Turbotax has been the first choice for tax preparation for tax professionals, first-time tax filers, and seasoned tax filers…why does it has gained so much importance?
TurboTax is one of the earliest tax software in the field of tax preparation providing a great opportunity for filing tax returns without any help from professionals. It has a dynamic range of features based onthe plans you choose. it has four exclusive five editions.
WHAT DO TURBOTAX EDITIONS SERVE?
With the Turbotax free edition, you are allowed to prepare and file your federal tax return at no cost. However, charges are added up when you start filing your state returns.
Usually, the free edition of TurboTax supports only the simple returns. You can access this version while filing 1040EZ or 1040A. The TurboTax free version includes Answers 24/7,complete check, and Snap Tap Done features. The TurboTax Deluxe is useful if your income exceeds $100,000 and itemize deductions.
The TurboTax Deluxe comes with a deduction finder, one-on-one help on-demand, 50% done in a click along with the features of TurboTax Free Plan.
The TurboTax Premier is used for individuals having substantial investment income and investment rental properties. It has all the deluxe features along with setting up new rental properties, import investment information, and find your cost basis.
The TurboTax Self- Employed version is devised for individuals having income from self- employment. It has all the premier features along with Employer tax forms, Industry-specific deductions, and Track business miles automatically, capture receipts in a snap, vehicle tax deductions.
WHAT CAN WORK BEST AS ALTERNATIVE TO THE RICH FEATURED TURBOTAX?
TaxAct tries offering a stand competition to the TurboTax. It offers free “free” plans unlike TurboTax for filing both the federal and one state tax returns. However, both the tax software are equipped with various editions for handling complex tax returns. both the software have high-end editions for the tax preparation of self –employed, individuals, and rental estate owners.
IS TURBOTAX VICTORIOUS OVER TAXACT?
On an overall scoreboard, TaxAct provides you clean and simple interface, great technical support, and tax forms in a cost-effective manner comparative to the TurboTax which turns out expensive. If you are a beginner in tax preparation and looking for a less expensive overall tax software TaxAct can be your TurboTax alternatives.