Offer good for new memberships only. Offer listed above cannot be combined with any other offers. Terms, conditions, pricing, features, offers and service options subject to change without notice. Online services require internet access. Third-party terms and additional fees may apply. Phone support, online features, and other services vary and are subject to change. Standard message and data rates may apply for sync, e-mail and text alerts.
We may receive compensation when you click on links to those products or services. February 2, Editor's note - You can trust the integrity of our balanced, independent financial advice. We may, however, receive compensation from the issuers of some products mentioned in this article. Opinions are the author's alone, and this content has not been provided by, reviewed, approved or endorsed by any advertiser.
As a freelancer, taxes are more complicated for me than your average Joe. And as an English major, I hate doing math. Seriously, when my husband and I play strategy games, I make him add up my points because I suck at doing math in my head. TurboTax is kind enough to do the math for me, too. Also, TurboTax does the math as you go, which is kind of fun.
Step by step Another excellent thing about TurboTax is that it takes you through every possible piece of income and deduction step by step, like this: This is just a random screenshot of one of the many questions about obscure tax-related issues that TurboTax asks. This series of images shows how TurboTax takes you through the process of putting in a new W It seems like a ton of unnecessary questions, but TurboTax actually uses your answers to fill in the blanks. TurboTax apparently has this new feature where they can import your W-2 information automatically.
Not surprising, as two are quite small and all three are non-profits! But this could be an excellent time-saving device if it does work for you.
Though you should certainly double check that the imported numbers match those on your copy of your W-2! This step by step setup is just as thorough for the business portion of TurboTax. It takes you through all of the most common business income sources, including MISC forms and miscellaneous business income. If you may qualify for particularly obscure business deductions — or if you have lots of capitalized deductions, etc.
This is great for me, personally, because I rarely do our taxes all in one sitting. So I can go through and get started on our taxes, but then go back as I get new forms in to include them. So instead of spending one chunk of a few hours working on our taxes, I do them in spurts between January and April.
This works really nicely for me. TurboTax will ask you every time you go back to work on a section whether you want to be guided through or explore the options on your own.
This is the personal income section. As you can see, you can add different types of income individually. This is the business deductions screen. Again, you can easily choose which deductions to add at any point. But it works well for me! But also, I know that TurboTax updates its software to match new tax laws every year.
But here are a couple potential issues: He was able to point out different deductions I might have otherwise missed, and he could give me solid advice. But I think the costs of hiring said professional would outweigh anything I might get in return, simply because TurboTax is very thorough. Not all states have these deductions, so I know the system is specific for Indiana.
However, this year, we do have an unusual deduction on our list — NAP credits. NAP — Neighborhood Assistance Program — credits are available for donations to certain charitable organizations that do specific types of work within a local community.
When you donate to a NAP organization in Indiana, you get the regular federal deduction for a charitable donation if, of course, you itemize your taxes. The problem? So I may have to file my state taxes separately or something, which is annoying. The Bottom Line The bottom line here is that TurboTax is an excellent program to help you quickly and easily do your taxes — even if you file a Schedule C as a small business owner.
If your taxes are similarly uncomplicated, I would definitely give TurboTax a try this year! You can actually fill in your information and check out how big your refund will be before you even pay for the Home and Business edition.