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Filing Taxes Online with TurboTax
Many people get nervous or worried about filing income taxes, thinking it’s a boring and confusion process. A popular choice for people is purchasing tax software and using it home. I'm using TurboTax again for our taxes since it's so easy to use. This year we're using TurboTax Online and as the paperwork is coming in, we're entering the data on the site.
Which Turbo Tax Edition Fits You?
TurboTax knows that one size does not fit all, so here's some quick descriptions to help you 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.
Like last year, we're using the Home & Business edition of TurboTax. It worked so well for us, I couldn't imagine not using it.
Business & Personal Income
TurboTax offers a user friendly interview style that guides you through the tax process. 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
It’s a completely guided walk through – the questions were clear and getting the data entered was quick.
TurboTax Hunts for Deductions and Credits
TurboTax really combs through the all the possible deductions for your return. With the interview, you'll discover some credit and deductions you may have missed, including:
- State sales tax
- Medical expenses
- Unemployment expenses
- Energy saving home improvements
- Volunteer contributions
As I'm going through the process, I find it very easy to understand and we're excited to see how which ones we qualify for this past year. If you want to get started on your taxes, grab your copy of TurboTax today!
Looking for More Tax Tips and Information?
New readers may not know this but if you’re looking for more information on taxes, I also write over at TurboTax’s blog. Here are are few of my recent posts:
Besides my own posts, TurboTax's blog also has a lot more articles and resources from tax pros and other personal finance bloggers to help you maximize your tax return.
Thoughts on Filing Taxes Online
How are you filing your taxes this year? Are you expecting a refund or do you owe taxes?
Photo Credit: Casey Serin