![]() ![]() ![]() Once everything checks out your final numbers and a review of your taxes will come up before you file. On one of these screens this year I realized that I had forgotten to enter some deductions that I was eligible for, and was then able to enter it. That way you can compare and make sure that things are in line with last year’s totals, and help you make sure you haven’t forgotten to enter anything. When entering income, expenses, deductions and so on TurboTax will often give you a snapshot view to compare the current year to last year. Then I was able to go back to those flagged items later on and complete them before filing. I actually started my taxes way back in January, but at the time I still hadn’t received all of my tax forms yet from companies I work with, so I flagged the items I was missing and put it on hold until I had all the required paperwork. TurboTax made the process easy, however, walking me through each section, explaining which forms I would need at what point, and allowing me to flag any items that I would need to come back to at a later time. ![]() Since I was using the Home & Business version the steps I took may be a bit different from the other versions because I also had to enter information about my side business including business income and expenses. When you login to the software for the first time it will take you by the hand and start walking you through the process of entering all of the information they need in order to file your taxes. Not sure if you’re eligible for a deduction? Ask and you’ll find an answer! Entering Personal Information They not only take your hand and walk you through the process, but they also have a helpful “ask a question” box at the top of every page where you can ask questions and quickly receive answers that are relevant to the page you’re on. Step By Step Tax Filingįiling your taxes with TurboTax is extremely easy, and one of the reasons I keep going back to their software despite it not being the cheapest is the ease with which I’m able to take my somewhat complicated situation and make it a bit more simple. Since I have small business income I end up having to use TurboTax Self-Employed. If you have income from a small business like I do, however, you may need to use the upgraded version. Most people that work at one job, and that have a simple tax situation with few hiccups will likely be fine filing with either the Free Edition or the Deluxe version of the software. The cost is $119 for federal filing plus $54 additional for each state filing. TurboTax Self-Employed: If you have a more complicated situation that includes Schedule C income, profit or loss from a small business, or if you have small business asset depreciation to calculate, Self-Employed might be right for you. It costs $89 for federal filing, while each state filing is $54 additional. TurboTax Premier: If you sold stocks, bonds or mutual funds, have cost basis calculations to make or have rental property income and expenses this version might be the one to use. Federal filing costs $59, while adding state filing will cost $54 per state. TurboTax Deluxe: The most popular version, if you own a home, have charitable deductions or itemized medial expenses, this version may be for you. Please note, free filing is for simple tax returns only, not all taxpayers qualify. TurboTax Free Edition: If you have a simple tax situation without a lot of investment income, tax deductions and other miscellaneous tax situations, you may be able to file your federal and state taxes for free. Here’s a quick breakdown of the product offerings and how much they will cost. ![]()
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