What is TurboTax? - A Complete Guide

Posted by Linda on February 5th, 2020

TurboTax is known for preparing taxes that permits its users to calculate and file their state as well as federal taxes. The tax preparation software has been introduced in the mid-1980s. With the assistance of the user-friendly interface, it becomes easy for you to prepare the taxes. The software mechanically verifies the data and calculate tax returns and finds the simplest tax resolution for TurboTax users. The primary motive of the blog is to provide you the maximum information on what is TurboTax, its versions and common issues.

Versions of TurboTax

• Basic Version

The particular edition of TurboTax assist you in preparing simple returns, e-file the return, and check for errors. It is free or basic versions for the taxpayers who have no deductions, get a W-2, have a simple tax situation, and much more.

• Deluxe Version

Deluxe version prepares taxes that comprise itemized deductions or other expenses that are written. Deluxe version offers more documentation on particular tax topics in video and text format.

• Premier Version

With the assistance of Premier tax software, it’s become simple for you to import your investment information, calculate cost basis and take care of cryptocurrency gains and losses. Along with this, it also handles self-employment taxes, freelancer income, and inheritance.

• Self-Employed Tax Software

In case you are running your business, it is compulsory to use a tax program that keeps a proper record of received payouts, investments returned, money deductions, and sources of income. 

After discussing the versions of TurboTax software, let’s discuss its advantages in detail.

What is TurboTax Advantage?

The process of creating an account and then adding information with TurboTax is quite an easy process:

• Taxes Performed Correctly

The calculations of the software are accurate. Along with this, the software checks the tax return twice before filing. If TurboTax performs any wrong calculation error, then the penalty amount with interest will be returned back to its users.

• Security

The tax preparation software calculates the tax information in a proper way. It makes sure that your essential information stays protected and the tax can be filed in a hassle-free manner.

• Live Enrolled Agents and Certified Public Accountants

You can easily view your tax return through skilled certified public accountants or enrolled agents.

• The leader in Tax Software

The products of tax preparation software are continuously ranked as the number 1 selling tax software. It is up-to-date with the latest tax laws and with innovative technology.

Let’s discuss the common issues of TurboTax software.

The Common issues of TurboTax Software

Below are a number of the foremost common errors associated with TurboTax:

1. The installation of Tax software gets interrupted.
2. The refund doesn’t properly work.
3. An issue in fetching data from the prepared Tax file.
4. The tax calculator is not working according to the software package.
5. Unable to read previous year tax returns.
6. Not able to access and redeem the coupons on the software.
7. TurboTax user is incapable to finish E-filing online.

All the issues are minor and can be resolved through some simple troubleshooting steps.

Conclusion

Hopefully, you have got the proper guidance about tax-related software. The question like, what is TurboTax, advantages of TurboTax, and common errors can be solved by reading the blog. Furthermore, its products offer an easy-to-use, secure, experience to its users.

To collect more info on what is TurboTax, simply dial TurboTax Support Phone Number 1-877-263-2742.

Reference Source: https://medium.com/@johntrump524/what-is-turbotax-a-complete-guide-a29a5d66fcdc