Using Software for Taxes with Turbo Tax
Using Software for Taxes with Turbo Tax
Turbo Tax is one of the more popular online or store bought software applications on the market for individuals who want to prepare their own taxes but have a complex enough life that they need some support in doing it. Turbo Tax is an affordable way to get this specialized help without paying an accountant an arm and a leg to do the taxes for them. Turbo Tax is often up to five times less expensive than going to an accountant and gives similar results, being planned by professionals who are experts in taxes and lend their accounting advice to the programmers who design the software application. In this way, the individual is led through the process of doing their taxes fairly painlessly, walked through by a series of questions that morph depending on the answers given on the forms so that all avenues are covered for that individual and they can get the best result possible on their tax return.
Options
Turbo Tax is divided up into different levels of software applications that are designed to meet the needs of the individual filing his taxes. There is a free version that can be used by individuals who have a very simple tax return, not having many if any assets and a very low income bracket. With this version, the federal tax filing is free but there is an additional fee for the state income tax filing through the system. In fact, on all the different versions of Turbo Tax, the state filing is additional to the federal income tax filing software, so the individual needs to take that additional amount into consideration. The additional fee for the state taxes is only about twenty-six dollars for the free filing, and thirty-five dollars for all other versions.
For those who have a more complex income tax filing, meaning they own a home, have medical bills, donate to charities but do not have any stocks or bonds, then there is a version that costs about thirty dollars to file. With this in addition to the thirty-five for the state filing, the total cost is about sixty-five dollars, still under half the cost of most accountants who file taxes for individuals. If an individual has stocks, bonds, rental properties or other investments, then there is a Premier version of Turbo Tax that handles those issues and costs about fifty dollars plus the state filing of thirty-five. For such a complex filing, this is very inexpensive, although the individual must be more knowledgeable about the assets that he owns.
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