TurboTax is an application that lets users prepare annual tax documents. It can help simply the process of tax preparation by including all the necessary sections related to complete and accurate tax preparations as specified by the relevant revenue regulatory bodies responsibible for ensuring that eligible individal file tax returns every year. TurboTax is a guided process of tax prepartion that goes through various steps or stages including setting up an account on the application, entering personal information, providing details about income and eligible expenses, applying credits associated with the individual, family or business and then computing any potential tax refunds or money owed. Tax preparation can be a complicated process, especially for those who do not perform this task on a regular basis. Also, tax rules and guidelines can change and TurboTax can incorporate such changes behind the scenes, making it convinient for users to simple use the software without worrying about updates.
TurboTax is part of Intuit and the company believes in letting indivduals and other parties that file taz return get the power they need to competently file their own tax returns. This is what TurboTax does. It returns the control of tax prearation back to the hands of the user. TurboTax is extremely popular for preparing tax returns and intuit has its headquarters in Mountain View, CA. The company was founded in 1983 and went public in 1993. It is publicly traded with the INTU stock symbol.
There are different tax preparation softwares available and users may gravitate towards a software that they may be more familiar with. Different revenue regulatory bodies may have their own list of certified or approved tax preparation software. Usually, TurboTax is on the list of approved tax preparation softwares. It is a relatively easy software to use and it is dedicated to making the tax preparation process as straightforward as possible. The user interface for turbo tax is also a lot better than many other tax preparation softwares on the market.
TurboTax looks very professional. For those familar with the website, the trademark colors and sections of the application can be comforting and easy to navigate, especially if these users are using TurboTax to prepare their tax returns every year. There is a lot of information on the website. However, this should be expected with dealing with a topic such as tax that have a variety of sections and areas that need to be addressed.
To use TurboTax, users need to create an account by providing a user name, an email address and a password. Once an account has been created, users can begin to prepare their tax return. With an established account, data can be saved and the users can log out and return to their saved tax returns at a convinient time.
There is a free version that users may be eligible to use. However, there are restrictions to being able to prepare tax returns for free. Examples of eligibility criteria can include income levels. For instance, there is a Federal Free Edition which can be used to file simple tax returns. Free efile capabilities are also available with TurboTax. This implies that once the tax return has been completed and the user is ready to file the tax return with the revenue agency, TurboTax can let this happen free of any charges. A free federal tax return filing can be offered and then users may be required to pay for any additional state tax return. With Basic, Deluxe, Premier and Home & Business levels of tax preparation, the payments can start from $34.95.
This application would be recommended to any person who is looking for tax preparation software. Complying with tax laws is mandatory and people need to file tax returns. Hence, TurboTax can provide an easy-to-use platform which paces the users and guides them through the tax prepartion process.