TurboTax Review 2020: Everything You Need to Know

TurboTax Review:

If you looking into making a smart choice for small businesses, TurboTax is the right option. However, it’s arguably the market leader heading into 2020.

TurboTax Review:

Taxes can be tough. Small businesses typically have small budgets, so hiring a professional accountant can be expensive.

Using tax software saves cash and helps avoid getting taxes wrong which can create headaches further down the road. Tax software also saves time, and after all, time is money.

In this article:

About TurboTax

TurboTax is under the umbrella of companies that Intuit Inc. owns. Do you use QuickBooks or Mint? Intuit runs those too, and you can use the same login information for all of them.

Scott Cook and Tom Proulx founded Intuit in 1983. Fun fact: Cook still works with Intuit as the Chairman of the Executive Committee, meaning he runs the committee that runs the entire board.

Intuit went public in 1993 and now has over 9,000 employees with 19 locations in 9 different countries. They boast having over 50 million customers.

As we’ll see later, they make up for their lack of physical locations by dominating the technological world.

If innovation and being woke are important to you, TurboTax is a fair option. Sasan Goodarzi is the current CEO and has stressed the importance of social awareness and fair representation.

Pros and Cons

Pros

  • Variety of plans to fit specific needs of different filers
  • User-friendly interface for easy filing
  • Extensive customer support and helpful tools and guides
  • Provides access to live help from a tax expert

Cons

  • More expensive than competitors
  • Requires upgrade to paid plan for most features

TurboTax Plans and Pricing

As with many tax prep programs, TurboTax bases its pricing and products on the complexity of your tax situation and the circumstances you’re in. Some of the things you can expect with TurboTax include:

  • Complete integration with QuickBooks, since both are owned by Intuit
  • Sidebar navigation keeps you updated on the process and lets you know what you’re missing
  • Easy import of W-2 information and previous year’s tax return
  • Maximum refund guarantee
  • 100% accuracy guarantee
  • CompleteCheck, which reviews your return before you file
  • Extensive knowledge section, including online video tutorials

As with many other tax programs, you start by selecting items that reflect your tax situation, including dependents, businesses, investments, and more. You can start the process for free and pay only when you file.

Filing Options Costs Features
TurboTax Free Edition Federal: $0 State: $0 Best for simple returns using Form 1040; Comes with easy import, error check, refund explanations, deductions for dependents
TurboTax Deluxe Federal: $39.99 State: $39.99 Best for homeowners and for maximizing deductions; Comes with all previous features, plus charitable donations calculator
TurboTax Premier Federal: $59.99 State: $39.99 Best for investors and rental property owners; Comes with all previous features, plus focus on investment and rental property income, accurate stock reporting, refinancing deductions
TurboTax Self-Employed Federal: $89.99 State: $39.99 Best for self-employed, independent contractors, freelancers, consultants and small business owners; Comes with all previous features, plus access to self-employment tax experts, maximizing business deductions

Refund and Payment Options

You can pay for TurboTax with credit, debit or prepaid cards. There’s also an option to deduct the purchase price from your federal refund, so you don’t have to pay out-of-pocket. Checks, money orders and cash are not accepted.

To receive your refund, you can directly deposit it into a checking, savings, brokerage or IRA account. You can also get it as a check or on a prepaid Visa debit card.

TurboTax also allows you to use the refund to buy U.S. savings bonds or apply it to next year’s taxes, which shows up as tax credit.

You can also track your refund if you file with TurboTax. You’ll receive notification when your return is accepted by the IRS. Once approved, you can usually expect your refund within 21 days.

Synchronization

The ability to upload a PDF copy of your 1040 from last year is a nice way to begin populating information. Plus, you can synchronize your use between mobile and desktop seamlessly.

Finally, other DIY tax prep software can sync with QuickBooks, but this integration is stronger with TurboTax since they are both owned by Intuit. This can help you move quicker through your tax return if you use QuickBooks for business.

Mobile Accessibility

You can get the mobile app for iPhone or Android. You can sign in and use the app to snap images of important documents and even file your taxes on a tablet or phone.

If you’re using ItsDeductible, realize that it’s a separate app. You can use the app and connect it to your account, allowing you to track deductions all through the year and import the information to TurboTax.

Customer Service

There’s a huge online community for TurboTax, allowing you to ask questions of fellow filers and other Turbo  users. There’s also a searchable knowledgebase with video tutorials. You can even use Alexa to check your refund status.

If you want on-demand live help with screen share, though, you need to sign up for TurboTax Live. It can get expensive.

However, with the flow of information inside TurboTax as you prepare your taxes, and the extensive knowledge database, unless your tax situation is super complex, there’s not a lot of reason to pay for TurboTax Live.

Who Is TurboTax For?

TurboTax is one of the most popular tax planning services out there, and with good reason. Its different plans are suited for a variety of filers, whether they’re students, homeowners or self-employed.

Tax software aims at educating users throughout the process with step-by-step guidance, while still securing the maximum returns and deductions available. It’s helpful for people whether they’re first-timers or veteran filers.

FAQs

1. What Online Tax Preparation Programs Does TurboTax offer?

Turbo tax offers; Free Edition, Premier Edition, Self-Employed Edition, Add-On Options

2. Can I file my state taxes with TurboTax?

Yes, TurboTax will help you file your state taxes. Every state is different–each with their own tax laws. In fact, there are some states don’t levy a state income tax at all. But if you live in a state where you have to file a state tax return, TurboTax will let you know and help you get them done right.

3. How quickly can I get my refund?

No one can get you your tax refund faster than TurboTax with e-file and direct deposit. Federal e-file is included with TurboTax at no extra charge. If you’ve already e-filed, you can track your refund by signing in.

Final Say

TurboTax isn’t cheap unless your needs are minimal (then the Free Edition will be fine). However, it’s one of the most user-friendly options on the market and strong customer support means using it is quick and painless.

If you’re looking for a simple and effective tax software that you can use to file with confidence, TurboTax is a strong contender.

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