deductions. In 2009, they are:

  • Single: $5,700
  • Married Filing Separately: $5,700
  • Married Filing Jointly: $11,400
  • Qualigying Widow(er) with Dependent Child: $11,400
  • Head of Household: $8,350

When you file your taxes, keep in mind you must have a social security number for yourself, your spouse (if you’re married), or any dependents you claim.

Business  & Personal Income

If you have all your paperwork with you, TurboTax will quickly get your information in order for your business and personal taxes. Here is a list of some of the paperwork we needed for our income:

  • W-2s from your job(s)
  • 1099-DIV: Dividends
  • 1099-INT: Interest Income
  • 1099-MISC: Miscellaneous Income

This is my first year filing business taxes and it seemed so easy with the software. It’s completely guided, so getting my business income and expenses entered was quick.

Deductions and Credits: TurboTax Hunts for Them

TurboTax really combs through the all the possible deductions for your return including your house, family, cars, charitable donations, medical expenses, college and education, and more.

Buying a house within the first time homebuyer tax credit’s time frame means we’re getting an additional $8,000 with our refund. We also have some interest that we paid for my student loans that helped us a bit.

Easy Transfer for State Taxes

TurboTax easily transfered my answers from the federal tax return to my state’s return. It looks like I’ll get a small refund from North Carolina (better than owing)!

Which Turbo Tax Edition Fits You?

There are different edition of the tax program to cover the different needs of customers. Decide on which edition will fit your needs.

  • Free Edition: If you have a very simple tax return to file, TurboTax Free Edition is the way to go.
  • Deluxe: Many people will find this a suitable option to examine deductions for families and homeowners.
  • Premier: If you have investments and/or rental properties, you should consider getting this edition.
  • Home & Business: We used this edition as I have a freelance business I have to do taxes for in addition to our personal.

If you want to get started on your taxes, grab your copy of TurboTax today!

Your Thoughts

How are you filing your taxes? Are you expecting a refund or do you owe taxes?

Photo Credit: alancleaver_2000


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About Elle Martinez

Elle Martinez helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second..

4 comments comments closed

  1. I’ve been using TurboTax for several years. I can’t fathom why anyone would choose another option. My favorite aspect of it by far is the It’s Deductible donation value finder. It rocks!!!

    We will be getting a refund… always. It may not be ideal from a PF perspective but I refuse to take a chance when it comes to the IRS.

  2. I love TurboTax. This year I was able to use TT again and felt great during the whole process. The previous two years I had to have an accounting firm do the taxes because I was working in China. It was a pain and took forever to get my refunds. I’ll get my $ this Friday and apply it toward my debt 🙂

    I won a free Turbo Tax Premier edition from a twitter contest in Novemeber. I had to pay $0 to use TT and file my Fed and State taxes, saved me $86. To win the contest I had to be one of the first 3 people to tweet my middle name. It’s John by the way.

  3. @Lean Life Coach: I used Tax Cut last year, but I’ve found TurboTax a breeze to use this year with our returns. I’d rather get a return than owe the IRS too.

    @Jeff: Congrats on snagging the free TurboTax! I’m curious, how was working in China? I have some friends over there now and they’re enjoying it. Are you fluent in Chinese?