TurboTax Deluxe – Maximize Your Deductions
TurboTax Deluxe is an excellent solution for first time personal finance software users. The software offers an easy to understand guide that will walk you through over 300 deductions including education, mortgage interest, medical expenses, charitable contributions and many more. TurboTax Deluxe will also guide you through some changes in your current tax situation and let you know how they could possibly impact your taxes. Its Audit Risk Meter feature will help you lessen your chance of audit. Free Turbo Tax State and Federal E-File are included so you can complete your state taxes. Choose TurboTax if you own a home, you have significant medical or education expenditures, you donated to charitable institutions or if you have so many deductions.
TurboTax Premier – investments & rental property
TurboTax Premier is a perfect solution for investment or rental property owners who want to obtain huge tax refunds possible. This tool offers all features from TurboTax Deluxe including investment performance report generation, portfolio analysis and optimization and tax report generation. The software also features investment alerts so users will know if certain conditions are currently in place. TurboTax Premier is a remarkable tool for a DIY investor. TurboTax Premier is so easy to use as it provides step-by-step help through your personal income taxes and self-employment. This tool also aids users in creating W-2 and other forms for contractors and employees.
TurboTax Home & Business – sole proprietor, consultant, 1099 contractor, or single-owner LLC
TurboTax Home & Business was designed to help individuals to take advantage of their business and personal deductions to get high tax refund possible. With this software product, you can customize questions on the basis of your business profile (1099 contractor, sole-proprietor, single-owner LLC and consultant) and offers you step-by-step assistance in keying expenses and earnings. If you wish to know if you attain a big deduction, you can use this tool along with your standard mileage rate or actual expenditures. TurboTax Home & Business can also help you split up vehicle expenses between personal or business use. Current versions include state preparation and printing features.
TurboTax Business – Corporations, Partnership & LLCs
TurboTax Business is a tax filing solution that offers everything you need to accomplish your income taxes. With an accurately detailed balance sheet, income statement, you can have the fundamental details you may need for your tax preparation’s financial input. The main goal set for TurboTax Business is to help you complete your taxes on time and save money accomplishing it. Covered by the application are federal business tax returns for S Corporations, multi-member LLCs, partnerships, C Corporations and Estates and Trusts. This tool works perfectly if your business has revenue that is not more than $250,000 or one that has less than five (5) employees.