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Filing your taxes is zero fun, but getting the refund we deserve and spending all of our hard-earned cash on new outfits is definitely peak fun, if you ask Us!
With the deadline fast approaching, we definitely want an easy and fast way to file our taxes, but we wouldn’t want to lose out on the return we deserve. With TurboTax, we get peace of mind our taxes will be done right and we get the maximum tax refund (ie: shopping money!)
We can skip booking an appointment with an accountant because with TurboTax, we can file from the comfort of our own home at our own pace should we choose to get it done on our own. But don’t worry, if we need an extra hand, there’s also 24/7 support from TurboTax specialists and consultants.
There are four tiers of TurboTax service and we’re breaking it down for you to make this tax season the easiest yet!
If planning to file a simple 1040 form with no attached schedules, the TurboTax Free Edition is the way to go. With a 4.8 rating on over 37,000 reviews, the Free Edition could be considered the company’s number-one service. It costs — that’s right — zero dollars to file federal and state taxes with this plan. The Free Edition is applicable for individuals with W-2 income, limited interest and dividend income from a 1099-INT or 1099-DIV, those eligible for the Earned Income Tax Credit (EIC) and any child tax credits and those claiming standard deductions. It’s great for singles and students.
Be advised, though, there are some scenarios where it’s smarter to upgrade to the Deluxe version. Check TurboTax for more details but some of the examples include itemized deductions, business or 1099-MISC income, money from sales of stocks bonds or other investments, rental property income or claiming tax credits, deductions and income reported on schedules 1-6—such as the Student Loan Interest Deduction.
If unsure what applies to you, be sure to consult the TurboTax specialists and consultants!
The Deluxe Edition gives the free tier a run for the best because it’s TurboTax’s most popular service, especially for homeowners. Nearly 100,000 reviewers rate it 4.4 out of five stars.
It costs $60 to file a federal tax return and extra for a state return is extra, but the Deluxe package searches 350-plus tax exemptions and credits to make sure it secures every last deduction. It maximizes mortgage and property tax exemptions and makes the most of charitable contributions buy turning donations into deductions. The Deluxe Edition allows for a deduction of medical expenses, accounts for property loss and theft, interest paid and work and other miscellaneous expenses.
If filing with investments or rental properties, then TurboTax Premiere Edition is the right choice. The $80 edition automatically imports financial data from thousands of banks and investment institutions. TurboTax also accurately reports stocks, bonds, ESPPs and other investments, figures capital gains/losses and finds cost basis to ensure the biggest tax deduction possible. And new for 2019: TurboTax Premiere will account for gains and losses from transactions with cryptocurrencies like Bitcoin.
Taxes are a pain for anyone who owns their own business or freelance. TurboTax’s Self-Employed Edition gives industry-specific deductions that are personalized with our unique situations in mind to keep more of the money we earn. The $120 edition covers industries like ride-share, online sales, fitness trainers, personal or professional services and more. It also accounts for expenses such as standard vs. actual mileage, cell phone bills, home office expenses, business supplies and much more.
So no matter how much money we make, where we live or what we do for a living, there’s a TurboTax plan that’s right for Us. Since TurboTax guarantees accurate calculations, maximum refund, audit support and accurate expert-approved guarantees, we know we are just as prepared for tax season as our closets are for spring!
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