En esta noticia
Each year, the Internal Revenue Service (IRS) opens tax filing season, during which taxpayers must meet their tax obligations.
Thousands of people choose to use TurboTax, a service developed by Intuit that makes it easier to prepare and file federal and state tax returns without having to hire an accountant.
How does TurboTax work, and who can you use it?
The TurboTax platform works through a series of questions about the taxpayer’s personal situation, income, expenses, and possible deductions and tax credits.
Based on these answers, the system organizes the information and performs the necessary calculations to prepare the return.
TurboTax offers three options, depending on each taxpayer’s needs:
- TurboTax Do It Yourself: Allows you to prepare and file the return independently, with step-by-step instructions.
- TurboTax Expert Assist: Offers assistance from tax specialists during the preparation of the return and a final review.
- TurboTax Expert Full Service: Allows you to delegate the preparation and filing of the return to a professional.
Those who can use the platform include:
- Wage earners.
- Self-employed workers.
- Taxpayers with different sources of income.
It also has options for certain business tax returns.
What are the benefits of filing taxes with TurboTax?
According to Intuit, one of the main benefits is that taxpayers can prepare their returns from the comfort of a computer or mobile device without needing to install additional programs that can sometimes be complicated to use.
In addition, the platform offers the following tools and functions:
- Personalized guidance: The system asks questions to identify the necessary data according to each taxpayer’s tax situation.
- Automatic calculations: It determines the corresponding taxes based on the information provided.
- Identification of deductions and credits: It helps identify possible tax benefits for which the taxpayer qualifies.
- Document import: It allows information from previous returns and W-2 forms to be imported, even through photos.
- Error review: It uses the CompleteCheck tool to detect possible issues before filing the return.
- Professional assistance: It offers the possibility of hiring specialist help during the process.
Step by step: how can you use it correctly?
To file a tax return with TurboTax, you must go to the platform’s official website and follow these instructions:
- Go to TurboTax and create an account or sign in.
- Select the option to prepare the return.
- Fill in the requested personal information.
- Attach or import the necessary documents, such as the corresponding tax forms.
- Report income, expenses, and possible deductions and tax credits.
- Review the return with the CompleteCheck tool to identify possible errors.
- Confirm the service costs and submit the return to the relevant tax authorities.
The costs of filing with TurboTax
The options offered by TurboTax range from a free version to paid specialist assistance services. The cost depends on the complexity of the return, the forms required, and the level of assistance chosen.
- TurboTax Free Edition: It is free for simple returns that meet the requirements established by the platform, generally using Form 1040 without additional schedules, except for certain exceptions. It includes federal and state filing at no cost for those who qualify.
- TurboTax Do It Yourself Deluxe: Has a reference price of $79 for the federal return and allows certain itemized deductions to be included.
- TurboTax Do It Yourself Premium: Has a reference price of $139 for the federal return and is geared toward independent workers, investors, and people with rental income.
- TurboTax Expert Assist: Includes advice from specialists during the preparation of the return, with fees depending on the tax situation.
- TurboTax Expert Full Service: Allows a professional to prepare and file the return. The final price depends on the forms and services needed.